Bontan agrees to the general terms in a letter of intent

TORONTO, Feb. 6, 2013 /PRNewswire/ - Bontan Corporation Inc. ('the Company") (OTCBB: BNTNF) ("Bontan") is pleased to announce that it has agreed to the general terms of a letter of intent  with the principals of a Biotech Corporation under which the said Corporation will be acquired through an exchange of shares.

The management of Bontan and the principals of the Biotech Corporation are now working to finalize the letter of intent and close the proposed transaction.

Due to confidentiality and legal reasons, we are unable to provide further details at this stage but expect to do so in due course.

About Bontan Corporation Inc:

Bontan Corporation Inc. recently concluded a settlement on its indirect oil and gas interest in Israel and now seeks business opportunities in the biotech sector.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. federal and Canadian securities laws.  Any such statements reflect Bontan's current views and assumptions about future events and financial performance.  Bontan cannot assure that future events or performance will occur. Important risks and factors that could cause actual results or events to differ materially from those indicated in our forward-looking statements.

Bontan assumes no obligation and expressly disclaims any duty to update the information in this News Release.

SOURCE Bontan Corporation Inc.