OTTAWA, BURLINGTON, MISSISSAUGA, ON, and MONTREAL and GATINEAU, QC, May 28 /PRNewswire-FirstCall/ - Liponex Inc. (TSX:LPX) and ImaSight Inc., a commercial stage medical device company marketing an innovative, cost effective digital radiology solution, today updated the status of the proposed transaction to combine their respective businesses that was announced on March 3, 2008.
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Liponex has today filed on SEDAR the information circular being mailed to its shareholders in respect of its Annual and Special Meeting of the shareholders being held on June 20, 2008. In addition, the parties have received the conditional acceptance of the TSX Venture Exchange of the listing of the shares of the issuer resulting from the proposed business combination, subject to among other things the approval of the Liponex shareholders at the Annual and Special Meeting and receipt of final documentation.
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Completion of the proposed transaction remains subject to the fulfillment or waiver of various conditions precedent as more particularly set forth in the acquisition agreement, including the receipt of all required third party consents and all required shareholder approvals and regulatory approvals. We cannot assure you that the transaction will be completed as proposed or at all.
About ImaSight and its Digital Radiography System
ImaSight markets its patented digital x-ray sensor at a price affordable to veterinarians and chiropractors. Its hospital grade sensor has been approved for sale by Health Canada. Further information can be found at www.imasight.com
About Liponex and CRD5
Liponex is a Biopharmaceutical development company developing natural source products for the treatment of cholesterol and metabolic disease. CRD5, its lead product, has undergone a number of human clinical trials under approval of Health Canada's Natural Health Products Directorate with a primary goal of increasing HDL "good cholesterol".
This news release contains certain "forward-looking statements" and "forward-looking information" which may include but is not limited to statements in respect of the proposed business combination between Liponex and ImaSight. Words like "believe", "intend", "may", "expect", "anticipate", "plan", "should", "assume" and other similar expressions are forward-looking statements that involve a number of risks and uncertainties. By their nature, forward-looking statements involve numerous factors, assumptions and estimates. Some but not all of the factors that could cause actual results to differ materially from those projected in our forward-looking statements include among others:
For a further description of the principal risks affecting Liponex, see Liponex's regulatory filings at www.sedar.com. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward looking statements. Although Liponex and ImaSight have attempted to identify important risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in the forward looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in the forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and neither Liponex nor ImaSight undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof.- failure to receive necessary TSX Venture Exchange approvals and/or necessary approvals of the Canadian regulatory authorities; - failure to receive required transaction approvals from Liponex's shareholders; - the ability of Liponex and ImaSight to satisfy all of the conditions to
