BELLEVILLE, ON,
June 28, 2013 /PRNewswire/ - Bioniche
Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based,
technology-driven Canadian biopharmaceutical company, today
responded to the latest tactics of a dissident shareholder group
that is seeking to take control of the Board of Directors and
Company.
The dissidents' latest initiative involves
setting an August date for a shareholder meeting, an inappropriate
and invalid step given that the Company has already set its
shareholder meeting date for November 5,
2013 (after receiving two deficient meeting requisitions
from the dissidents). Although these shareholders have already
initiated court proceedings against the Company to try and force a
meeting date for earlier than November, with a court date set for
July 18th, they have proceeded with
announcing an August meeting date in total disregard for the court
process.
These latest tactics are not surprising as the
Company recognizes that the dissident shareholders are attempting
to derail the Company's value-creating efforts, which include the
divestment of its Animal Health business. This is an asset that the
dissidents wish to control and exploit for their own benefit.
Conversely, the Company's plan is to proceed with its plans to
maximize shareholder value for all shareholders.
Nothing precludes the dissidents from
participating in the Animal Health divestment process and the
Company is prepared to treat them on equal terms with other bidders
as the process unfolds. Any proposed sale of Animal Health will be
subject to shareholder approval.
The ongoing and increasingly aggressive public
attacks against the Company have the potential to jeopardize the
very important initiatives underway to maximize the Company's asset
value and to undermine shareholders' rights for a fair and thorough
analysis of all options prior to a vote.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based,
technology-driven Canadian biopharmaceutical company focused on the
discovery, development, manufacturing, and marketing of proprietary
and innovative products for human and animal health markets
worldwide. The fully-integrated company employs more than 200
skilled personnel and has three operating divisions: Human Health,
Animal Health, and Food Safety. The Company's primary goal is to
develop and commercialize products that advance human or animal
health and increase shareholder value.
For more information, please visit
www.Bioniche.com.
Except for historical information, this news
release may contain forward-looking statements that reflect the
Company's current expectation regarding future events. These
forward-looking statements involve risk and uncertainties, which
may cause, but are not limited to, changing market conditions, the
successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive
products and pricing, new product development, uncertainties
related to the regulatory approval process, and other risks
detailed from time to time in the Company's ongoing quarterly and
annual reporting.
SOURCE Bioniche Life Sciences Inc.