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Vacci-Test Corporation ("Vacci-Test") is pleased to announce that it has completed a new exclusive licence agreement with MagnaBioSciences LLC ("MBS") of San Diego, California that gives Vacci-Test the world wide rights to the patented MBS magnetic technology for the detection of pathogens in the human food chain. The new agreement expands the terms of the existing agreement, signed in 2007, and includes MBS taking a minority ownership position in Vacci-test. Vacci-Test's first product to be developed under this new licence will be FoodChekTM-E.coli, a revolutionary new same shift test that is rapid, highly accurate and cost effective.
Vacci-Test will be bringing a number of ground-breaking food safety tests to market beginning with FoodChekTM-E.coli in Q4 2008, to be quickly followed by other equally innovative tests for the detection of Salmonella and Listeria. FoodChekTM-E.coli is a breakthrough solution for meat-processors enabling them to easily and inexpensively deliver high quality and safe products to consumers. FoodChekTM-E.coli has already successfully completed field trials in two meat-processing plants and the development of FoodChekTM-Salmonella is currently underway.
Mr. Sandy MacPherson, Chairman of the Executive Operating Committee of Vacci-Test said "This new MBS agreement demonstrates our mutual commitment to food safety testing and the urgent need for more rapid, accurate and cost effective food safety tests in the food industry. For Vacci-Test this new licence provides broader, worldwide access for all of our new products in the global food safety market. I am also extremely pleased that MBS has expressed its confidence in Vacci-Test and its products by taking an ownership position in our company."
Dr. Ron Sager, CEO of MBS stated, "I am confident that by joining forces and taking an equity position in Vacci-Test that our shareholders will share in the success we know Vacci-Test will have in the burgeoning and valuable food safety market."
MagnaBioSciences, a subsidiary of Quantum Design and a world leading innovator in magnetic measurement devices is a privately held U.S. company based in San Diego, California specializing in the use of proprietary magnetic nanotechnology for diagnostic applications for the healthcare, veterinary and other industries.
About Vacci-Test Corporation
Vacci-Test is a privately held Canadian corporation based in Calgary, Alberta that specializes in the development and commercialization of proprietary food safety tests, based on magnetic nanotechnology, for the rapid and specific detection and quantitative measurement of pathogens in food.
This information release may contain certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its private filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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William J. Hogan
Suite 1005, 550 - 11th Avenue S.W.
Calgary, Alberta, Canada T2R 1M7
Dr. Ron Sager
6325 Lusk Boulevard
San Diego, CA 92121, USA
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