Stellar Pharmaceuticals Inc. Provides Update on Normal Course Issuer Bid & Provides Company Updates
12 Mai 2008 - 1:30PM
Marketwired
LONDON, ONTARIO (TSX VENTURE: SLX) (OTCBB: SLXCF) announced that
as of the date of this release the Company has purchased 80,000
shares under its normal course issuer bid.
On April 2, 2008, the Company announced that the TSX Venture
Exchange (the "Exchange") had accepted a notice filed by Stellar of
its intention to make a normal course issuer bid. The notice
provides that Stellar may, during the 12 month period commencing
April 1, 2008 and ending March 31, 2009, purchase 1,191,127 common
shares, provided that the aggregate value of shares so purchased
does not exceed of $1,000,000. Stellar believes that its common
shares have been trading in a price range, which does not
adequately reflect the value of such shares in relation to the
business of Stellar and its future business prospects. As a result,
depending upon future price movements and other factors, Stellar
believes that its outstanding common shares may represent an
attractive investment to Stellar. Furthermore, the purchases are
expected to benefit all persons who continue to hold common shares
by increasing their equity interest in the Company.
INVESTOR RELATIONS SERVICES
Stellar also announced that it has signed a consulting agreement
with LMT Financial Inc. ("LMT"). Pursuant to the terms of the
agreement between Stellar and LMT, LMT has agreed to provide
general consulting and investor relations services to Stellar.
These services include the ongoing assessment of the available
methods of financing the operations and undertakings of Stellar,
the assessment of the impact on the market for the common shares of
Stellar created by developments in Stellar's business and assisting
Stellar in communicating with its current shareholders, new
investment community contacts and the media. In exchange for the
above services, LMT is to be paid a fee of $6,000, which is to be
paid monthly at the end of each month from Stellar's working
capital. The agreement is for a term of one year renewable for one
further year (on the same terms) at Stellar's option. This
agreement is subject to receipt of Exchange approval.
LMT is a financial consulting company based in Toronto, Ontario
specializing in working with public companies. The main principal
in LMT is Arnold Tenney who brings over 40 years experience with
public companies as both an agent and as chairman of AMEX and NYSE
listed companies. LMT is jointly owned by Mr. Tenney and his wife.
Mr. Tenney is also a director of Stellar as well as chairman of its
Board.
SHARES TO BE ISSUED TO CONSULTANTS
The Company has also announced today that it has entered into
consulting agreements with two physicians', to provide their
expertise concerning orthopaedic matters which impact the Company's
orthopaedic line of products and services, within the Canadian
market. Pursuant to the agreements the Company will issue 2,500
common shares to each of the physicians' in the capital of the
Company. These agreements are subject to receipt of Exchange
approval.
GRANT OF OPTIONS
The Company also announced today that, subject to receipt of all
necessary regulatory approvals, it has granted a total of 115,000
options to Stellar's employees, including one officer of the
corporation, the Chief Financial Officer. These options are
exercisable at Cdn$0.50 per share, with an expiry date of April 1,
2011. The vesting of these options is subject to meeting certain
financial objectives for the 2008 fiscal year end. If such
objectives are achieved these options will vest as to one half on
March 31, 2009 and the remaining half will vest on October 31,
2009.
ABOUT STELLAR PHARMACEUTICALS INC.
Stellar has developed and is marketing direct in Canada and in
countries around the world through out-license agreements two
products based on its core polysaccharide technology: NeoVisc�, for
the treatment of osteoarthritis; and Uracyst� and the Uracyst� Test
Kit, its patented technology for the diagnosis and treatment of
interstitial cystitis (IC), an inflammatory disease of the urinary
bladder wall. Stellar also has in-licensing agreements for NMP22�
BladderChek�, a proteomics-based diagnostic test for the diagnosis
and monitoring of bladder cancer.
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of risks and uncertainties impacting the Company's business
including increased competition; the ability of the Company to
expand its operations, to attract and retain qualified
professionals, technological obsolescence; general economic
conditions; and other risks detailed from time to time in the
Company's filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Stellar Pharmaceuticals Inc. Peter Riehl
1-800-639-0643 or (519) 434-1540 Stellar Pharmaceuticals Inc.
Arnold Tenney (416) 587-3200 Booke and Company Inc. (212)
490-9095
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