Kane Biotech Enters into Material Transfer and Evaluation Agreement with Ward Industries Group
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 07/22/08 -- Kane Biotech Inc. (TSX VENTURE: KNE), a biotechnology company engaged in the development of products that prevent and remove microbial biofilms, is pleased to announce that the Company has entered into a material transfer and evaluation agreement with Ward Industries Group of Monaghan, Ireland, a specialist provider and innovator of unique ingredients to the international human and pet food industries.
In this agreement, Ward Industries Group will be evaluating Kane Biotech's antibiofilm and antimicrobial technologies for the development of a novel Companion Animal Product. Upon completion of this agreement, Ward Industries will have an exclusive option to license the technology from Kane Biotech for the development of this product for the international Companion Animal Markets. The type of product and specific field of use are not disclosed.
"The humanization of pet care is growing rapidly around the world and we have embarked on a journey of innovation into this market for the development of unique products," stated Paul Ward, Managing Director of Ward Industries. "Ward has spent considerable time and resources searching the world for antibiofilm and antimicrobial ingredients that offer promise in the development of our unique companion animal offerings and we are very pleased to have the opportunity to evaluate Kane Biotech's technology and intellectual property for this international market opportunity".
"Ward has assembled a high caliber international specialist research and development team and we look forward to working with them as they test our technologies for the companion animal market," stated Gord Froehlich, President and CEO of Kane Biotech.
About Ward Industries Group
Ward Industries Group is a specialist provider of high quality, organic and non-organic niche ingredients, servicing and fulfilling the food and pet food manufacturing industry's needs. The company also provides a complete range of organic and non-organic ingredients to International pet food manufacturers and has established long term relationships with its food and pet food manufacturing customers. Over the last number of years Ward has embarked on a journey of innovation into companion animal markets and is currently developing a number of unique health solutions for international companion animal markets.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development of products to prevent and remove biofilms. Biofilms are a major cause of a number of serious medical problems including tooth decay, chronic infections and medical device related infections. They develop on surfaces such as teeth, catheters, prosthetic implants, lungs and the urogenital tract. Biofilms are pervasive, costly to deal with and are involved in approximately 80% of all human bacterial infections.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: Kane's early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers' willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Kane's filings with Canadian securities regulatory authorities, as well as Kane's ability to anticipate and manage the risks associated with the foregoing. Kane cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Kane's forward-looking statements to make decisions with respect to Kane, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Kane cannot provide assurance that actual results will be consistent with these forward-looking statements. Kane undertakes no obligation to update or revise any forward-looking statement.
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Contacts: Kane Biotech Inc. Justin Gagnon Manager, Investor Relations (204) 478-5602 (204) 453-1314 (FAX) Email: jgagnon@kanebiotech.com Website: www.kanebiotech.com
Released July 22, 2008