TORONTO, Jan. 7, 2013 /CNW/ - BIOSENTA INC. (CNSX: ZRO) (the "Company") is pleased to announce that it has entered into a non-binding letter of intent with New South Biolabs pursuant to which New South Biolabs will become the Company's strategic logistics management partner responsible for enterprise resource planning [ERP], production and customer relationship management [CRM] as pertaining to all "Zeromold" products destined for the southern United States, Mexico, South America and the Caribbean. New South Biolabs will also purchase Biosenta's first scale unit ringed product system and allocate resources to establish a facility for the Company's patented ringed product in the United States. The letter of intent is non-binding and the parties are continuing their due diligence investigations. Completion of the transaction is subject to a number of conditions, including completion of satisfactory due diligence reviews by both parties, negotiation and entering into definitive documents respecting the transactions acceptable to all parties, and obtaining all required approvals upon execution of definitive document respecting the transaction. New South Biolabs will pay the Company royalties on all Biosenta products sold and a $600,000 non-refundable fee.
About BIOSENTA Inc.
BIOSENTA Inc.'s line of retail anti-microbial products address the demand created by the mounting health and environmental concerns caused by mould, bacteria and other fungi. Biosenta's products will effectively kill mould [fungi], bacteria and viruses on contact and prevent re-growth. Mould can affect the immune system, nervous system, liver, kidneys, blood and cause brain damage.
BIOSENTA will also manufacture and distribute an anti-microbial filler. Calcium Carbonate is one of the most common fillers used industrially. It is susceptible like other fillers that hold moisture to attracting mould. Annual global revenue in the calcium carbonate filler industry approximates 140 billion dollars. BIOSENTA will produce anti-microbial filler that performs 'filling' and 'bulking' functions like calcium carbonate. BIOSENTA's filler product will not attract moisture and consequently mould infestation. BIOSENTA's filler product with its patented anti-microbial core will enhance commercial product life and eradicate a broad spectrum of known bacteria, fungi, algae and other micro-organisms by suppression of their reproduction.
This release may contain forward-looking statements information and statements which constitute "forward-looking information" under Canadian securities law and which may be material regarding, among other things, the Company's beliefs, plans, objectives, estimates, intentions and expectations with respect to its capital and funding plans. Inherent in the forward-looking information and statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, which give rise to the possibility that the Company's predictions, forecasts, expectations or conclusions will not prove to be accurate, that its assumptions may not be correct and that the Company's plans, objectives and statements will not be achieved. Actual results or developments may differ materially from those contemplated by the forward-looking information and statements. Consequently, undue reliance should not placed on such forward-looking statements.
On behalf of the Board of Directors of BIOSENTA Inc.
The CNSX has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CNSX nor its Regulation Services Provider (as such term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE BIOSENTA Inc.
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BIOSENTA INC. Announces Non-Binding Letter of Intent with a U.S. Strategic Partner and Establishment of a Production Facility. New South Biolabs will also pay the Company royalties and a $600,000 non-refundable fee.
Jan 07, 2013, 01:59 EST