GRAND RAPIDS, Mich. and SEATTLE, Jan. 4 /PRNewswire-FirstCall/ -- BestNet
Communications Corp. (BestNet), (OTC Bulletin Board: BESC) and Pacific
Biometrics, Inc. (PBI), (OTC Bulletin Board: PBME) today announce the
execution of a Letter of Intent between the two companies. Under the terms
and conditions of the Letter, the companies agree to negotiate the terms of
(a) a Stock Purchase Agreement and (b) an Asset Purchase and Management
Agreement. Under the proposed Stock Purchase Agreement, PBI agrees to issue
series A convertible preferred stock, representing 25% of the voting power, in
PBI Technology, Inc. (PBI Tech), a wholly owned subsidiary of PBI, to BestNet
at an aggregate purchase price of $1,000,000. Under the proposed Asset
Purchase and Management Agreement, Dharma, Inc., a wholly owned subsidiary of
BestNet, will (i) purchase all assets relating to PBI's proprietary
Osteopatch(TM) and SalivaSac(TM) technologies, subject to certain
restrictions, and (ii) engage PBI Tech to manage the further development and
application of the Osteopatch(TM) and SalivaSac(TM) technologies, in
consideration for which BestNet will (i) issue to PBI shares and warrants up
to a total of 25% of the outstanding shares (fully diluted) of BestNet, and
(ii) fund operations of Dharma in the amount of $500,000.
Stanley Schloz, President of BestNet, commented, "We are very excited at
the prospect of investing in PBI Technology and acquiring the Osteopatch and
SalivaSac technologies. We are hopeful that binding agreements can be reached
and the transactions can be closed in the near term and we look forward to
working with the team at PBI. In the emerging era of targeted and
personalized medicine, innovative diagnostic technologies will become critical
components of healthcare delivery. Investment in PBI Technology is part of
our strategy to invest in emerging technologies with large potential markets."
Pacific Biometrics, Inc.'s CEO Ron Helm said, "We are extremely pleased
with the progress we have made in executing the Letter of Intent with BestNet.
The proposed Stock Purchase and Asset Purchase & Management Agreements will
enable PBI to make significant progress toward unlocking the value in our
proprietary technologies. PBI Technology was created with the specific
purpose of developing and commercializing our technologies and to offer an
attractive investment opportunity to strategic and/or financial investors who
are focused on innovative diagnostic technologies. At the same time, the
parent company, PBI, an industry-leading specialty central laboratory with
experience in both pharmaceutical and diagnostic product development, provides
unique experience and know-how to PBI Technology."
About BestNet Communications Corp.
BestNet Communications is a global solutions provider of long distance
conference calling, ClicktoPhone(TM) and custom application-based
communication services. BestNet's services are accessed worldwide via the
Internet, standard phones and wireless devices and are delivered using
standard phone lines and equipment. This results in a cost-effective,
high-quality service for both businesses and consumers.
Under the brand name Bestnetcall(TM) (http://www.bestnetcall.com) the patented
services offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched
via a desktop application or handheld devices, including Palm(TM), Pocket
PC(R), and Blackberry(TM), and used with any standard or wireless phone. In
addition, the company's new ClicktoPhone(TM) service (http://www.ClicktoPhone.com)
enables clients to add secure and anonymous voice communication connectivity
anywhere in the world to web sites, web banners, pictures, electronic
documents, and customized e-mail calling buttons.
For more information about BestNet, contact Investors@bestnetcom.com or
call (616) 977-9933.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory services
to support pharmaceutical and diagnostic manufacturers conducting human
clinical trial research. The company provides expert services in the areas of
cardiovascular disease, cholesterol and lipid abnormalities, diabetes,
obesity, metabolic syndrome, osteoporosis, and arthritis. The PBI laboratory
is accredited by the College of American Pathologists and is one of only three
U.S.-based laboratories approved and accredited by the Centers for Disease
Control (CDC) as a member of the Cholesterol Reference Method Laboratory
Network. PBI's clients include many of the world's largest pharmaceutical,
biotech, and diagnostic companies.
Pacific Biometrics also owns several patented and patent-pending
technologies, including molecular diagnostic and noninvasive device
technologies, relevant to its areas of specialty expertise.
For more information about Pacific Biometrics, visit the company's web
site at http://www.pacbio.com or contact Ronald Helm, Chairman / CEO at
(206) 298-0068.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This press release includes forward-looking statements including to
but not limited to our strategic planning and business development plans, our
future growth, and the viability and acceptance of our products and services
in the market. These forward-looking statements are subject to a number of
risks and uncertainties that may cause actual results to differ materially
from those described in the forward-looking statements. These risks include,
but are not limited to, our ability to bid on and win laboratory services
contracts, the success of our marketing and business development efforts,
competition in the industry, and our ability to manage growth, as well as the
risks and other factors set forth in our periodic filings with the U.S.
Securities and Exchange Commission.
SOURCE BestNet Communications Corp.
 back to top
Related links:
http://www.bestnetcom.com
CONTACT:
BestNet Communications Corp.,
+1-616-977-9933, Investors@bestnetcom.com; or Ronald Helm,
Chairman / CEO of Pacific Biometrics, Inc., +1-206-298-0068
|
