TNI BioTech, Inc., Announces Correction of Dividend Disbursement
Jun 22, 2012
OTC Disclosure News Service
West Palm Beach, FL –
TNI BioTech, Inc. Announces Correction of DividendDisbursement
West Palm Beach, FL – TNI Bio Tech, Inc.(Pink: TNIB) (the “Company”) the Company was recently made aware of a non-materialissue with the dividend issued on April 30, 2012 by TNI BioTech.
TNI BioTech onApril 16, 2012 announced a dividend to its shareholders asof April 23, 2012, the record date. The Board unanimously approved a sixpercent (6%) dividend calculated based on the number of shares thatwere to be outstanding after the issuance for the acquisition of TNI andawarded to shareholders of record before the close of the acquisition.
FINRA sentnotice to the Company and Signature Stock Transfer on April 20, 2012 declaring thedate of payment for the dividend to be April 30, 2012. Signature Stock Transferwas to issue the dividend shares on April 30, 2012 to the common shareholders inproportion to their percentage of common shares owned on April 23, 2012, therecord date.
Signature StockTransfer mistakenly issued a dividend based on the number of shares outstandingbefore the close of the acquisition. TheCompany has instructed its new transfer agent, Issuers Direct, to deliver thecorrect number of shares authorized under the dividend to the shareholdersaccording to their ownership percentage of common shares as of the record date.
Per disclosure to FINRA this dividend is a restricted stockdividend and all previously issued shares for distribution as well as newlyissued shares will be distributed containing a restricted legend.
The Board ofDirectors and Management of the Company sincerely apologize to the shareholdersfor the confusion that this may have caused.
AboutTNI BioTech, Inc.:
TNI BioTech, Inc. is a biotechnologycompany researching new treatments and methods for treatment of cancer,HIV/AIDS, and certain autoimmune and other infectious diseases. The primarycytokine, among many others currently being studied by TNI, is methionineenkephalin (“MENK”). MENK, in both non-human studies and human clinical trials,has been shown to stimulate the immune system.
However, even though Managementconsiders any condition that results in altered-immune response a target forinvestigation, the Company will most likely pursue additional investigationsfor MENK as a valuable candidate in the treatment of the following:
· Autoimmune states such as rheumatoidarthritis and multiple sclerosis;
· As an adjunct to antibiotics in thetreatment of infectious diseases;
· In patients undergoing chemotherapy,radiation treatments or surgery; and
· In wound healing, herpes viralinfections, and in treatment for the elderly.
For further information www.tinbio.com
SPECIAL NOTE REGARDINGFORWARD-LOOKING STATEMENTS: This press release includes various”forward-looking statements” within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended, which represent the Company’s expectations or beliefsconcerning future events. Statements containing expressions such as “believes,”“anticipates,” “intends,” or “expects,” used in the Company’s press releasesand in Disclosure Statements and Reports filed with the Over The CounterMarkets through the OTC Disclosure and News Service are intended to identifyforward-looking statements. All forward-looking statements involve risks anduncertainties. Although the Company believes its expectations are based uponreasonable assumptions within the bounds of its knowledge of its business andoperations, there can be no assurances that actual results will not differmaterially from expected results. The Company cautions that these and similarstatements included in this report are further qualified by important factorsthat could cause actual results to differ materially from those in theforward-looking statements. Readers are cautioned not to place undue relianceon forward-looking statements, which speak only as of the date thereof. TheCompany undertakes no obligation to publicly release any revisions to suchforward-looking statements to reflect events or circumstances after the datehereof.
Contact: Global Investment Media
Marmel Communications, LLC
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.