Gemoscan Announces Revision to Shares for Service Agreement
TORONTO, April 8, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. ("Gemoscan"
or the "Company") – (TSX-V:GES), (MUN:1GE) announces that, further to its
press releases of September 12, 2012 and February 6, 2013, it is seeking
approval from the TSX Venture Exchange ("TSXV") to revise an existing shares
for service application (the "Submission"), which on February 14, 2013 was
extended by the TSXV. The extension was effective December 6, 2012 for an
additional five month period (the "Extension Period"). Under the current terms
of the Submission and Extension Period the Company pays a consulting fee to a
firm (the "Consultant") in exchange for the provision of certain strategic
advisory services of Cdn.$7,500 per month of which, Cdn.$4,000 per month is
satisfied through the issuance of Class A Shares ("Shares") in the
Company.Subject to regulatory approval, the Company and Consultant have
agreed to also satisfy the cash portion of the Consultant's monthly consulting
fee (Cdn.$3,500/month) through the issuance of Shares to the Consultant for
the entire period contemplated by the Extension Period.The number of Shares
to be issued to the Consultant each month will be determined by using the
closing price of the Shares on the TSXV on the first trading day of the month
following the month for which the services were rendered by the Consultant.
The revision to the Submission and Extension Period are subject to approval by
the TSXV and to compliance with all applicable regulatory requirements.
ABOUT GEMOSCAN CANADA, INC.
Gemoscan is an industry leader in food intolerance management and maintains a
first-to-market position with Canada wide distribution through select retail
partners. Founded in 2003, using its proprietary patented technology; Gemoscan
develops, owns and markets comprehensive food sensitivity and dietary
management solutions for consumers, including the HEMOCODE^TM Food Intolerance
System, a personalized naturopathic nutritional program that promotes
well-being. Gemoscan is the first and only provider to commercialize a food
intolerance management solution directly to consumers in partnership with
retailers, and today offers the most comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange
(TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and
Stuttgart Stock Exchanges under the symbol 1GE.
This news release contains certain "forward-looking information". All
statements, other than statements of historical fact that address activities,
events or developments that Gemoscan believes, expects or anticipates will or
may occur in the future. These forward-looking statements reflect the current
expectations or beliefs of Gemoscan based on information currently available
to Gemoscan. Forward-looking statements are subject to a number of significant
risks and uncertainties and other factors that may cause the actual results of
Gemoscan to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on Gemoscan. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, Gemoscan disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although Gemoscan believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Company website: www.gemoscan.com
CONTACT: Gemoscan Canada, Inc.
Director, President and CEO
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