Gensel Restructures Company to Accommodate Future Financing.TORONTO--(BUSINESS WIRE)--April 28, 1998--Dr. Stan Blecher and Dr. Peter Blecher, founders of GENSEL Biotechnologies Ltd. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :GSB GSB Graduate School of Business (Stanford) GSB Graduate School of Business (Chicago) GSB Government of the Student Body (Iowa State University, Ames, IA) .), report that, in order to accommodate future financing initiatives by GENSEL, they have caused their associated companies associated company associate n → Partnerfirma f associated company n → società collegata , Campus Consulting Ltd. and 1215889 Ontario Limited, to donate to GENSEL's treasury for cancellation, an aggregate of 9,125,000 common shares. These shares were originally issued for nominal consideration and held under a performance escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . In addition, a total of 950,000 stock options were cancelled, including 400,000 options held by Dr. Stan Blecher and 150,000 options held by Dr. Peter Blecher. Following these cancellations, GENSEL's share capital consists of 19,965,000 issued and outstanding common shares and 1,960,000 common shares subject to options exercisable at $0.20. GENSEL Biotechnologies was founded in 1996 for the commercialization of a sperm sexing technology that is being developed at the University of Guelph The University of Guelph is a medium-sized university located in Guelph, Ontario, established in 1964. While the U of G offers degrees in many different disciplines, the university is best known for its focus on life sciences, based in part on a long-standing history of under a contract from GENSEL. GENSEL currently trades under the symbol GSB on the Alberta Stock Exchange. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: GENSEL Biotechnologies Ltd. Jeremy C. Gawen, 416/581-1654 |
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