VANCOUVER, British Columbia, Nov. 3 /PRNewswire-FirstCall/ -- SMC Ventures Inc. ("SMC" or the "Company")(Symbol - NEX: SMV.H), previously GenSci Regeneration Sciences Inc., (TSX: GNS) ("GenSci") announces that, as a result of the completion of its plan of arrangement, and the acquisition of substantially all of its assets by IsoTis S.A., its common shares were delisted from the Toronto Stock Exchange (the "TSX") at the close of trading on October 30, 2003. The Class A common shares of SMC were listed on the NEX Board of the TSX Venture Exchange under the trading symbol SMV.H on October 31, 2003. In light of the completion of the Company's plan of arrangement, SMC now holds no significant operating assets. Its shares will continue to trade on the NEX Board until such time as a qualifying transaction is announced and completed in accordance with the policies of the TSX Venture Exchange. At this time, the Company is not involved in any discussions or negotiations with any other party relating to a qualifying transaction and there is no certainty that any discussions or negotiations will arise.
In addition, in accordance with the terms of the Company's plan of arrangement and as previously announced by GenSci on October 27, 2003, the SMC board of directors has determined that the final exchange ratio will be 0.475 of an IsoTis S.A. share for each GenSci share held at the close of trading on October 30, 2003. Accordingly, each GenSci shareholder will receive, for every 100 shares of GenSci previously held by them, 47.5 IsoTis shares and 10 SMC Class A shares. On October 27, 2003 it was announced that the exchange ratio would be a minimum of 0.46, with a final determination to be made by not later than October 31. Distribution of the IsoTis and SMC shares is expected to commence after the close of business on Monday, November 3, 2003.
IsoTis S.A. currently trades in Swiss francs on the Swiss Exchange (ISON) and in Euros on Euronext (ISON). IsoTis has received conditional approval to list the IsoTis Shares on the TSX. The listing is subject to IsoTis meeting TSX requirements, including the filing of documentation on or as soon as possible after the Effective Date. The listing on TSX will occur as soon as practicable thereafter.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For information contact:
President, SMC Ventures Inc.
Louis G. Plourde
Tel: (800) 561-2955 (IsoTis North America)
SMC Ventures Inc.
CONTACT: Hugh Notman, President of SMC Ventures Inc., +1-604-689-2495,or Louis G. Plourde, Investor/shareholder relations, +1-800-561-2955, ofIsoTis North America