OTTAWA, ONTARIO, February 28, 2014 - Avivagen Inc. (TSXV:VIV), a wellness company developing and delivering products that support and enhance the health and quality of life for animals and the people who care for them, announces the nomination of a new Director, Mr. G.F. Kym Anthony, and the retirement of its current Chairman, Mr. Jacques Brault.
Mr. G.F. Kym (Kym) Anthony has considerable experience in life sciences, agriculture, capital markets and corporate governance. He is currently independent Chairman of the Board of Prometic Life Sciences Inc. (PLI - TSX), Board Vice-Chairman of COM DEV International (CDV - TSX), Executive Chairman of Hybrid Partners and a Proprietor of Top Meadow Farms. Previously, Mr. Anthony has served as President or CEO of several major Canadian investment dealers, Chairman of the Investment Dealer's Association of Canada (IDA) and Executive Chairman of Broadacre Agriculture.
Should his nomination be confirmed by Avivagen's shareholders at the upcoming annual general meeting to be held on April 4, 2014, Mr. Anthony has also agreed to serve as independent Chairman of the Board and he has the support of Avivagen's other Directors for that position. Should he be elected to the board, Mr. Anthony has indicated that it is his intention to make a direct investment in the Company of $100,000. The terms of this proposed private placement are expected to be the same as Avivagen's November, 2013 financing: a sale of units priced at $0.07, with each unit being comprised of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of Avivagen at an additional purchase price of $0.12 for three years from closing. Avivagen's CEO, Cameron Groome, CFO, Chris Boland, Director of Product Development and Quality Assurance, Janusz Daroszewski, and retiring Chairman, Jacques Brault, also propose to make further investments on these terms: in amounts of $17,500, $17,500, $17,500 and $20,000 respectively.
Kym Anthony spoke about his decision to join the Avivagen Board, "Raising livestock and improving the standards of their care have been two of my longtime passions. The combination of the business opportunities in the livestock field being joined to strong technologies and management make Avivagen an exciting growth company. I look forward to working with the Board and management to help realize the Company's full potential."
Jacques Brault remarked on his decision to not stand for re-election. "There comes a time when you decide to retire and wind down your business activities. I am therefore not standing for re-election to the Avivagen Board. In departing, I am proud of Avivagen's progress towards profitability and that we have attracted such a qualified candidate to serve as the new independent Chairman of the Board."
Cameron Groome, C.E.O. and President of Avivagen also commented "We are very pleased to have a person with Kym's experience and abilities agree to join our Board. Once our shareholders have spoken, I welcome the opportunity to work closely with Kym and our other Directors to perfect our strategies and implement them effectively. I also want to thank Jacques Brault for his many contributions to our Company and wish him a very happy retirement."
Mr. Anthony's election to the Avivagen board of directors remains subject to shareholder and TSX Venture Exchange approvals. The proposed private placement of units remains subject to 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 production animals by employing natural mechanisms for maintaining good health. Avivagen's targeted markets include Livestock Productivity and Pet Wellness.
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.
Avivagen's proprietary and patent-protected technology is based on its discoveries concerning carotenoid antioxidants. The novel natural compounds discovered by Avivagen support the body's own systems to maintain and enhance 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 as carotenoid oxidation products 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 supports innate immune function, which can help maintain good health. In pets, OxC-beta supports overall vitality and energy, mobility and joint function, skin, coat and gut. Results observed in food animals have included 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 commercial products of Avivagen are OxC-beta for livestock, Vivamune(TM) Health Chews and Oximunol(TM) Chewables.
About OxC-beta for Livestock
OxC-beta for Livestock is available as a 10% pre-mix sold in 1.0 or 5.0 Kg quantities for parts-per-million addition to animal feeds, in accordance with producer-developed protocols. In past studies, OxC-beta has been shown to support health and growth in species such as fish, chicken, pigs and cattle. OxC-beta for livestock is currently available for commercial sale in the Kingdom of Thailand.
About Vivamune(TM) Health Chews - For dogs and cats
Vivamune(TM) Health Chews, containing Avivagen's proprietary active ingredients, are scientifically-formulated chews for dogs and cats. Vivamune(TM) Health Chews work with a pet's own immune system to maintain overall health and well-being. They are sold in re-sealable packages of 30 chews and are currently available in the United States by ordering on-line at www.vivamunehealth.com.
About Oximunol(TM) Chewables - For dogs
Oximunol(TM) Chewables are scientifically-formulated chewable tablets that contain Avivagen's proprietary, patented active ingredient OxC-beta. OxC-beta has been shown to stimulate innate cellular immunity and may thereby help to maintain overall health and well-being. Oximunol(TM) Chewables are distributed by Bayer Healthcare LLC and are available through veterinarians for dogs of all ages in the United States.
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.
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Release ID: 34697