OTTAWA, ONTARIO, April 25, 2013 - Avivagen Inc. (VIV.V), a wellness company committed to developing and delivering products that support and improve the health and quality of life for animals and the people who care for them, announces that it has settled a liability via the issuance of equity and cash.
Avivagen has reached agreement to address a liability of $155,000 by way of a $65,000 cash payment and the issuance of 1,125,000 common shares at $0.08.
Cameron Groome, CEO and President, and Chris Boland, CFO commented "This agreement is part of our ongoing work to enhance the financial strength of the company and thereby improve its ability to achieve stated objectives. We appreciate the support of the counterparty in undertaking this conversion."
Financial sustainability helps to attract and retain customers, partners and team-mates. Increasing Avivagen's equity base and reducing its liabilities will also assist with creating and enhancing the supply, distribution and marketing relationships needed to realize its many animal health opportunities.
The conversion referenced is effective April 23, 2013 and is subject to the necessary TSX Venture Exchange approval.
About Avivagen Inc.
Avivagen Inc. is a publicly-listed life sciences company trading on the TSX Venture Exchange under the ticker symbol "VIV". The Company's goal is to develop and deliver scientifically-proven solutions that can truly benefit companion and food animals by taking advantage of natural mechanisms for maintaining optimal health. Avivagen's targeted markets include Pet Wellness and Livestock Productivity.
The company has sites located in partnership facilities of the National Research Council of Canada (NRC) - in Ottawa, Ontario and Charlottetown, Prince Edward Island.
More information can be found at www.avivagen.com.
About OxC-beta
Avivagen's proprietary and patent-protected technology enhances the body's own systems to maintain and improve health, particularly by supporting immune function. Avivagen's commercial-stage application of its technology is Fully-Oxidized beta-Carotene (OxC-beta).
OxC-beta compounds occur naturally in vegetation but in minute amounts. They have been developed to support the health of companion animals and for use in the global food animal market.
Research results indicate OxC-beta helps support immune function, which can result in meaningful overall health improvements. In pets, improvements are seen in overall vitality and energy, skin, coat and gastrointestinal wellness. Food Animal benefits include healthier growth, better utilization of feed and decreased mortality. In Food Animals, it is intended that use of OxC-beta avoids the feeding of antibiotics.
The first commercial product launched by Avivagen is Oximunol(TM) Chewables.
About Oximunol(TM) Chewables - "Optimized Health in a Chewable Tablet"
Oximunol(TM) is a scientifically-formulated chewable tablet that contains Avivagen's proprietary, patented active ingredient OxC-beta. Oximunol(TM) Chewables are currently available for dogs of all ages in the United States, working with a dog's own immune system to optimize overall health and well-being.
Forward Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions. The forward-looking statements reflect the current expectations of Avivagen Inc. regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
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.
For more information:
Avivagen Inc.
Cameron Groome
CEO & President
Phone: 613-949-8164
c.groome@avivagen.com
