TORONTO, ON / ACCESSWIRE / November 18, 2014 / Allegiance Equity Corporation ("ANQ") (TSX VENTURE: ANQ.V) announces today that it has received the Final Approval of the TSX Venture Exchange in relation to its acquisition (the "Transaction") of all of the issued and outstanding shares of CGX Life Sciences ("CGX"), with an effective date of today. Additional details of the transaction are set out in ANQ's News Release of November 4, 2014.
Prior to the Transaction, ANQ owned 468,750 of CGX's 9,469,750 issued and outstanding common shares. CGX will now operate as a wholly-owned subsidiary of ANQ.
The aggregate purchase price payable by ANQ is $450,050 which will be satisfied by the issuance of 9,001,000 common shares from ANQ's treasury. No finder's fee is payable in relation to the Transaction.
Upon the consummation of the Transaction, Marilyn Bloovol, President and Chief Executive Officer of ANQ has resigned from such positions and has been replaced by W. Scott Boyes, the current President of CGX.
"We are confident that we can more effectively leverage the CGX assets within the ANQ platform", stated Mr. Boyes.
"We are thrilled to complete this acquisition and to have Scott become President and CEO of ANQ. Scott's leadership, experience and insights in the industry definitely provide us with the ability to build shareholder value", stated Ms. Bloovol.
As of the date hereof and including the shares payable as a result of the Transaction, ANQ has 18,165,957 issued and outstanding common shares.
ANQ is also pleased to announce that at its annual and special meeting held today, its shareholders approved a change of name of the company to The Canadian Bioceutical Corporation.
Upon TSXV approval of the name change, ANQ will trade under a different ticker symbol. Confirmation of the new ticker symbol and the effective date of its use will be provided in a subsequent Press Release.
"The new name is more congruent with our strategic plan going forward and the re-branding of the company to be a more diversified life sciences company", stated Scott Boyes. "The new name, The Canadian Bioceutical Corporation, will better reflect our business model and our projected position in the market."
ANQ is also pleased to announce that at today's meeting Marilyn Bloovol, and Donald Stott have both been re-elected as directors and that Randy Stafford, David Layman and Scott Boyes have been elected as new directors. Ms. Bloovol will continue as Chair.
Dr. Melvin Goldberg had decided to retire and was not on the slate to be re-elected as a director. The Board would like to thank Dr. Goldberg for his valuable contribution to ANQ.
About CGX
CGX is a Nevada corporation dedicated to the manufacture and distribution of high quality nutraceuticals to the North American marketplace. Its products, targeted to provide safe, alternative treatments or to assist in the prevention of specific medical conditions, contain active ingredients formulated from natural herbal and botanical components. CGX's principal brand is CinG-XTM which CGX licenses from ANQ.
CGX has two (2) wholly-owned subsidiaries, being The CinG-X Corporation, an Ontario corporation and The CinG-X Corporation of America, a Nevada corporation.
About ANQ
ANQ is an Ontario corporation that has developed unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and Over the Counter (OTC) products fail to meet the needs of patients. ANQ has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with a variety of medical conditions. ANQ obtains regulatory approval and patents for these unique compounds and formulations and may produce and distribute or license its products for royalty revenues.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and ANQ's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ANQ's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although ANQ believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, ANQ disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
For further information please contact:
Scott Boyes, President and CEO
[email protected]
(416) 223-6874
SOURCE: Allegiance Equity Corporation