Lifeline Biotechnologies Updates Status of DTC Clearing Services
06 October 2010 - 6:11AM
Business Wire
Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO) announced
today that it continues efforts to resolve the trading issue with
Depository Trust Corporation (DTC) in order to re-establish
clearing services.
Jim Holmes, Lifeline’s CEO, said, “We continue to work with our
legal counsel with concerted effort to re-establish clearing
services with Depository Trust Corporation (DTC). It is very
difficult to determine when this issue will be resolved. We ask for
and appreciate stakeholders' continued patience.”
Holmes went on to say, “Though the trading volume and stock
price, as quoted in the public market, have declined as a result of
the DTC situation, the intrinsic value of Lifeline has not fallen.
Additionally, we continue to make meaningful progress with our FDA
consulting firm, in particular, defining our regulatory strategy.
We have a definition as to the suggested alternatives available and
the related requirements to submit for a Class II medical device
510(k) clearance.”
Safe Harbor: This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 27E of the Securities Act of 1934. Statements contained in
this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, the ability to obtain financing,
successful development of the Company's product or market
acceptance of the product and regulatory and shareholder approval
for anticipated actions.
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