(via Thenewswire.ca)
Vancouver, B.C. / TheNewswire / April 15, 2015 - Network Oncology Inc. ("Network Oncology", "the Company") announces the following operational update.
Audit Status: The Company has recently completed its annual audit for the fiscal year ended December 31, 2014 and will be filing the results shortly. Our auditors are Manning Elliott LLP. The MD&A is in final review and will also be filed shortly. Our annual general meeting for the Company is in the planning stage. The assets of the Company are in place and there are no impairments.
Change in Directors: Yesterday, the Company announced the appointment of new director and President, Mr. Manfred von Nostitz and the departure of Sean Maenpaa from the Board and as President and Shane Ring from the Board of directors. Mr. Nostitz brings senior level experience in both the German and Pacific Rim business arenas and will assist Network Oncology in growing its business on an international basis. Other additions to the Board are in progress including the addition of Mr. Hans Pulte to the Board. Mr. Pulte is experienced in pharma and oncology sales in Germany and has assisted us in the past. Other Board additions will be made in due course.
Business: Network Oncology's sales are currently focused in Germany and we recently signed an agreement to sell into a consortium of 70 hospitals in Germany and is building this business. The Company will consider expansion beyond Germany including Asia as we build the German business. There are no other material issues pertaining to the business at this time.
About Network Oncology Inc.
Network has acquired and is currently selling a core portfolio of oncology generic products for the European markets with possible expansion to other territories. The Company is commercially focused and is dedicated to serving the oncology marketplace by understanding local market dynamics and its customers unmet needs. In addition, the Company has the ability to identify and pursue profitable segments of the oncology market in conjunction with providing value-added products and support services for its portfolio. Network also possesses the knowledge and capability to develop and commercialize differentiated versions of existing cancer products where an unmet need currently exists.
Further Information
Further details are available under the Company's profile on SEDAR at www.sedar.com, and the Company's profile on the CSE's website at www.cnsx.ca.
For further information please contact:
Bill Thomas, CFO, and Director
Telephone: +353(0)874601340
E-mail: info@networkoncology.com
Website: www.networkoncology.com
Canadian Securities Exchange (CSE): Symbol NOI
Deutsche Boerse Xetra - Frankfurt Stock Exchange: Symbol 2NY; WKN#: A11827
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company including future plans for the development and sale of oncological pharmaceutical products. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the Canadian Securities Exchange and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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