Foccini Exercising Option to Acquire Arch Biotech Inc.
September 18 2009 - 1:00PM
Marketwired
Foccini International Inc. (the "Company")(TSX VENTURE: FOI)
announces it is exercising its option to purchase 100% ownership of
Arch Biotech Inc. (the "Option"), a private company specializing in
biomedical technology and drug development. The general terms of
the Option were previously disclosed to the market on May 6, 2009.
The Company has begun preparations to submit a change of
business/reverse takeover application ("Transaction") to the TSX
Venture Exchange (the "TSXV") and pursuant to TSXV Policy 5.2 -
Changes of Business and Reverse Takeovers.
A general description of Arch and the terms of the Transaction,
including, among other things, financing plans, sponsor and Arch
financial information, were previously disclosed to the market in a
news release on June 30, 2009.
Other Company News
The Company recently named Richard Muruve as its new Chief
Executive Officer. Mr. Muruve has been a director of the Company
since 2005 and is a co-founder of Arch Biotech Inc.
The Company has 26,321,179 common shares outstanding.
For more information on the Company, including all press
releases and financial statement disclosures, please consult the
Company's public documents filed on SEDAR at www.sedar.com.
Completion of the Transaction is subject to a number of
conditions, including Exchange acceptance and disinterested
Shareholder approval. The Transaction cannot close until the
required Shareholder approval is obtained. There can be no
assurance that the Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
Management Information Circular to be prepared in connection with
the Transaction, any information released or received with respect
to the Transaction may not be accurate or complete and should not
be relied upon. Trading in the securities of Foccini International
Inc should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction and has neither approved nor disapproved
the contents of this press release.
Forward-Looking Statements
All statements, other than statements of historical fact, in
this news release are forward looking statements that involve
various risks and uncertainties, including, without limitation,
statements regarding the future plans and objectives of the
Company. There can be no assurance that such statements will prove
to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These and all
subsequent written and oral forward-looking statements are based on
the estimates and opinions of management on the dates they are made
and are expressly qualified in their entirety by this notice. The
Company assumes no obligation to update forward-looking statements
should circumstances or management's estimates or opinions
change.
Neither the 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 of this
release.
Contacts: Foccini International Inc. (647) 428-7031
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