Lifeline starts exchange for series B preferred stock

By Jennifer Chiou

New York, May 25 - Lifeline Biotechnologies, Inc. announced the terms of its exchange offer for its convertible series B preferred stock.

The company said it will issue one preferred share for each 1,600 common shares submitted for exchange before the June 15 deadline.

A minimum of 25,000 common shares is required.

The preferred stock is convertible to common stock after Dec. 31, 2008 at a rate of $0.10 per share or the market price, whichever is greater.

The preferreds do not and are not expected to have a public trading market. The preferred shares will be callable after March 31, 2009 at $0.01 per share.

The Reno, Nev., biotechnology company said that its board approved a 1 for 1,600 reverse split of post-exchange common shares, expected to become effective before July 15.

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