EX-99.1
6
exhibit99-1.htm
PRESS RELEASE
Filed by Automated Filing Services Inc. (604) 609-0244 - Exelar Medical Corporation - Exhibit 99.1
RELAY MINES LIMITED
Suite 3400 Park Place, 666 Burrard Street
Vancouver, BC V6C 3P6
News Release
Current Trading Symbol: RLYM
New Trading Symbol: XLRC
Relay Mines Limited ("Relay") issued the following news release
today.
Effective September 13, 2004, Relay's wholly owned subsidiary,
TSI Med Acquisition Corp. ("Acquisition Sub") merged with TSI Medical Corp.
("TSI"). TSI has rights to acquire up to 60% of Exelar Medical Corporation ("Exelar
Medical"), a company that is developing a patented technology that utilizes
small superconducting magnets to focus and control doses of therapeutic radiations
for the treatment of cancerous tumors. Under the terms of the merger, a total
of 9,492,667 common shares of Relay are being issued to the existing shareholders
of TSI in addition 60,000,000 shares currently held by Relay's principal shareholders
are being cancelled with the result that upon completion of the issuance of
shares to the TSI shareholders, Relay will have 22,859,875 common shares issued
and outstanding. Relay will also issue options and warrants to the existing
TSI option and warrant holders. In addition, Relay will assume obligations of
TSI to issue 500,000 units, with each unit consisting of one common share and
one warrant, to subscribers under a recent private placement of TSI and the
obligation to issue 300,000 common shares in connection with TSI's acquisition
of its interest in Exelar Medical.
Concurrent with the closing of the merger, Mr. Carlo Civelli
and Mr. Bruno Mosimann have resigned as directors and officers of Relay, and
the following have been appointed:
Logan Anderson
President, Principal Executive Officer,
Treasurer, Principal Financial Officer and
a Director
Derek van Laare
Secretary
Harold Moll
Director
Peter Hogendoorn
Director
Effective September 15, 2004, Relay will complete a second
merger with Acquisition Sub and change its name to XLR Medical Corp. No additional
shares will be issued in connection with this second merger. Its trading symbol
on the NASD OTC Bulletin Board will also change to XLRC to reflect the change
of name.
For more information please contact:
Chet Kurzawski, Vice-President Investor Relations
Telephone: 604-676-5247
This press release may contain "forward-looking
statements." In some cases, you can identify forward-looking statements by terminology
such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates,"
"believes", "estimates", "predicts", "potential", "continue" or "proposed" or
the negative of such terms and other comparable terminology. These forward-looking
statements include, without limitation, statements about our market opportunity,
our strategies, competition, expected activities and expenditures as we pursue
our business plan, and the adequacy of our available cash resources. Although
we believe that the expectations reflected in any forward-looking statements
are reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Actual results may differ materially from the predictions discussed
in these forward-looking statements. Changes in the circumstances upon which
we base our predictions and/or forward-looking statements could materially affect
our actual results. Additional factors that could materially affect these forward-looking
statements and/or predictions include, among other things: (1) our limited operating
history; (2) our ability to retain the professional advisors necessary to guide
us through our corporate restructuring including, but not limited to, the contemplated
merger between TSI Medical Corp. and Relay Mines Limited; (3) the risks inherent
in the investigation, involvement and acquisition of a new business opportunity;
(4) unforeseen costs and expenses; (5) potential litigation with our shareholders
and/or former or current investors; (6) the companies' abilities to comply with
federal, state and local government regulations; and (7) other factors over
which we have little or no control.

EX - 99 . 1 6 exhibit99 - 1 . htm PRESS RELEASE Filed by Automated Filing Services Inc . ( 604 ) 609 - 0244 - Exelar Medical Corporation - Exhibit 99 . 1 RELAY MINES LIMITED Suite 3400 Park Place , 666 Burrard Street Vancouver , BC V6C 3P6 News Release Current Trading Symbol : RLYM New Trading Symbol : XLRC Relay Mines Limited ( " Relay " ) issued the following news release today . Effective September 13 , 2004 , Relay 's wholly owned subsidiary , TSI Med Acquisition Corp . ( " Acquisition Sub " ) merged with TSI Medical Corp . ( " TSI " ) . TSI has rights to acquire up to 60 % of Exelar Medical Corporation ( " Exelar Medical " ) , a company that is developing a patented technology that utilizes small superconducting magnets to focus and control doses of therapeutic radiations for the treatment of cancerous tumors . Under the terms of the merger , a total of 9,492,667 common shares of Relay are being issued to the existing shareholders of TSI in addition 60,000,000 shares currently held by Relay 's principal shareholders are being cancelled with the result that upon completion of the issuance of shares to the TSI shareholders , Relay will have 22,859,875 common shares issued and outstanding . Relay will also issue options and warrants to the existing TSI option and warrant holders . In addition , Relay will assume obligations of TSI to issue 500,000 units , with each unit consisting of one common share and one warrant , to subscribers under a recent private placement of TSI and the obligation to issue 300,000 common shares in connection with TSI 's acquisition of its interest in Exelar Medical . Concurrent with the closing of the merger , Mr . Carlo Civelli and Mr . Bruno Mosimann have resigned as directors and officers of Relay , and the following have been appointed : Logan Anderson President , Principal Executive Officer , Treasurer , Principal Financial Officer and a Director Derek van Laare Secretary Harold Moll Director Peter Hogendoorn Director Effective September 15 , 2004 , Relay will complete a second merger with Acquisition Sub and change its name to XLR Medical Corp . No additional shares will be issued in connection with this second merger . Its trading symbol on the NASD OTC Bulletin Board will also change to XLRC to reflect the change of name . For more information please contact : Chet Kurzawski , Vice - President Investor Relations Telephone : 604 - 676 - 5247 This press release may contain " forward - looking statements . " In some cases , you can identify forward - looking statements by terminology such as " may " , " will " , " should " , " could " , " expects " , " plans " , " intends " , " anticipates , " " believes " , " estimates " , " predicts " , " potential " , " continue " or " proposed " or the negative of such terms and other comparable terminology . These forward - looking statements include , without limitation , statements about our market opportunity , our strategies , competition , expected activities and expenditures as we pursue our business plan , and the adequacy of our available cash resources . Although we believe that the expectations reflected in any forward - looking statements are reasonable , we can not guarantee future results , levels of activity , performance or achievements . Actual results may differ materially from the predictions discussed in these forward - looking statements . Changes in the circumstances upon which we base our predictions and / or forward - looking statements could materially affect our actual results . Additional factors that could materially affect these forward - looking statements and / or predictions include , among other things : ( 1 ) our limited operating history ; ( 2 ) our ability to retain the professional advisors necessary to guide us through our corporate restructuring including , but not limited to , the contemplated merger between TSI Medical Corp . and Relay Mines Limited ; ( 3 ) the risks inherent in the investigation , involvement and acquisition of a new business opportunity ; ( 4 ) unforeseen costs and expenses ; ( 5 ) potential litigation with our shareholders and / or former or current investors ; ( 6 ) the companies ' abilities to comply with federal , state and local government regulations ; and ( 7 ) other factors over which we have little or no control .