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Press Release Source: Lifeline Biotechnologies, Inc. Lifeline Biotechnologies Reduces Debt By $250,000 Wednesday December 7, 8:30 am ET RENO, Nev.--(BUSINESS WIRE)--Dec. 7, 2005--Lifeline Biotechnologies, Inc. (Pink Sheets: LBTN - News) announced today that the Company will reduce their debt by approximately $250,000 by forgiving past salaries owed to management. These reductions will be ongoing, equivalent to an annual Company savings of approximately $150,000 to $200,000 in operating expenses. This is a first step in a process designed to increase shareholder value. Additionally, Lifeline Biotechnologies' management is retiring approximately 51 Million Shares and will reissue stock options at .05 cents per share. Due to the increase in the outstanding shares, as a result of shares having been issued principally to acquire financing required for operations and product development, the company has committed to a program designed to enhance shareholder value through a comprehensive strategy, starting with the reduction of the Company's debt. The debt reduction will enable Lifeline to better implement their business strategy. "We believe that this reduction of debt will add substantial value for our shareholders," said Jim Holmes, CEO of Lifeline Biotechnologies, Inc. "This is the first step in a restructuring process. This reduction of debt and stock retirement is designed to also compensate for any additional shares that may be issued in order to continue funding the Company. We firmly believe that this is in the best interests of both our shareholders and the company." About Lifeline Biotechnologies, Inc. Lifeline Biotechnologies, Inc. is a company with innovative medical technologies committed to the improvement of the quality of life through exceptional health care systems. These technologies focus on assisting in the prevention and early detection of a number of disease conditions. The company's Cancer Detection technologies deal with cutting edge innovation to assist practicing physicians in the delivery of quality medical care. The MastaScope(TM) is used in the assisting of the early detection of cancer and other abnormalities of the breast. The MastaScope(TM) has completed development and has entered the marketplace in the US and internationally. The First Warning System(TM) for assisting in the early detection of breast cancer and the OvaScope(TM) for assisting in the early detection of ovarian cancer are continuing to be developed by the company. More information is available at the company's website: www.lbti.com. 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, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Contact: Big Apple Consulting USA, Inc. for Lifeline Biotechnologies, Inc. Matt Maguire, 407-884-0444 or 1-866-THE-APPLE
************* Looks like Jim is spraying perfume on this old bag of Sh*t and handing it out for Christmas this year. I would take a long hard look at this and still not invest in it. 1/150 reverse split. Change of ticker symbol countless times to hide past stock holder rapings. Comments are my opinion and experience only.
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[ December 07, 2005, 13:46: Message edited by: Jmoove ]
-------------------- Choosing individual stocks without any idea of what you're looking for (or without reliable information) is like running through a dynamite factory with a burning match. You may live, but your still an idiot.
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