ProtoKinetix,
Incorporated (OTC: PKTX) (the “Company” or “ProtoKinetix”) (www.protokinetix.com)
is pleased to announce that Edward P. McDonough was appointed to the
company’s board of directors. The Company has issued a two-year option
for 1,000,000 shares of common stock subject to vesting exercisable at
$0.10 per share to Mr. McDonough in connection with his appointment to
the Board and for services to the Company.
“Edward has extraordinary financial and business expertise, and we are
delighted that he is joining ProtoKinetix’s board of directors,” said
Clarence Smith, President, CEO and Chairman of the Board of ProtoKinetix.
About Edward P. McDonough
In addition to serving as a director of the Company, Mr. McDonough is a
managing shareholder and President of McDonough, Eddy, Parsons &
Baylous, A.C., a certified public accountant firm in Parkersburg, West
Virginia since 1985. The firm originated in the early 1950s, employs 15
professional certified public accountants and accountants, and serves as
certified public accountants for approximately 400 private corporations,
firms, and individuals in various commercial, business, professional,
and industrial fields. Mr. McDonough became a Certified Public
Accountant in 1978, a Certified Valuation Analyst in 1996, and a
Chartered Global Management Accountant in 2012. Since 1986, Mr.
McDonough has served as a Director and Chairman of the Board of
Community Bank of Parkersburg, held by Community Bankshares, Inc. He is
also a Member of the American Institute of Certified Public Accountants
(AICPA), has served as a Past President and Member of the West Virginia
Board of Accountancy, is a Life Member, Past Director and Past President
of the West Virginia Society of Certified Public Accountants and is a
Member and Past President of the Parkersburg Chapter of the West
Virginia Society of CPAs. Mr. McDonough acquired his Bachelor of Science
in Business Administration with a Major in Accounting at West Virginia
University in Morgantown, West Virginia in 1973.
Corporate Update
On June 30, 2015, ProtoKinetix entered into an agreement with Clarence
E. Smith, the Company’s President and CEO, pursuant to which Mr. Smith
purchased 625,000 shares of common stock of the Company at a price of
$0.08 per share, representing aggregate total proceeds of $50,000 which
had been advanced by Mr. Smith previously to the Company to pay Company
expenses. On July 1, 2015 Mr. Smith also converted his promissory note
of $100,000 into 1,250,000 shares of the Company’s common stock at a
conversion price of $0.08 per share.
The securities issued to Mr. Smith will not be registered under the
United States Securities Act of 1933 (the “Securities Act”) and may not
be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act.
On July 1, 2015, the Company also entered into a consulting agreement
with Simon Shah to provide research services with respect to market
applications of the AAGP™ molecule. Mr. Shah received a three-year stock
option for 600,000 shares of common stock at $0.10 per share subject to
vesting.
The Board of Directors of ProtoKinetix approved the adoption of the 2015
Stock Option and Stock Bonus Plan on July 1, 2015 (the “Plan”). The
Board of Directors adopted the Plan as it anticipates utilizing equity
compensation as part of its ongoing standard corporate operations and in
connection with its contemplated activities going forward.
About ProtoKinetix
ProtoKinetix, Inc. is a molecular biotechnology company that has
developed and patented a family of hyper stable, potent glycopeptides
(AAGP™) that enhance therapeutic results and reduce the cost of stem
cell medicine. Due to the anti-inflammatory effect of AAGP™ molecules,
the Company is currently targeting the direct treatment of diseases that
have a major inflammatory component.
This press release shall not constitute an offer of securities in the
United States or any other jurisdiction. The securities that may
be issued pursuant to this press release are not currently qualified by
prospectus or registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), or the laws of any state, and may not be
offered or sold in the United States, or to, or for the account or
benefit of United States persons (as defined in Regulation S under the
Securities Act) or persons in the United States absent registration or
an applicable exemption from the registration requirements. The
securities are subject to resale restrictions under applicable
securities laws.
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