Vancouver, BC, Nov. 29, 2019 (GLOBE NEWSWIRE) -- NanoSphere Health Sciences Inc. (NSHS.CN) (NSHSF) (“Nanosphere” or “the Company”) reports that it has re-priced and extended the expiry date of an aggregate of 6,190,235 warrants. The warrants were originally issued pursuant to a private placement on December 4, 2017, had an exercise price of $0.75 and had an expiry date of December 4, 2019. The warrants, as amended, will have an exercise price of $0.55 and will expire on December 4, 2021.
The Company further advises that a liquidating trust acting on behalf of the creditors of a company that declared bankruptcy in 2006 has initiated a lawsuit against a former director-officer of the Company in the Federal District Court of Colorado. The claim alleges that the former director-officer made fraudulent disclosures of his financial resources to the trust in connection with the settlement of prior litigation relating to the bankruptcy, resulting in the trust being defrauded into executing the settlement and releasing the former director-officer from the litigation. The trust has named the Company and NanoSphere Health Sciences, LLC (“Nano LLC”), as well as a number of other individuals and business entities, as third party defendants in the current action based on the trust’s assertion that Nano LLC, established in 2013, was founded on funds received from the former director-officer and thus conspired in the fraud. The trust has made no attempt to quantify the claim or amount of damages it is asserting versus the Company. The Company vigorously denies any wrongdoing or liability to the trust and considers the claim against the Company to be frivolous. Based on advice received from litigation counsel, the Company considers the prospect for judgement against the Company to be remote as the claim appears to lack merit, and the Company will vigorously defend itself and seek dismissal from the action. The trustee and the former director-officer are currently in settlement discussions.
The Company further advises that its licensee for Evolve products in Colorado has indicated that it is unable to maintain its manufacture and distribution of the Company’s Evolve products within that territory. The parties are in discussions with respect to the dissolution of the license arrangement and the Company intends to seek out a new licensee.
On behalf of the Board
Mark Percival, President and CEO
Victor Goncalves, Executive Vice President
NanoSphere Health Sciences is a nanobiotechnology firm specializing in proprietary delivery systems for therapeutic agents. Our patented technology transforms our strategic partner’s good products into great products, further differentiating them in their respective markets.
For more information on NanoSphere, please visit: www.NanoSphereHealth.com.
About Evolve Formulas
Evolve branded products are produced under license by leading manufacturers utilizing NanoSphere Health Science’s proprietary, patented NanoSphere Delivery System TM.
For more information on Evolve Formulas, please visit: www.EvolveFormulas.com.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Without limitation, these include assumptions, risks and uncertainties inherent in completing sub-licensing arrangements in the United States, Canada and abroad, product demand, production, competition and government regulation of the Cannabis industry, any and all of which may have an adverse effect on the Company’s expansion plans, sales, revenues and its financial results and condition. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements, whether as a result of new information, future events or otherwise.
NanoSphere Health Sciences