NEW YORK, Oct. 3 /PRNewswire-FirstCall/ -- Genesis Bioventures, Inc. (AMEX:GBI) (GBI) today reported that further to the Form 8-K submitted on July 27, 2005 with respect to the Notice from the American Stock Exchange (the "Amex" or "Exchange") indicating that GBI was not in compliance with certain subsections of Sections 121, 704, 804, and 1003 of the Company Guide, on September 28, 2005 the Exchange notified the Company that it had completed its review of the Company Plan submitted in response to the Notice and, as provided in Section 1009(d) of the Company Guide, had determined to proceed with the filing of an application with the Securities and Exchange Commission to revoke the Company's common stock from listing and registration on the Exchange.
The Company has been conducting an internal operational review over the past several months and recently mandated a corporate restructuring and reorganization. "We are continuing with the reorganization and restructuring of the Company, which includes additional financing, retaining a new management team with diagnostics and pharmaceutical industry experience and relocating the Company to California," said Mr. Greg McCartney, Chairman of the Board. "We are disappointed the Exchange did not approve our initial plan, however, we continue to review all the options available to us during our restructuring which include, among others, petitioning the Exchange to further review our compliance plan and listing the Company on an alternative exchange that is favorable to microcap companies." All facets of the Company's operations are under review and significant changes will be announced in the coming weeks. The Company believes substantial value will be added to the Company with its planned changes.
About Genesis Bioventures, Inc.
Genesis Bioventures, Inc. is a biomedical development corporation focusing on the development and marketing of novel diagnostics and therapeutics in oncology and neurodegenerative diseases.
Statements in this press release that are not strictly historical facts are "forward looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements. DATASOURCE: Genesis Bioventures Inc.
CONTACT: GBI Investor Relations, (604) 542-0820, , http://www.gnsbio.com/; Aurelius Consulting Group, (800) 644-6297, , http://www.runonideas.com/
|