NEW YORK, NEW YORK--(Marketwire - January 03, 2010) - Ventana Biotech Inc. (“Ventana”)(PINK SHEETS: VNTA) today announced that the closing for the sale of its IP is still ongoing. The terms of the deal have already been agreed and it presents a value as per the date of the original offer and therefore a value significantly higher than what the current share price and market cap is reflecting.
The management team of Ventana wants to reassure its shareholder that the current drop in its share price does NOT have a negative impact of the sale price of the IP.
Furthermore Ventana’s management team wants to clarify that the delay in getting the deal closed is due to an auditing issue and NOT due to any concerns or backing out from the buyer. The auditing issue is related to Ventana’s status as a Pink Sheet company and the need for increased transparency as the IP is being sold to an OTC listed company which means that Ventana needs to have its historical accountants reviewed and signed off. Ventana’s auditors and lawyers are working on the issue and expect to have this cleared up in January 2010.
The delay in the closing of the sale is unfortunate and the audit issue was entirely unforeseen. In order to obtain SEC approval for the transaction the review of the historical accountants is unavoidable hence all efforts are being put into clearing up this matter as soon as possible.
About Ventana Biotech Inc
Ventana is positioning itself as the leading bioscience company in the development and commercial licensure of novel therapeutic medical chewing gum drug treatment. The company leverages cutting-edge research collaborations to achieve breakthroughs in innovative medical chewing gum treatments, and then licenses these patent pending product candidates to Big Pharmaceutical and Biotechnology companies.
FORWARD-LOOKING STATEMENTS:
Statements about Ventana’s future expectations and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. Ventana’s actual results could differ materially from expected results. Ventana does not undertake any obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this objective; Ventana will appropriately inform the public.
For more information about Ventana Biotech Inc please contact investor@ventanabiotech.com
Contacts:
Ventana Biotech Inc.
Janne Christensen
CEO
+ 41-44-732-60-59
BCB 1 Bachstrasse,
Butschwil CH-9606, Switzerland
