RENO, Nev.--(BUSINESS WIRE)--Lifeline Biotechnologies, Inc. (Pink Sheets:
LBTN -
News) today announced that it has extended the delivery date for common shareholders to submit their shares in order to exchange their common shares for preferred shares. The extended date is June 22, 2007.
Jim Holmes, Lifeline's CEO, stated, "Common shareholders as of May 21, 2007 can choose to exchange their common shares for convertible Series B Preferred Shares. We have extended the delivery date to June 22, 2007 due to the time it has taken to finalize procedures for the exchange, primarily with Depository Trust Corporation (DTC)."
Share Exchange, Series B Convertible Preferred (Preferred Stock) for Common Shares
Eligible for the Exchange: Shareholders of record as of May 21, 2007; a minimum of 25,000 common shares is required; the exchange will be one share of preferred stock for each 1,600 shares of common stock. The minimum exchange is 25,000 shares of common which will receive 15.625 (fractional shares will be rounded up) shares of preferred stock. Common shareholders electing to participate in the exchange should submit their certificates to Lifeline's Transfer Agent by the close of business June 22, 2007. Lifeline's transfer agent is:
OTC Corporate Transfer Service
52 Maple Run Dr.
Jericho, NY 11753
Concerning shares held in brokerage accounts, shareholders can advise their brokers concerning their intent to participate in the exchange. The brokers provide instructions to OTC Corporate Transfer Service.
Additional terms and conditions of the convertible Series B Preferred Stock can be obtained on Lifeline's website at www.lbtn.com...... See Information Statement thereon.
About Lifeline Biotechnologies, Inc.
Lifeline Biotechnologies, Inc. has recently reacquired the First Warning System(TM) which it had sold in 2006. The Company will focus on completing the development of the First Warning System(TM), designed to assist in the early detection of breast cancer. The underlying technology, upon which the First Warning System(TM) is based, holds the possibility of eliminating over 90% of unnecessary breast biopsies performed each year providing a potential savings of up to $2.8 billion annually. Additionally, the First Warning System(TM) could conceivably eliminate the need for suggested MRIs, a savings of another $1.3 billion. Of the approximately $138 billion spent on cancer each year, Lifeline could potentially save the healthcare industry up to $4.1 billion annually. Upon successful completion of the development of the First Warning System(TM), conducting clinical trials and obtaining FDA pre-marketing clearance, Lifeline will commence marketing its breast cancer early detection system. More information is available at the Company's website: www.lbtn.com.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
