Kane Biotech Appoints Interim CFO and Announces Grant of Options
WINNIPEG, MANITOBA -- (MARKET WIRE) -- 07/14/11 -- Kane Biotech Inc. (TSX VENTURE: KNE), a biotechnology company engaged in the development and commercialization of products that prevent and remove microbial biofilms, announces the appointment of April Manness as interim Chief Financial Officer (CFO) of the Company replacing Eric Johnstone effective July 15, 2011.
April Manness is the former CFO of Kane Biotech holding this position from 2005 to 2007. She will assume the position on an interim basis until a new CFO has been named; replacing Eric Johnstone who has tendered his resignation with Genesys Venture Inc. Both April Manness and Eric Johnstone provide their services to Kane Biotech under an agreement with Genesys Venture Inc.
Ms. Manness, a Certified General Accountant, has a broad experience base in financial management and accounting. In addition to her position as former CFO for Kane Biotech, April has also held management and accounting positions with several other public companies.
"The board and management team welcomes April back as interim CFO and thanks Eric for his valuable contribution and excellent financial skills in helping to build Kane Biotech into one of the top 10 most innovative companies in the biotech industry", stated Gord Froehlich, President and Chief Executive Officer.
The Company has also granted an aggregate of 280,000 stock options at an exercise price of $.175 per common share to the four independent directors of the Company. The options are set to expire five years from the date of grant and are subject to TSX Venture Exchange acceptance and the terms of Kane Biotech's stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to resale restriction for a period of four months from the date of the grant.
About Kane Biotech Inc.
Kane Biotech is a biotechnology company engaged in the development and commercialization of products to prevent and remove biofilms. Biofilms develop when bacteria, and other microorganisms, form a protective matrix that acts as a shield against attack. When in a biofilm, bacteria become highly resistant to antibiotics, biocides, disinfectants, high temperatures and host immune responses. This resiliency contributes to human health problems such as recurrent urinary tract infections, medical device associated infections and tooth decay.
Kane Biotech uses a patent protected technology based on molecular mechanisms of biofilm formation and methods for finding compounds that inhibit or disrupt biofilms. The Company has evidence that this technology has potential to significantly improve the ability to prevent and/or destroy biofilms in several medical and industrial applications.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Contacts: Kane Biotech Inc. Gord Froehlich President & Chief Executive Officer 204-477-7592 204-453-1314 (FAX) ir@kanebiotech.com www.kanebiotech.com
Source: Kane Biotech Inc.
Released July 14, 2011