TORONTO, Jan. 6 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), a
biotechnology company commercializing novel biological technologies for
human healthcare and livestock management, in addition to a core
business of virology products, today reported that William J. Gastle,
Chairman and Chief Executive Officer, sold 250,700 of Microbix common
shares at $0.405. The full proceeds of Mr. Gastle's sale of Microbix
stock was re-invested in Crucible International Biotechnologies Corp.,
Microbix' majority owned subsidiary that is investing directly in the
influenza manufacturing joint venture in China. The transaction was
part of the recent financing for Crucible.
In December, Microbix completed the private placement financing of
Crucible, which was over-subscribed, attracting worldwide investors and
company management. Microbix owns approximately 80% of Crucible. The
financing gives Crucible a valuation of $14 million.
"It was important to demonstrate my confidence in the Joint Venture's
success to other Crucible investors and to shareholders of Microbix. I
am pleased that other Microbix directors and management have also
invested directly in Crucible."
The establishment of Crucible and the successful start-up financing is a
major milestone for the Hunan joint venture and for Microbix and its
shareholders. Hunan and Crucible are now moving forward to form the
Joint Venture Company which will build and operate Asia's largest
vaccine facility which will be based in Changsha and will be 50% owned
by Hunan and Crucible. For more information on the Hunan/Microbix joint
venture visit www.microbix.com or view this news release on financing: http://www.newswire.ca/en/releases/archive/December2010/02/c9812.html.
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of the most
advanced vaccine production technology and markets virology and
biological products worldwide. Microbix, in partnership with the Hunan
government in China, is building Asia's largest and most advanced
vaccine facility. In addition, The Company has intellectual property in
a large market biotherapeutic drug, a vaccine technology and an animal
reproduction technology. Microbix supplies customers in the U.S.
Europe, and Asia. Established in 1988, Microbix is headquartered in
This press release contains forward-looking statements which are subject
to risks and uncertainties that could cause actual results to differ
materially from those set forth in the forward-looking statements
including the risks associated with development projects, operations in
Foreign jurisdictions, risks associated with engineering and
construction generally, risks associated with production including
control over costs, quality, quantity and timeliness of delivery of
products, foreign currency and exchange rate risk, and risks of raising
capital on acceptable terms or at all. These forward-looking
statements represent the Companies' judgment as of the date of this
press release. The Company disclaims any intent or obligation to update
these forward-looking statements.
SOURCE Microbix Biosystems Inc.
For further information:
Visit www.microbix.com or contact: William J. Gastle, CEO, (416) 234-1624 x 230; or James Long, CFO, (416) 234-1624 x 265.