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CALGARY, ALBERTA -- (Marketwired) -- 08/10/15 -- Vivione Biosciences Inc. ("Vivione" or the "Corporation") (TSX VENTURE: VBI) wishes to provide an operations update. In connection with the diminished shareholder value that has occurred over the past six months and as a consequence of the anticipated difficulties in servicing the liabilities of the Corporation as they become due, the Corporation will be reviewing alternative financing solutions that would enable it to meet its financial obligations and fund the continued development of its products.
Vivione has undergone numerous financial and strategic setbacks over the past 12 months, the cumulative effect of which has contributed to its current depressed share price and financial situation. The value of the Class A common shares of the Corporation has fallen from $0.23 to $0.07 over the past 6 months, representing a decrease in value of approximately 70%. The events that have contributed to the drop in share price and the events that have added to the difficulties the Corporation has experienced in its attempts to obtain additional funding are summarized below.
As of early September, 2014, Vivione has been engaged in an aggressive and ultimately unsuccessful financing program that was designed to provide ample working capital for the Corporation and capital to assist the Corporation in pursing strategic acquisitions. Over the course of the past 11 months Vivione pursued numerous financing alternatives, described below.
Current Business Climate
Vivione has promoted and entered into numerous business relationships/partnerships that were anticipated to result with the development and increased sale of the Corporation's products. These business ventures have failed to generate appreciable revenue as intended.
Contributions and Sacrifices
Vivione's ability to address the economic and financial setbacks that have been encountered over the past 12 months is in large part due to the contributions of a certain director and shareholder of the Corporation and the sacrifices of employees and consultants of the Corporation.
Vivione has experienced significant financial hardships which are in part attributable to the financing setbacks and current business climate issues discussed above. Contributions have been made by a certain director of the Corporation and significant sacrifices made by employees and contractors, however, there can be no assurance that the Corporation can continue to obtain contributions form directors, officers or employees to continue operations going forward.
Vivione's business is centered on the commercialization of the RAPID-B technology, which is an integrated system of hardware, software and chemical reagents that tests bacteria in key environments. This technology could have potentially diverse applicability from food safety to clinical diagnostics, by identifying and quantifying microorganism levels more rapidly and with greater precision than currently employed techniques.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although Vivione believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Vivione. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the ability of the Corporation to pays its liabilities as they become due. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, Vivione does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Vivione undertakes no obligation to comment on expectations or statements made by third-parties in respect of Vivione, or its financial or operating results or (as applicable), their securities.
NEITHER 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.Contacts: Vivione Biosciences Inc. Kevin Kuykendall Chief Executive Officer NEXT ARTICLE
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