Lifeline BioTechnologies, Inc. Sets Record Date for Exchange of Preferred Stock for Common Stock
RENO, Nev.--(BUSINESS WIRE)--Lifeline Biotechnologies, Inc. (Pink Sheets:LBTN) today announced that it has set the Record Date for its Exchange Program, Preferred Stock for Common Shares as May 21, 2007. To take advantage of the Exchange, shareholders must submit their common shares to Lifeline’s Transfer Agent, OTC Corporate Stock Transfer, Jericho, NY, by May 31, 2007. The exchange is for one share of preferred, valued at $1.00 each for each 1600 shares of common stock submitted. The value of the common stock is $.000625 per share, a premium over the current market price. To qualify for the exchange, shareholders must submit a minimum of 100,000 common shares. The Series B Preferred Stock is valued at $1.00 per share for future conversion purposes. The Company will be sending an Information Statement disclosing the terms and conditions of the exchange. In addition, particulars concerning the exchange will be posted on Lifeline’s website www.lbtn.com.