TORONTO, Sept. 4, 2012 /CNW/ - BIOSENTA INC. (CNSX: ZRO) (the "Company"). It has come to the Company's attention that Donald Meade, Rx 110 Inc. and Rx 100 Inc. have issued a press release today announcing settlement of litigation with the Company. All litigation involving Rx 110 Inc., Rx 100 Inc. and Donald Meade has been previously settled on the terms publicly disclosed March 7, 2012 and there have been no further discussions or litigation involving these persons or entities.
The Company entered into an intellectual property license agreement effective November 26, 2010 with Rx 110 Inc. in respect of certain patent rights purportedly held by Rx 110 Inc. and the Company issued 10 million Class A Shares in partial consideration of the license. As was previously publicly announced October 18, 2011, the Company obtained an initial injunction on a without notice basis (subsequently a continuing injunction) against Donald Meade, Rx 110 Inc., Rx 100 Inc. and others, restraining them from dealing in the shares issued pursuant to the license agreement. The Company also announced that it issued a statement of claim against Donald Meade, Rx 110 Inc., Rx 100 Inc. and certain others, seeking return for cancellation of the shares issued in consideration of the purported grant of an intellectual property license by Rx 110 Inc. to the Company. The Company alleged, among other things, that neither Donald Meade, Rx 110 Inc. nor Rx 100 Inc. held any Canadian patents purportedly subject to the license.
On March 7, 2012, the Company publicly announced that it had reached a binding settlement agreement with Donald Meade, Rx 110 Inc., Rx 100 Inc. and certain other defendants pursuant to which 8,552,123 of the shares issued in consideration for the grant of the intellectual property license would be returned to the Company for cancellation. The Company has publicly announced that 8,398,359 of these shares have been surrendered and cancelled to date. The remaining shares are held by a number of small shareholders.
As publicly announced by the Company June 10, 2011 and April 10, 2011, and in the Company's various other continuous disclosure filings, the Company has secured a license from the owners of the applicable and unrelated intellectual property necessary for its business.
About BIOSENTA Inc.
BIOSENTA Inc.'s line of retail anti-microbial products will effectively kill mould, bacteria and fungi on contact and prevent re-growth. These products address the demand created by the mounting health and environmental concerns. Mould can affect the immune system, nervous system, liver, kidneys, blood and cause brain damage.
BIOSENTA will also manufacture and distribute an anti-microbial filler. Calcium Carbonate is one of the most common fillers used industrially. It is susceptible like other fillers that hold moisture to attracting mould. Annual global revenue in the calcium carbonate filler industry approximates 140 billion dollars. BIOSENTA will produce anti-microbial filler that performs 'filling' and 'bulking' functions like calcium carbonate. BIOSENTA's filler product will not attract moisture and consequently mould infestation. BIOSENTA's filler with its anti-microbial high ph core in individual particles will enhance commercial product life and eradicate a broad spectrum of known bacteria, fungi, algae and other micro-organisms by suppression of their reproduction.
This release may contain forward-looking statements information and statements which constitute "forward-looking information" under Canadian securities law and which may be material regarding, among other things, the Company's beliefs, plans, objectives, estimates, intentions and expectations with respect to its capital and funding plans. Inherent in the forward-looking information and statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, which give rise to the possibility that the Company's predictions, forecasts, expectations or conclusions will not prove to be accurate, that its assumptions may not be correct and that the Company's plans, objectives and statements will not be achieved. Actual results or developments may differ materially from those contemplated by the forward-looking information and statements. Consequently, undue reliance should not placed on such forward-looking statements.
On behalf of the Board of Directors of BIOSENTA Inc.
The CNSX has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CNSX nor its Regulation Services Provider (as such term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: BIOSENTA Inc.
For further information:
Bruce Lewis, President & Chief Executive Officer
1120 Finch Avenue West, Suite 503
Toronto, Ontario M3J 3H7
(416) 410 2019