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JENEX COMPLETES QUALIFYING TRANSACTION AND ANNOUNCES MEDICAL BREAKTHROUGH TO PREVENT COLD SORES
FOR IMMEDIATE RELEASE
January 23, 2002
Burlington, Ontario
THE JENEX CORPORATION ("Jenex" or the "Corporation")
(CDNX - JEN), is pleased to announce that the CDNX has accepted
for filing the Corporation's Qualifying Transaction, as outlined
in its Information Circular dated November 7, 2001 and approved
by minority shareholders on December 10, 2001. As a result,
at the opening of trading on Wednesday January 23, 2002, the
Corporation will no longer be considered a Capital Pool Company.
The Qualifying Transaction involved an amalgamation with
Thermolabile Technologies Corporation Inc., of Burlington,
Ontario ("Thermo") and was a non-arms' length transaction
given that certain directors and officers of the Corporation
owned the majority of the issued shares of Thermo.
The amalgamation was valued at approximately $5,252,000,
which is based on the deemed issue price of $0.20 per share
issued to shareholders of Thermo and the Corporation. After
giving effect to the transaction approximately 32,093,895
common shares will be issued and outstanding. The newly amalgamated
entity will continue under the name "The Jenex Corporation"
and its trading symbol will remain "JEN". Concurrently
with closing the Qualifying Transaction the Corporation issued
2,626,056 stock options to its directors, officers, employees,
and consultants exercisable at $0.20 per share and expiring
five years from date of grant.
About The Jenex Corporation
Headquartered in Burlington, Ontario, the Corporation has
developed and patented a thermal therapeutic device for the
prevention of cold sores. Patents in fifteen countries, including
the United States, Canada, Australia, and the E.E.C protect
the technology. A license to market from regulatory, Therapeutic
Products Programme (TPP), in Canada has been received to market
their thermal therapy device, over-the-counter (OTC) with
the claim "For prevention and relief of the symptoms
of herpes labialis (cold sores), such as blistering, lesions,
inflammation, and discomfort. Also helps alleviate the embarrassment
that is typically associated with herpes labialis (cold sore)
outbreaks". A medical device number has been issued
by TPP, in accordance with Medical Device Regulations. Jenex
is the first company to receive clearance to market from a
significant regulatory body to make the prevention
claim for cold sores.
The Corporation is currently seeking clearance from FDA to
make a similar marketing claim in the United States. Management
of the Corporation expects a response from the FDA in the
2nd quarter of 2002. Regulatory approvals are being pursued
in all European countries and Australia.
Jenex is now seeking a strategic corporate partner to license
and commercialize their thermal therapy technology. Several
Multi-National Companies have signed Confidentiality Agreements
and are in various stages of due diligence.
The HSV-1 virus that causes cold sores, is endemic in North
America, and is estimated to affect 80% of the population.
As the only product clinically proven to prevent the outbreak
of cold sores, the Corporation's thermal therapy product has
the potential to dominate a large and underdeveloped market.
"Prevention is the Solution"
For further information, see www.jenexcorp.com or contact:
Michael A. Jenkins, President
The Jenex Corporation
207 - 940 Sheldon Court
Burlington, Ontario
L7L 5K6
Telephone: (905) 632-3830
Facsimile: (905) 632-3774
Email: Jenex@sprint.ca
The Canadian Venture Exchange Inc. has not reviewed and
does not accept responsibility for the adequacy or accuracy
of this release.
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