Pacgen Announces Shareholder Approval of Acquisition by General Biologicals Corporation

VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Pacgen Life Science Corporation (“Pacgen” or the “Company”) (TSX-V: PBS) is pleased to announce the voting results of its annual and special meeting (the "Meeting") of the holders of its common shares ("Common Shares") held on September 15, 2020. At the Meeting, Shareholders approved a special resolution (the "Arrangement Resolution") in respect of a statutory plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) pursuant to which General Biologicals Corporation ("GBC") will acquire all of the issued and outstanding Common Shares, other than Common Shares owned by GBC, its Executive Chairman and affiliated companies, for cash consideration of $0.0275 per share. At the Meeting, shareholders also approved the election of each of the incumbent directors of the Company, the appointment of its auditors and the Company’s 10% rolling stock option plan.

Pacgen will be seeking a final order from the Supreme Court of British Columbia with respect to the Arrangement on September 18, 2020 and the Arrangement is expected to be completed on or about September 28, 2020, subject to customary closing conditions and approvals including the approval of the TSX-V.

About Pacgen
Pacgen is a life sciences company focused on building a global commercial platform to market innovative consumer health products developed by SMEs. Currently, the Company sells and markets over sixty different products in oral care, skin care and health supplement segments.  Products under the tradename of P113+™ are marketed in Asia by GBC through a sublicense arrangement. The Company is entitled to royalties based on product sales by GBC. For additional information, please visit www.pacgenlife.com.

NEITHER THE 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.

Forward looking Statements

Certain statements included in this press release, including without limitation statements with respect to the completion of the Arrangement, may be considered forward-looking.  Pacgen disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.  For all forward-looking statements, Pacgen claims the safe harbour for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

For further information, please contact:
Christina Yip,
President and Chief Executive Officer
Tel: 778-389-4323
Email: christina.yip@pacgenlife.com