Highlights:
- Expected to appoint new management team
- Plans to launch initial distribution of new product line
- Expects to finalize significant financing
BEVERLY HILLS, Calif., Oct. 5, 2015 (GLOBE NEWSWIRE) -- PetLife Pharmaceuticals, Inc. (Ticker:PTLF), a developer of new generation of high potency veterinary cancer medications and nutraceuticals for pets, today announced that it is finalizing an agreement with a new management team consisting of professionals in the pet pharmaceutical business. The team will bring three new, exclusive and state-of-the-art pet pharmaceutical products to be distributed under Petlife Pharmaceuticals. As part of this transition, PetLife is also in the final stages of finalizing substantial financing for the Company to ensure it has the necessary growth capital to execute on its business plan forward, including its existing Escozine For Pets product line.
"We are very excited to be able to announce a number of very positive developments at PetLife today," said Dr. Arthur Mikaelian, Chief Executive Officer of PetLife Pharmaceuticals. "These latest developments, including the expected appointment of an experienced management team from the pet pharmaceutical business and substantial financing should provide us with both the needed growth capital and key personnel to execute on our business strategy. With the proposed financing, the Company should have both the necessary personnel and a strong, cash-rich balance sheet to be able to begin the sales and distribution of three new product lines. This is a significant event for PetLife considering this will represent our first large revenue stream, which we expect will grow rapidly as we penetrate the market and build brand recognition. We believe with these latest developments, the turnaround at PetLife is well underway and we are now on the right path towards rapid revenue growth, profitability and, most importantly, the generation of shareholder value," concluded Dr. Mikaelian.
As part of the proposed financing, the Company also noted that its auditors are completing the last steps for preparation of audited financial statements necessary to relist PetLife on the OTCQB.
About Petlife Corporation
PetLife (Ticker:PTLF) is a registered US Veterinary Pharmaceutical company, incorporated in 2012, and is a spinoff of Medolife Corp.
PetLife has developed and is launching a new generation of high potency veterinary cancer medications and nutraceuticals for companion pets. It is based on the same patented 'Escozine for humans' formula that has been sold by affiliate Medolife in 40 countries -- using a patented polarization technology that potentiates the main ingredients to dramatically increase their effectiveness.
PetLife's mission is to bring its new, scientifically proven, non-toxic, potentiated bioactive nutraceuticals and prescription medication to the world of veterinary oncology -- with the ultimate goal of preventing cancer and extending the life of pets suffering from cancer while improving their quality of life. In the US alone, consumer spending on domestic companion animals is expected to reach over $58 billion in 2014 with over $13 billion being spent on over the counter medications.
Safe Harbor
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: PetLife Pharmaceuticals encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by PetLife Pharmaceuticals, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the Company's business prospects and performance. The Company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the Company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The Company does not undertake any responsibility to update the forward-looking statements contained in this release.