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Biotonix Agrees For Reverse Takeover By Atman Co.

Healthcare company Biotonix Inc. (BTX.V: Quote) said Monday that it has entered into a final agreement with 9130-4519 Quebec Inc., or The Atman Co., a company which provides psychometric testing solutions, for reverse takeover of the company by Atman.

Upon closure of the deal, Biotonix will acquire all outstanding shares of Atman by issuing 15 million consolidated shares and a payment of C$150,000, subject to a number of conditions. The conditions include financings by Biotonix and Atman for combined proceeds of C$350,000, consolidation of the shares of Biotonix on a one new share for two outstanding shares basis, satisfactory due diligence by Biotonix and Atman and approval by disinterested shareholder and regulatory authorities.

The company noted that Atman reported a net profit of C$77,316 in the November 30, 2011 results and not a loss of C$19,232 as reported in a press release on December 22, 2011.

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by RTT Staff Writer

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