VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Abattis Biologix Corporation (CNSX:FLU) (the "Company") is pleased to announce that it has entered into a binding letter of agreement (the "Letter of Agreement") with Animo Wellness Corporation ("Animo") for the Company's acquisition of 100% of the outstanding shares of Animo (the "Proposed Transaction"). Pursuant to the Letter of Agreement, the Company will acquire all of the issued and outstanding shares of Animo in consideration for which the Company (i) will issue to the shareholders of Animo an aggregate of 500,000 common shares of the Company (the "Payment Shares") at a deemed price of $0.075 per share; and (ii) will pay the shareholders of Animo an aggregate of $25,000.
The Letter of Agreement will be superseded by a definitive agreement to be negotiated by the parties. Completion of the Proposed Transaction is subject to certain conditions, including the receipt of any necessary regulatory approvals, the satisfactory completion of the Company's due diligence investigations, and such other closing conditions as are specified in the Letter of Agreement and as may be specified in the definitive agreement.
Animo Wellness Corp. is a privately held company that holds 75 Natural Health Product Licenses "NPNs" granted by Health Canada. These licenses range from "A" Acai to "V" Vitamin D. Mike Withrow, CEO of Abattis Biologix, states, "We are very pleased with this binding letter of agreement with Animo Wellness. This acquisition enables Abattis to legally produce and market a wide range of unique and mainstream natural health products. These will also enable Abattis to offer private label products to large customers."
About Abattis Biologix Corporation
Abattis Biologix Corporation is a growing and thriving specialty bio-technology life sciences company that has acquired intellectual property, and - on an ongoing basis - is conducting research, and working to develop proprietary health and wellness solutions that address chronic illnesses and disease in animals and humans through proprietary and patent pending formulations. The Company has identified targeted channels in which to market and license proprietary patent pending products throughout the world.
ON BEHALF OF THE COMPANY
Yazan Al Homsi, Director
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