Galvanic board comments on Jaguar press release

CALGARY, Aug. 2, 2013 /CNW/ - Galvanic Applied Sciences Inc. ("Galvanic") (TSXV:GAV) confirms that the Board of Directors of Galvanic has been made aware of a press release issued late Thursday August 1, 2013 by Jaguar Financial Corporation (TSX:JFC) (the "Jaguar Press Release") in respect of a potential offer for the shares of Galvanic ("Galvanic Shares").  The Board of Directors has been advised that the Jaguar Press Release does not constitute an offer or take-over bid pursuant to applicable securities laws. The Jaguar Press Release itself indicates that it "does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any securities of Jaguar or Galvanic. Such an offer may only be made pursuant to an offer and takeover bid circular filed with the securities regulatory authorities in Canada and pursuant to registration or qualification under the securities laws of any other such jurisdiction."  The Board confirms it has not been contacted by Jaguar Financial Corporation directly.

The Board of Directors refers Galvanic shareholders to its press release dated July 12, 2013, which  sets forth its recommendation to tender to the fully funded offer ("Offer") to acquire all of the outstanding common shares of Galvanic ("Galvanic Shares") at a price of CDN$1.70 per share made by 1756349 Alberta Ltd. (the "Offeror"), a corporation wholly-owned by Right Lane Capital LLC, 2SV Capital LLC and Tuckerman Capital IV, L.P.  The Offer is open for acceptance until 4:00 p.m (Toronto time) on August 6, 2013, unless withdrawn or extended.

The Board of Directors refers shareholders to the Directors' Circular which sets forth the reasons for the recommendation of the Board of Directors, as well as the full text of the Fairness Opinion issued by MNP LLP (including the analysis, assumptions, qualifications, limitations and considerations set forth therein). The Directors' Circular (including the Fairness Opinion) has been filed with the applicable securities regulators and is available on SEDAR at www.sedar.com under Galvanic's profile. Copies are also available for viewing at the offices of Galvanic at 7000 Fisher Road S.E., Calgary, Alberta T2H 0W3.

The depositary for the Offer is Computershare Trust Company of Canada ("Depositary"). Questions and requests for assistance or requests for additional copies of the Directors' Circular or the formal offer documents of the Offeror (including the letter of transmittal and notice of guaranteed delivery), may be directed to the Depositary at 1-800-564-6253 (corporateactions@computershare.com).

About Galvanic Applied Sciences Inc.

Galvanic Applied Sciences Inc. is an innovative electronic technology company that develops instrumentation and manufactures equipment for the natural gas processing and distribution markets and liquids process markets. Products include analyzers for sulfur and BTU measurement in gases, electronic volume correctors and recorders used in combination with commercial natural gas meters, and tytrators, viscometers, suspended solids and turbidity analyzers for on-line liquid analysis.

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 or accuracy of this release. The news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release contains forward-looking information under the provisions of Canadian securities laws. Forward-looking information is information that is not historical fact. Such information includes, without limitation, statements regarding expectations as to the minimum bid condition being met and the expiry time of the bid. This forward-looking information is subject to numerous risks, uncertainties and assumptions, certain of which are beyond the control of Galvanic and/or the Offeror, including risks relating to acquisitions, including, without limitation, conditions to the Offer not being satisfied. Other risks include the impact of general economic conditions; industry conditions; currency fluctuations; governmental regulation; competition from other industry participants; the lack of availability of qualified personnel or management; stock market volatility; the ability of the Offeror to complete or successfully integrate an announced the acquisition proposal; unexpected costs or unexpected liabilities related to the acquisition. Readers are cautioned that the material assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Galvanic and/or the Offeror will derive therefrom. Galvanic disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.

SOURCE: Galvanic Applied Sciences Inc.