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ProtoKinetix Announces Terms of Settlement Agreement with British Columbia Securities Commission
Vancouver, British Columbia, February 23, 2015 ProtoKinetix, Inc. (OTC: PKTX) (www.protokinetix.com) announces that it has completed a settlement agreement with the British Columbia Securities Commission (BCSC) effective February 19, 2015. The Company and Ross L. Senior, ProtoKinetix’s President & CEO, cooperated with the BCSC in reaching the settlement.
In the settlement agreement, Mr. Senior and the Company have admitted that the Company breached an ongoing Cease Trade Order (CTO) that became effective on May 9, 2013. The CTO was originally issued by the BCSC due to the Company's failure to make required filings under the British Columbia Securities Act. During the time the CTO has been in effect, Mr. Senior has been the President, CEO and a director of ProtoKinetix. Between May 28, 2013 and June 6, 2014, and while subject to the CTO, ProtoKinetix and Mr. Senior distributed securities to 14 individuals and 2 companies for payment of services and repayment of loans valued at approximately $360,000, as well as an existing shareholder and current director for cash proceeds of $100,000. Mr. Senior acknowledges that he and ProtoKinetix made the distributions in contravention of the CTO. Under the terms of the settlement agreement, Mr. Senior is prohibited from becoming or acting as a director or officer of any reporting issuer other than ProtoKinetix for a period of one year, and Mr. Senior and ProtoKinetix have jointly paid $10,000 to the BCSC. Mr. Senior has also agreed to successfully complete a course on the duties and responsibilities of corporate officers and directors that is acceptable to the Executive Director within one year of the date of the settlement agreement.
ProtoKinetix has made all required filings with the BCSC and looks forward to the revocation of the cease trade order on Monday, February 23, 2015. In the immediate future, the Company is looking to add to its Board of Directors as well as its Scientific Board so as to better position itself to move toward the development and commercialization of AAGP™’s many applications. In addition, the Company will be pursuing sources of equity or debt financing to continue the Company’s operations. These statements constitute forward-looking statements and there can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. About ProtoKinetix ProtoKinetix, Inc. is a molecular biotechnology company that has developed and patented a family of hyper stable, potent glycopeptides (AAGP™) that dramatically enhance therapeutic results and reduce the cost of stem cell medicine. Due to the anti-inflammatory effect of AAGP™ molecules, the Company is currently targeting the direct treatment of diseases that have a major inflammatory component.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Some information included in this press release contains statements that are forward-looking. Such forward-looking information involves significant risks and uncertainties that could affect anticipated results in the future and, accordingly, these results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. For a description of additional risks and uncertainties, please refer to the Company’s filings with the Securities and Exchange Commission.
Clarence E. Smith – Director
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