More than $350,000 of Convertible Debt Eliminated
BOCA RATON, FL, April 13, 2020 (GLOBE NEWSWIRE) -- Connectyx Technologies Holdings Group (OTC PINK: CTYX) has filed all required annual reports from 2014 through 2019 to become current with its OTC Markets filing requirements.
https://www.otcmarkets.com/stock/CTYX/overview
Due to the extinguishment of convertible debt, the company recorded net income of $331,953 and a substantial decrease in the fully diluted shares outstanding. https://backend.otcmarkets.com/otcapi/company/financial-report/242758/content
Separately, the Board of Directors has evaluated the current business plan of Connectyx Technologies and have identified significant business opportunities in the Life Sciences sector with an emphasis on bio-pharmaceuticals and medical devices.
As previously announced, Paul Michaels, Founder and Managing Director of SunMed Advisors, LLC was appointed Interim CEO and Director of Connectyx Technologies. Mr. Michaels has business and investment experience in Japan and the U.S. with noteworthy expertise in the Life Sciences sector. He has completed transactions involving companies such as Celgene Corporation, Sumitomo Pharmaceuticals, Nobelpharma Co., Ltd, Teva Pharmaceuticals, ICOS, Neurocrine, Cell Therapeutics and Gilead Sciences.
Mr. Michaels, Interim CEO of Connectyx, said, “We see real opportunity in building a profitable Life Sciences company via in-licensing, sub-licensing and the marketing of products in the Pharmaceutical and Medical Device field. The Company will focus on promising products with clinical data within the 'Orphan Disease' space.”
Any specific disease with a patient population numbering less than 200,000 in the United States is considered to be an Orphan Disease.
https://www.fda.gov/drugs/drug-information-consumers/orphan-products-hope-people-rare-diseases
Michaels continued, "The Company is currently building a new website that will be launched once we have more definitive information available for the investing public. As we move forward, we will continue to update shareholders on corporate developments through Press Releases, Website updates, e-mail communications and public filings."
Investor Database for Future Press Releases and Industry Updates
Interested investors and shareholders are invited to be added to the corporate e-mail database for corporate press releases and periodic industry updates by sending an e-mail to: investorrelations@connectyx.com
About Connectyx Technologies Holdings Group, Inc https://connectyx.com/
Connectyx Technologies Holdings Group, Inc. is a global biomedical company that seeks to develop, in-license, sub-license and bring to market products in both the Pharmaceutical and Medical Device space. The Company focuses on products that are targeted at FDA-defined "Orphan Diseases" with patient populations under 200,000 in the United States. The company leverages management's experience and business relationships with Life Science development associations as well as Life Science-focused venture capital firms to acquire Life Science candidates that fit within the company's business model.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. CTYX has great potential but is not yet generating revenues. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subjected to known, unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with OTC Markets from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one of more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
Connectyx Technologies Holdings Group, Inc
investorrelations@connectyx.com
SunMed Advisors, LLC
Paul Michaels
561-418-7725