POMPANO BEACH, FL / ACCESSWIRE / May 19, 2016 / DS Healthcare Group, Inc. (DSKX) (the "Company"), is issuing this Press Release to provide certain updates.
On April 4, 2016, Nasdaq issued a release announcing that trading was halted in the Company's common stock and would remain halted until the Company fully satisfied Nasdaq's request for additional information. In connection therewith, Nasdaq issued a letter to the Company requesting information and documents; and subsequently the Company received another letter from Nasdaq notifying the Company that because the Company had not filed its Annual Report on Form 10-K for the year ended December 31, 2015 (the "2015 10-K"), the Company no longer qualified for continued listing on Nasdaq in accordance with Nasdaq Rule 5250(c)(1) and gave the Company twenty-one (21) days to submit a plan to regain compliance with Nasdaq's listing rules.
The Company submitted timely responses (the "Company Response Letters") to both Nasdaq's letters and is currently waiting for a response from Nasdaq to the Company Response Letters. No assurances, however, can be given that Nasdaq will not require additional information and/or documents or when, if ever, Nasdaq will allow the Company's common stock to resume trading on Nasdaq.
The Company continues to work with its new auditor on the preparation of its 2015 10-K.
DS Healthcare has appointed its current President of South America and Europe, Fernando Tamez, M.D. to run entire global operations from headquarters in Florida. Dr. Tamez is an experienced executive who has implemented the Company's brand strategy with physicians and dermatologists in various countries. Dr. Tamezholds an M.D. (Doctor of Medicine) from Universidad La Salle FMM and an M.B.A. from Wharton.
Current CEO Daniel Khesin, has agreed to rescind all Voting Agreements that were attached as an exhibit to Mr.Khesin's Schedule 13D filed with the SEC on or about March 31, 2016, effective immediately.
About DS Healthcare Group
DS Healthcare Group Inc. develops novel biotechnology for topical therapies. It markets through online channels, specialty retailers, distributors, pharmacies, and salons. Its research has led to a highly innovative portfolio of personal care products and additional innovations in pharmaceutical projects. For more information on DS Healthcare Group or its flagship brands, visit www.dshealthgroup.com
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies, and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, current litigation against the Company, ongoing regulatory investigations of the Company, Nasdaq's trading halt of the Company's common stock and marketing products, intense competition, and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at www.sec.gov.
DS Healthcare Group
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SOURCE: DS Healthcare Group Inc.