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Biovest Corp. I announces loan to Magor Communications Corp. in connection with qualifying transaction
OTTAWA, Dec. 21, 2012, 2012 (Canada NewsWire via COMTEX) --
Biovest Corp. I ("Biovest") (TSXV: BVC.P), is pleased to announce that, in connection with its
proposed Qualifying Transaction with Magor Communications Corp. ("Magor"), Biovest intends to advance, in accordance with the policies of the
TSX Venture Exchange (the "Exchange") and subject to the approval of the Exchange, up to $200,000 to Magor,
on an interest free basis, by way of secured promissory note (the "Loan"). The Loan will be secured by a general security agreement against
all of the assets of Magor. In the event that the Qualifying
Transaction is not completed, the Loan will mature 90 days following
the date that the Amalgamation Agreement between Biovest and Magor,
dated November 7, 2012, has been formally terminated. The Loan will be
used by Magor to fund ongoing operating expenses such as payroll and
other general and administrative expenses being incurred in the
day-to-day operations; to fund the purchase of materials and labour in
connection with the production, marketing, sale and support of Magor
products; and for general working capital purposes. The Loan will only
be advanced upon receipt of the Exchange's approval.
Neither the 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 of this press release.
This news release may contain "forward-looking information" within the
meaning of applicable Canadian securities legislation. Statements made
in this news release, other than those concerning historical financial
information, may be forward-looking and therefore subject to various
risks and uncertainties. The words "may", "will", "could", "should",
"would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", "hope", and
"continue" (or the negative thereof), and words and expressions of
similar import are intended to identify forward-looking statements.
Certain material factors or assumptions are implied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Factors that could
cause results to vary include those identified in the Biovest's
Preliminary Prospectus and other such filings with Canadian securities
regulatory authorities, such as the applicability of patents and
proprietary technology; possible patent ligation; regulatory approval
of products in development; changes in government regulation or
regulatory approval processes; government and third party
reimbursement; dependence on strategic partnerships; intensifying
competition; rapid technological change in the industry; anticipated
future losses; the ability to access capital; and the ability to
attract and retain key personnel. All forward-looking information
presented herein should be considered in conjunction with such
filings. Except as required by Canadian securities laws, Biovest does
not undertake to update any forward-looking statements; such statements
speak only as of the date made.
SOURCE: Biovest Corp. I
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2012/21/c3244.html
SOURCE: Biovest Corp. I
For further information about Biovest, please contact: Dr. Calvin Stiller Chairman
and CEO (519) 858-1582 crs@stilco.net For further information about Magor, please
contact: Michael Pascoe President and CEO (613) 686-1731 mike.pascoe@magorcorp.com
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