SANTA MONICA, Calif., Feb. 8, 2007 (PRIME NEWSWIRE) -- Genesis Bioventures, Inc. (OTCBB:GBIW), a biomedical development corporation focusing on the development and commercialization of novel diagnostics and therapeutics in oncology and neurodegenerative diseases, announced today that on December 29, 2006 it entered into an investment from Firebird Global Master Fund II, Ltd, ("Firebird"). The investment is disclosed in the Company's 8K filed with the Securities and Exchange Commission today.
Under the terms of the agreement the Company will acquire the rights to the Mammastatin therapeutic technology from the University of Michigan and the Company's subsidiary, Prion Developmental Laboratories, will begin production of the Mad Cow Disease (BSE) Rapid Assay test strips through its contract manufacturer company InBios.
Genesis Bioventures, Inc. believes the sale of the Note, issuance of the shares of common stock and any future issuance of shares of common stock as a result of conversion of the Note were or will be exempt from registration and prospectus delivery requirements of the Securities Act of 1933 by virtue of Sections 4(2), and/or Regulation D, Rule 506. The Note and shares were sold directly by Genesis Bioventures, Inc. to an accredited investor and did not involve a public offering or general solicitation.
About Genesis Bioventures, Inc.
Genesis Bioventures, Inc. (GBIW) is a North American based biomedical corporation focused on facilitating the development and marketing of novel diagnostics, therapeutics and niche products. The Company's immediate development and acquisition efforts are focused on cancer diagnostics, therapeutics and neurodegenerative discoveries within the emerging field of proteomics.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.