CALGARY, Aug. 18, 2011 /PRNewswire/ - The Board of Directors of Epicore BioNetworks Inc. is pleased to announce restructuring of the ownership of its Eastampton, NJ site. The limited liability real estate partnership (LLP) that was formed in 2006 to enable Epicore and a non-related neighboring business to acquire their buildings was dissolved effective August 15, 2011 and ownership of the properties was assigned to the two partners. Local government approvals had been obtained for subdivision of the LLP site into three parcels. Each LLP partner acquired the parcel on which their building is located. A third parcel of approximately two acres of unoccupied land adjacent to Epicore but previously owned by the other LLP partner was acquired by Epicore for consideration paid to the other LLP partner. Mortgage financing of the site and extra land was secured from a leading North American bank. The new mortgage carries a significantly lower rate of interest than the 2006 mortgage.
The site restructuring and land acquisition supports Epicore's growing and profitable core aquaculture business and will help create new opportunities to enhance shareholder value. Elimination of the LLP will reduce Epicore administrative costs and eliminate possible liability from association with another unrelated business.
Epicore BioNetworks Inc. is a leading producer of environmental biotechnology and animal nutrition products. It manufactures in the USA and markets worldwide to a variety of industries to reduce environmental pollution and increase operational productivity.
Epicore BioNetworks Inc. is a public corporation with a registered office in Calgary, Alberta, Canada and with shares listed on the TSX Venture Exchange (symbol EBN). [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 press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the company might differ materially from the results, performance or achievements of the company expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the ability of the Company to create new opportunities to enhance shareholder value. We can provide no assurance that such opportunities be created. We are subject to various risks, including the uncertainties of product development, markets for our products and regulatory review, our need for additional capital to fund our operations, our reliance on collaborative partners, our history of losses, and other risks inherent in the biotechnology industry. |
SOURCE Epicore BioNetworks Inc.
