VANCOUVER, British Columbia, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Lexington Biosciences, Inc. (CSE: LNB) (the “Company” or “Lexington”) has allowed the license with the Lawrence Berkeley National Laboratories, which was being used in the HeartSentry technology, to terminate due to non-payment of its minimum annual royalty fees which were due in August 2018 and August 2019.
As previously announced in April, 2019, the Company had been unable to secure the necessary financing to advance the development of the HeartSentry technology. Since that date, the Company has actively been in discussions with potential development partners to sell the HeartSentry license and intellectual property, which ultimately have not been successful. As a result, on February 12, 2020, the company received final notice of license termination from Lawrence Berkeley National Laboratories due to non-payment of its minimum annual royalty fees.
The Company has identified a new business plan and is currently negotiating with its largest unsecured creditor on terms of debt conversion. The feasibility of the new business plan is conditional on successfully negotiating a debt settlement.
The Company also announces the resignation of Eric Willis as its CEO & Director.
On Behalf of the Board,
“Doug Janzen”
Doug Janzen
Chairman & Director
CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Cautionary Note Regarding Forward-LookingStatements
Thisnewsreleasecontainsforward-lookingstatementsrelatingtothepotential sale of the HeartSentry technology and other statements that are not historicalfacts. Forward-lookingstatementsareoftenidentifiedbytermssuchas"will","may","should","anticipate", "expects"andsimilarexpressions.Allstatementsotherthanstatementsofhistoricalfact,includedinthis release are forward-looking statements that involve risks and uncertainties. There can be no assurancethat such statements will prove to be accurate and actual results and future events could differ materiallyfrom those anticipated in such statements. Important factors that could cause actual results to differmaterially fromtheCompany'sexpectationsincludethoserelatingtothe abilitytocompletethesaleandotherrisksdetailedfromtimetotimeinthefilingsmadebytheCompanywithsecurities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking informationmay provetobeincorrect.Eventsorcircumstancesmaycauseactualresultstodiffermateriallyfromthose predicted,asaresultofnumerousknownandunknownrisks,uncertainties,andotherfactors,manyof which are beyond the control of the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although considered reasonable by management atthe time of preparation, may prove to be incorrect and actual results may differ materially fromthose anticipated.Forward-lookingstatementscontainedinthisnewsreleaseareexpresslyqualifiedbythis cautionarystatement.Theforward-lookingstatementscontainedinthisnewsreleasearemadeasofthe dateofthisnewsreleaseandtheCompanywillupdateorrevisepubliclyanyoftheincludedforward-looking statements as expressly required by applicablelaw.
CONTACT:
Lexington Biosciences, Inc.
+1 (800) 320-2640
info@lexingtonbiosciences.com
www.lexingtonbiosciences.com
