TORONTO, ONTARIO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire - BioLife Sciences Inc. (OTCPK:BLFE) announces it has initiated the process of up-listing to the Over the Counter Quotation Bureau ("OTCQB®") by engaging MNP LLP ("MNP"), an accounting firm registered with the U.S Public Company Accounting Oversighting Board ("PCAOB"), to independently audit BioLife's finances. MNP is one of Canada's largest national accounting and business consulting firms.
MNP will conduct their audit in accordance with the standards established by the Public Company Accounting Oversight Board (PCAOB) (United States) and will include tests of the Company's accounting records and other procedures. Upon completion of the auditing, MNP will submit to the audit committee a report with MNP's opinion on the consolidated financial statements of BioLife.
MNP will examine the consolidated statement of financial position of BioLife as of November 30, 2020; November 30, 2019; and December 1, 2018.
BioLife considers this action to be fundamental and necessary to the company's efforts to demonstrate greater transparency to its investors and as such, to bring greater visibility to investor groups seeking to commit towards longer-term investments with BioLife. To be eligible to trade on this market tier, companies must be current in their financial reporting, pass a minimum bid price test and undergo an annual company verification and management certification process.
The OTCQB® Venture Market will allow the company to appeal to a more sophisticated pool of investors, particularly to institutional investors, dramatically increase liquidity and visibility, as well as solidify their position within the commercialization market.
About BioLife Sciences Inc.
BioLife Sciences Inc. specializes in moving innovative products from the lab or small-scale production into wider market adoption. Its core business develops, licenses and distributes antimicrobial products, non-contact human temperature screening technology, and touchless vending/marketplaces. One of BioLife Sciences' core building block strategies is to develop, partner and assist innovative companies with the commercialization of leading-edge technologies.
About MNP LLP
MNP is a leading national accounting, tax and business consulting firm in Canada. They proudly serve and respond to the needs of their clients in the public, private and not-for-profit sectors. Through partner-led engagements, they provide a collaborative, cost-effective approach to doing business and personalized strategies to help organizations succeed across the country and around the world. For more information, visit www.mnp.ca.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Corporation to complete a qualifying transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.