BioSyent Adopts Advance Notice By-law

MISSISSAUGA, Ontario, Feb. 11, 2022 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, “the Company”, TSX Venture: RX) announces that its Board of Directors has approved the adoption of an Advance Notice By-law (the “By-law”) for the purposes of: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting process; (ii) ensuring that all shareholders of the Company receive adequate notice of nominations for the Board of Directors of the Company and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.

The By-law establishes a framework for providing advance notice to BioSyent in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of BioSyent. The By-law fixes deadlines by which shareholders of record of BioSyent must submit director nominations to BioSyent prior to any annual or special meeting of shareholders and sets forth the information a shareholder must include in the notice to BioSyent for an effective nomination to occur. No person will be eligible for election as a director of BioSyent unless nominated in accordance with the provisions of the By-law.

In the case of an annual meeting of shareholders, the deadline for notice to BioSyent pursuant to the By-law is not less than 30 days prior to the date of the annual meeting of shareholders; provided, however, that: (i) if an annual meeting is called for a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice must be received by BioSyent not later than the close of business on the 10th day following such public announcement; and (ii) if the Corporation uses “notice-and-access” (as defined in National Instrument 54-101 – Communications with Beneficial Owners of Securities of a Reporting Issuer) to send proxy-related materials to shareholders in connection with an annual meeting, notice must be received by BioSyent not less than 40 days before the date of the annual meeting.

In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for any other purposes), the deadline for notice to BioSyent pursuant to the By-law is no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The By-law is effective immediately and will be placed before shareholders for approval, confirmation and ratification at the Company’s next annual general and special meeting of shareholders (the “Meeting”). According to the provisions of the Canada Business Corporations Act, the By-law will cease to be effective unless it is approved, confirmed, and ratified by a resolution adopted by a majority of the shareholder votes cast, in person or by proxy, at the Meeting.

The full text of the By-law is available under the Company’s profile at www.sedar.com.

About BioSyent Inc.

Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable, growth-oriented, specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, specialty and international business units.

As of the date of this press release, the Company has 12,481,958 common shares outstanding.

For a direct market quote for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.

For further information please contact:

Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Tel: (905) 206-0013
E-Mail: investors@biosyent.com
Web: www.biosyent.com

This press release may contain information or statements that are forward-looking. The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals.

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 press release.