Allegiance Equity Corporation and CGX Life Sciences Inc. Cancel Letter Of Intent

TORONTO, ONTARIO / ACCESSWIRE / October 10, 2014 / Allegiance Equity Corporation ("ANQ") (TSX VENTURE:ANQ.V) and CGX Life Sciences Inc. ("CGX") have announced that they have rescinded, by mutual agreement, the Letter of Intent signed on July 10th, 2014. Both companies continue to seek ways to work more closely together and are exploring opportunities for an alternative form of business combination that will benefit their respective shareholders.

About ANQ

ANQ is an Ontario corporation that has developed unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and Over the Counter (OTC) products fail to meet the needs of patients. ANQ has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with common conditions including memory loss, dementia, high blood glucose and inflammatory skin conditions. ANQ obtains regulatory approval and patents for these unique compounds and formulations and has licensed and proposes to license its products for royalty revenues, in particular, to CGX. 

About CGX

CGX is a Nevada corporation dedicated to the manufacture and distribution of high quality nutraceuticals to the North American marketplace. Its products, targeted to provide safe, alternative treatments or to assist in the prevention of specific medical conditions, contain active ingredients formulated from natural herbal and botanical components. CGX's principal brand is CinG-XTM.

CGX has two (2) wholly-owned subsidiaries, being The CinG-X Corporation, an Ontario corporation and The CinG-X Corporation of America, a Nevada corporation. 

About CinG-X(TM)

CinG-X(TM) is a combination of standardized extracts acting synergistically to control glucose metabolism, improve cognitive function and reduce the risk of developing conditions associated with blood glucose metabolism and brain function. CinG-X(TM) has been approved by Health Canada and Master File OF12-21-26454-MF001 supports its claims. Patent applications are currently pending in the United States and in Canada.

ANQ is presently the licensor to CGX in relation to the CinG-X(TM) (as described below) pursuant to an exclusive License Agreement. Details of the License Agreement may be found, inter alia, among ANQ's public disclosure materials (under the company's page at http://www.sedar.com/) in the September 17, 2013 News Release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the terms and conditions of the proposed Transaction; the Company's objectives, goals or future plans; the receipt of the requisite approvals with respect to the Transaction and the business and operations of ANQ following the completion of the Transaction. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ANQ's public documents filed on SEDAR at http://www.sedar.com/; and other matters discussed in this news release. Although ANQ believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, ANQ, CGX and the Vendors disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.

For further information please contact:

Marilyn Bloovol, President and CEO, Allegiance Equity Corporation
marilyn.bloovol@gmail.com
(416) 489-5928

Scott Boyes, President, CGX Life Sciences Inc.
scott@cgxlifesciences.com
(416) 223-6874

SOURCE: Allegiance Equity Corporation