CINCINNATI, OH / ACCESSWIRE / September 15, 2017 / Callitas Health Inc., formerly M Pharmaceutical Inc. (CSE: MQ)(CSE: LILY, OTCQB: MPHMF, FWB: T3F2) ("Callitas" or the "Company"), announces today that it is changing its name to Callitas Health Inc. in conjunction with a share consolidation on the basis of one new Callitas share for each 10 old M Pharma shares. No fractional shares will be issued - all fractional shares will be rounded to the nearest whole number. A letter of transmittal is being sent to each shareholder explaining the exchange process.
The Company also announced that it has converted US$ 2.5 million of vendor debt owing in respect to its recent acquisitions of assets from 40 J's into 62,500,003 common shares at a conversion price of $0.05 (post-consolidation $0.50) per share. These shares will be subject to trading restrictions until January 18, 2018. 13,166,667 shares went to current insiders. Payment of the balance of approximately US $1,000,000 owing to the vendors from this acquisition has been deferred and will be paid out of operating cash surpluses or from future financing.
Post consolidation the Company will have 32,462,095 common shares outstanding, and 38,065,275 on a fully diluted basis. The Company feels that this consolidation will see its shares trading at levels comparable to its peers, and certain investors that were unable to invest when its shares were trading at less than $0.10 are now able to do so. A comprehensive update news release is scheduled to be released the first part of next week.
200,000 shares were also issued at a deemed price of $0.05 (post-consolidation $.50) to an arm's length party pursuant to a service agreement. These shares will be subject to trading restrictions until January 18, 2018.
As a clinical-stage company developing innovative technologies for weight management and female health and wellness, the new name reflects its broader commitment to drive the innovations needed to shape the future of healthcare. The new corporate website is now www.callitas.com.
"Our new name, Callitas Health Inc. matches the recent name change of our operating US subsidiary to Callitas Therapeutics Inc, and reflects our wide-ranging business objective of developing and delivering innovative technologies for weight management and female health and wellness," said Gary Thompson, President and CEO. "As a company with its roots in female health and wellness, we are committed to delivering breakthrough products and services that truly improve daily living. Aligning our logo with the beautiful and strong Calla lily seems most appropriate in light of our mission."
Callitas Health Inc. is a clinical-stage company developing innovative technologies for obesity, weight management and female health & wellness. In addition to its recent acquisitions of C-103, a reformulation of Orlistat and assets from 40J's LLC, Callitas is scheduled to launch their FDA cleared fertility product branded as ToConceive sometime in September 2017.
Callitas trades on the Canadian Securities Exchange (CSE) under the ticker symbol "LILY" as well as on the OTCQB as "MPHMF" and FWB (Frankfurt Stock Exchange) as "T3F2."
For more information contact:
Callitas Investor Relations
Phone: +1 (859) 868-3131
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the regulatory approval, commercialization of the rights to the Company's biomedical & drug technologies, and acquisition of new products. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and the Company's filings to the CSE at www.cnsx.ca. Such risk factors may cause the inability of the Company to successfully commercialize any of its biomedical technologies.
Notice regarding investigational devices: C-103 and Extrinsa are investigational drugs or devices and are not currently available outside of approved clinical trials. Claims regarding the safety and efficacy of these devices have not been evaluated by Health Canada, the U.S. Food and Drug Administration, or any other international regulatory body.
SOURCE: M Pharmaceutical Inc.