VANCOUVER, BC and
MESA, AZ, June 14, 2013 /CNW/ - Avidus Management Group
Inc. ("Avidus" or the "Company") (TSX-V: AVD, OTC: ASNHF) is
pleased to announce that, further to its news release dated
May 22, 2013, the Company has
completed its previously announced non-brokered private placement
of 13,030,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $651,500 (the "Offering"). Each Unit
consists of one common share of the Company (a "Share") and one
common share purchase warrant (a "Warrant"). Each whole
Warrant entitles the holder to purchase an additional common share
(a "Warrant Share") at an exercise price of $0.10 per Warrant Share until June 13, 2016. All securities issued under
the private placement are subject to a four-month statutory hold
period.
In connection with the Offering, the Company
issued a total of 284,800 non-transferrable brokers warrants (the
"Broker's Warrants") and paid cash finder's fees equal to
$49,240. Each Broker Warrant
entitles the holder thereof to purchase one common share of the
Company at a price of $0.10 per share
for a period of two years. Proceeds from the Offering will be
used for general working capital purposes.
The Company is also pleased to announce that effective
June 13, 2013, Douglas Ridley has been appointed President of
the Company. Mr. Ridley has previously been an advisor to the
Company during its turn-around in 2011 and 2012. Doug has
over 25 years of experience in network marketing and brings a track
record of performance, leadership, and demonstrable results.
Doug led another network marketing start-up to $125 million annual sales in less than three
years, with $20 million in
profit. As a successful distributor Doug led a field
organization of over 10,000 people that generated $25 million in annual sales volume.
CEO, Dan Lundell
stated, "As an advisor, Doug has been a valuable asset, as
President he brings a lifetime of experience, credibility and
power, which will be fully leveraged for growth and a long
successful future."
Mr. Ridley said, "I'm pleased to be an official
part of a great team. Avidus represents a marvelous
opportunity for me to bring the sum of my experience and
relationships to bear to execute our plans for growth and
success. I'm passionate about network marketing, especially
done right; and I welcome the challenge to build something
special."
Subject to the approval of the TSX Venture
Exchange, the Company has granted Mr. Ridley 1,500,000 incentive
stock options. 500,000 of such options vest immediately,
while the balance will vest quarterly over three years. In
addition, the Company has granted 230,000 options to officers and
directors, 110,000 options to Sequoia Partners Inc. and 200,000
options to other consultants and employees. The options
granted to Sequoia Partners Inc. are for fiscal advisory and
investor relations services and are subject to a quarterly vesting
schedule in accordance with the policies of the TSX Venture
Exchange. All of such options have a five-year term and are
exercisable at a price of $0.12 per
share.
Neither the 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 release.
About Avidus
Avidus Management Group Inc. (www.asantae.com)
(TSX-V: AVD, OTC: ASNHF) is a producer and marketer of innovative
nutritional products through direct and network marketing channels.
The ingredients in Avidus' products have been shown to reduce
chronic low-grade inflammation and oxidative stresses which,
according to scientific and medical research, are the underlying
conditions for most modern epidemic diseases (diabetes, heart
disease, obesity, stroke, etc.).
This news release may contain forward-looking statements
relating to the Company's operations or to the environment in which
it operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict and may be beyond the Company's control. A number of
important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements,
including those set forth in the Company's regulatory filings. In
addition, such statements relate to the date on which they are made
and the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws.
SOURCE Avidus Management Group Inc.