TORONTO, May 21, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. ("Gemoscan" or the "Company") – (TSX-V:GES), (MUN:1GE) announces that, subject to regulatory approval, it will be extending two, previously announced, shares for service submissions. Submission One Further to the Company's press releases of September 12, 2012, February 6, 2013 and April 4, 2013, it is seeking approval from the TSX Venture Exchange ("TSXV") to extend an existing shares for service application ("Submission One"). The TSXV granted acceptance of Submission One on September 20, 2012, an extension to Submission One on February 14, 2013 and a further revision to Submission One on April 11, 2013. Under the current terms of Submission One the Company pays a consulting fee to a firm (the "First Consultant") in exchange for the provision of certain strategic advisory services of Cdn.$7,500 per month, all of which is satisfied through the issuance of Class A shares ("Shares") in the Company. The Company will, subject to regulatory approval, extend Submission One by an additional one month period, to the end of May 2013. The number of Shares to be issued to the First Consultant will be determined by using the closing price of the Shares on the TSXV on the first trading day of June 2013. The revision to Submission One is subject to approval by the TSXV and to compliance with all applicable regulatory requirements. Submission Two Further to the Company's press releases of September 12, 2012 and February 22, 2013, it is also seeking approval from the TSXV to extend a second existing shares for service application ("Submission Two"). The TSXV granted acceptance of Submission Two on September 20, 2012 and an extension to Submission Two on March 4, 2013. Under the current terms of Submission Two the Company pays a consulting fee to a firm (the "Second Consultant") in exchange for the provision of certain strategic advisory services of Cdn.$17,000 per month, of which Cdn.$7,000 per month is satisfied through the issuance of Shares in the Company. The Company will, subject to regulatory approval, extend Submission Two by an additional one month period, to the end of May 2013. The number of Shares to be issued to the Second Consultant will be determined by using the closing price of the Shares on the TSXV on the first trading day of June 2013.
The revision to Submission Two is subject to approval by the TSXV and to compliance with all applicable regulatory requirements.ABOUT GEMOSCAN CANADA, INC. Gemoscan is an industry leader in food intolerance management and maintains a first-to-market position with Canada wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology; Gemoscan develops, owns and markets comprehensive food sensitivity and dietary management solutions for consumers, including the HEMOCODE TM Food Intolerance System, a personalized naturopathic nutritional program that promotes well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available. Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE. Forward-Looking Information This news release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither 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 or accuracy of this release.
CONTACT: FOR ADDITIONAL INFORMATION CONTACT: Gemoscan Canada, Inc. Brian Kalish Director, President and CEO (416) 650-1200 Email: firstname.lastname@example.org Company website: www.gemoscan.com