BEVERLY, Mass., April 16, 2019 (GLOBE NEWSWIRE) -- LexaGene Holdings Inc. (OTCQB: LXXGF; TSX-V: LXG) (the “Company”), a biotechnology company that develops genetic analyzers for pathogen detection and other molecular markers, announced today that it has entered into a consulting agreement with Bristol Capital LTD. ("Bristol"), a leading investor relations and capital markets advisory firm servicing Canadian and US microcap and small cap companies across international markets, to provide investor relations and communication services. Bristol will provide investor relations services to LexaGene, including the development of new and improved investor materials, introductions to Bristol’s direct network of investment professionals, coordination of public events and proactive investor relations campaigns to increase LexaGene’s exposure in the investment community.
Dr. Jack Regan, LexaGene’s CEO and Founder stated, “We are excited and looking forward to working with the team at Bristol Capital as this is a very opportune time for the Company. Leveraging the strength of the combined LexaGene-Bristol teams will allow us to increase our market exposure as we continue to grow. We chose Bristol Capital because of their great reputation in the industry and we’re confident they will quickly engage and grow our stakeholders.”
Bristol has been retained for an initial term of twelve (12) months commencing on April 12, 2019, with automatic renewal, subject to early termination under certain circumstances. In consideration of the services to be provided by Bristol, the Company will pay to Bristol a monthly fee of between CDN$7,000 and CDN$10,000 depending on the level of services provided by Bristol to the Company in such month. In addition, the Company agreed to issue stock options to Bristol Capital for the purchase of up to 98,000 common shares at an exercise price of CDN$0.65 with an expiry date of April 12, 2022 and 40,400 restricted share units that vest 10,100 shares per quarter over the first calendar year of this agreement.
The Company and Bristol act at arm’s length, and Bristol has no present interest, directly or indirectly, in the Company or its securities. The fees paid by the Company to Bristol are for its services only.
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. 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.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues -- that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.