Press release Communiqué de presse
Press release Communiqué de presse
November 10, 2003 10 November, 2003
Pheromone Sciences Corp Announces Rights Offering
Toronto -- November 10, 2003 --
Sciences Corp. (TSX Venture: PHS) --
Sciences Corp. ("Pheromone" or the "Company")
announced that it will be conducting a Rights
which it will issue to holders of its outstanding
shares as of November 20, 2003 one Right for
common share held. Every four Rights will entitle
shareholders resident in British Columbia,
Manitoba and Ontario (the "Qualifying
subscribe for one common share of Pheromone
subscription price of $0.11 at anytime on or prior
December 12, 2003. Rights of shareholders
outside the Qualifying Jurisdictions will be held
Mellon Trust Company who will attempt to sell
at such prices and otherwise in such manner as
determine in its sole discretion. The Rights will be
and posted for trading on the TSX Venture
Minimum gross proceeds of $285,000 are
required to be
raised through this Rights Offering to continue
Company as a going concern beyond December
"The company needs working capital while we are in discussions with several potential commercialization partners for our PSC Fertility Monitor(Ã¢ï¿½Â¢) . We remain enthused with our current technology and the company's prospects as described in the offering circular", said Christopher Neuman, President and CEO, Pheromone Sciences.
In recognition of the financial position of the Company and in consideration of the Chief Executive Officer and the Chief Financial Officer waiving any entitlement to severance or termination pay on termination of employment or to accrued vacation pay, and as an inducement to both officers, the Company has granted to these individuals, subject to regulatory approval, the right to earn a bonus payable in common shares of the Company. The Chief Executive Officer can earn 1,000,000 shares and the Chief Financial Officer can earn 600,000 shares if one of several milestones are achieved by March 1, 2004, including, the Company entering into a licensing agreement or other commercialization agreement for its PSC Fertility Monitor(tm), or a financing for gross proceeds of a minimum of $1 million or a sale or merger of the Company.
For further information with respect to the Rights Offering please contact Christopher Neuman, President and Chief Executive Officer or Larry Cooper, Chief Financial Officer at 416-861-9854.
Pheromone Sciences Corp. is a biotechnology and medical diagnostics device research and development company that focuses on commercializing technologies in the field of human and animal reproduction.
Pheromone Sciences Corp is a member of MEDEC, which is the national industry association representing over 120 medical device and diagnostic companies. Member companies are dedicated to serving the health care community through the provision of high quality medical products and services that benefit Canadians.
Statements contained in this press release, including those pertaining to scientific and clinical research, commercialization plans, strategic alliances, and intellectual property protection, other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made. The TSX Ventures Exchange has not reviewed and does not accept responsibility for the adequacy or the contents of this news release.