Forwardly, Inc. Provides Shareholder Update
Boulder City, Nevada--(Newsfile Corp. - June 15, 2020) - George Sharp, President and CEO of Forwardly, Inc. (OTC Pink: FORW), is pleased to announce that the company has now filed its application to fund the company and raise up to $15 million under Regulation A+.
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The filing includes details about Forwardly's June 1st formation of "Breathe Medical Devices, Inc.", a wholly owned Wyoming corporation. This subsidiary will be the operating arm for Forwardly's recent acquisition of the exclusive US distribution rights to LifeAir, a patent pending, non-invasive ventilator currently under development by Ligand Innovation Global, a Canadian corporation. A newer iteration of the LifeAir ventilator is currently being engineered for a summer 2020 submission to the US Food and Drug Administration ("FDA") and Canada Health in the hopes of obtaining fast track approval. A demonstration of a prototype of the LifeAir ventilator is available for viewing at www.LigandGlobal.com. Forwardly has retained a consultant to develop its own website for the subsidiary, which is expected to be published in the next 5 to 10 days and will be located at the url "BreatheMedicalDevices.com".
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Management has an option to purchase up to 25% of Ligand Innovation Global following FDA approval of the ventilator.
The new subsidiary will at least initially be managed by Mr. Sharp, however, the company is currently reviewing the new asset with several prominent doctors with an eye towards forming a Medical Advisory Board.
The company also announces the return and cancellation of the entire Preferred "C" class of stock which was held by previous management. No consideration was provided for the repatriated shares.
Forwardly wishes to acknowledge the patience and support of its shareholders and debenture holders, as we all eagerly awaited the completion of the Regulation A+ application. It was an onerous task, largely due to the company's history, and further slowed by the current world pandemic, but one that management feels confident was worth the effort. Management wishes to particularly recognize the efforts of corporate counsel, Ernest Stern, of Culhane Meadows PLLC, corporate accountant, Michael Pollack, of KBL, LLP, and company director, Len Harris.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Forwardly, Inc.
1022 Nevada Highway
Boulder City, NV 89005
702-840-4433
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57877
