DORAL, Florida, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Earth Science Tech, Inc. (OTC: ETST) (“ETST” or the “Company”), an innovative biotech company nutraceutical and pharmaceutical fields, and medical devices, announces they have become current with the SEC, and shares updates to the market.
Company regains its current status with the SEC after filing its, both, delinquent period ending March 31, 2021 year end and period ending June 30, 2021 quarter. This was achieved through the supervision of the new appointed receiver, William A Leonard, replacing Robert L. Stevens, who was discharged and ordered out of the Company on August 27, 2021 in result of an ongoing litigation initiated on January 19, 2021 by certain shareholders (ultimately representing approximately 33%) who intervened because of concerns of Mr. Stevens’ lack of transparency. During the litigation the intervenors were able to settle all claims, including those of Cromogen Biotechnology Corporation; thereby ending the litigation that started as a breach of contract claim that has been ongoing since October 23, 2014 leading to the January 11, 2019’s receivership with Mr. Stevens. The intervenors have also achieved funding options through the company’s loyal shareholder base and strong acquisition candidate that will position the company stronger than it's ever been.
Mr. Leonard, since appointed, reinstated board of directors members and executives to work on getting the Company current with the SEC, raise necessary capital, and work on acquiring its acquisition candidates to maximize shareholder value under the assistance of his supervision while evaluating Mr. Stevens’ and his company, Strongbow Advisors, Inc., 2 year receivership term with ETST.
The Company since Mr. Leonards’ appointment has not only become current with the SEC subsequently commencing OTCQB application to regain tier status, but also entered into a letter of intent to acquire JCR Medical Equipment, Inc., RxCompoundsStore.com, LLC., and Peaks Curative, LLC.. The Company has also secured a 1,000 square foot of office space through one of its acquisition candidate’s, a 13,000 square foot facility due to the company’s original facility being abandoned by Mr. Stevens.
Currently the Company and the acquisition candidates are in the process of working with various industry experts to identify the regulatory requirements, and compliance thereof, that will impact and dictate how the acquisition targets will be allowed to work and operate within a holding company structure. These discussions and the related investigations are important as we plan and develop the corporate and operational structure of the combined entities; All of which hold licenses under various regulatory authorities such as the Agency of Health Care Administration (ACHA), Florida Board of Pharmacy, the Drug Enforcement Agency (DEA), an integral part of management’s identification and ability to realize the synergies and expansion opportunities that will be available. It is also necessary to ensure that the companies will be able to operate in their respective industry segments as a collective group with as much latitudinal consistency as possible, while in full compliance with all applicable legal and industrial regulatory requirements. The formerly mentioned parties are fully committed to finding the optimal structure for each of the companies to operate as before to seamlessly continue providing the greatest synergies and opportunities for them as a group. During this merger we are currently considering executing the three aforementioned acquisitions in phases of which the plan progress will be updated soon.
While working on the company’s new direction, management continues to sell its remaining inventory of High Grade Full Spectrum Industrial Hemp products and currently in talks with its former partners involved with HygeeTM, the company’s medical device, to license it out and fruition all its developmental progress. Prior to Stevens’ appointment as receiver in January 2019, HygeeTM was on cusp of launching. Management plans to share an update in regard to the licensing of HygeeTM as soon as they finalize royalties and terms.
As the company continues to rebuild, Mr. Leonard’s original court order was for approximately 30 days, however, due to the many concerns found during Stevens’ term as receiver, he has requested more time prior to winding out of receivership to assure the company’s success.
“This has been a difficult time for the team and our shareholders, but thanks to my team and to the many relationships we’ve developed, we are now able to rebuild and rebound stronger than ever. They know who they are and are all appreciated more than they’ll ever know” says Nickolas S. Tabraue, CEO, president, and director of ETST. “My loyalty will always be to our shareholders and our team. I look forward to sharing many positive updates as they progress in our new stronger direction.”
About Earth Science Tech, Inc. (ETST)
Earth Science Tech, Inc. (“ETST”) has changed its immediate focus from researching and developing innovative hemp extracts and making them accessible worldwide; with plans to be a supplier of high quality hemp oil enriched with high-grade CBD. Its primary goal had been to advance different high quality hemp extracts with a broad profile of cannabinoids and additional natural molecules found in industrial hemp and to identify their distinct properties. Initially our missions were to educate the public on the many and varied nutritional and health benefits of CBD-rich hemp oil, to optimize purity in formulation, and to find new product delivery systems. With the decline in CBD sales due to the number of factors described in the Registrant’s periodic report filed with the SEC on Form 10-K for the period ending March 31, 2021, we determined that the most efficient means to increase shareholder value would be the acquisition of a complimentary business that would bring revenues sufficient to support its own operations but that would allow the business to expand and for the Company to rebuild its CBD business.
To learn more, please visit: www.EarthScienceTech.com
SAFE HARBOR ACT: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, listing on the CSE, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
www.EarthScienceTech.com
Nickolas S. Tabraue
CEO, President, & Director
786.375.7281
