BEVERLY, Mass., Sept. 17, 2021 (GLOBE NEWSWIRE) — LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (“LexaGene” or the “Company”), a commercial molecular diagnostics company selling a point-of-need highly multiplexed in-clinic PCR system with results in approximately two hours, today announced the Company has adopted new corporate governance charters and policies.
Dr. Jack Regan, LexaGene’s CEO and Founder stated, “The Board of Directors, along with our leadership team, take good corporate governance seriously. The Board reviewed our existing charters and policies and felt it was time to modernize them. By doing so, we are elevating our effectiveness and moving in a direction where accountability, the ability to manage resources, and improving our performance strengthen strategic business imperatives.”
The Board of Directors adopted a new audit committee charter, a compensation committee charter, a nominating and corporate governance charter, a cyber security policy, and a code of business conduct and ethics. These charters and policies are available on our website or by contacting email@example.com.
The Board also announced that it has filed and obtained receipt for, a final base shelf prospectus (the “Shelf Prospectus”) allowing the Company to offer up to $25,000,000 of common shares, warrants, subscription receipts, debt securities or units or any combination thereof (collectively, the “Securities”), from time to time during the 25-month period that the Shelf Prospectus is effective. LexaGene filed the Shelf Prospectus with the securities commissions in all the provinces and territories of Canada (the “Qualifying Jurisdictions”). The specific terms of any future offering of Securities will be set forth in a prospectus supplement to the Shelf Prospectus, which will be filed with the applicable securities’ regulatory authorities in connection with any such offering. A copy of the Shelf Prospectus can be found on SEDAR at www.sedar.com.
The Securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman
Director of Marketing
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing, and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately two hours. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.