MIAMI, FL--(Marketwired - Mar 11, 2015) - Novus Acquisition & Development Corp. (OTC PINK: NDEV), a provider of health insurance and related insurance solutions to the wellness and medical marijuana (MMJ) industries in states where legal programs exist through its Novus Medical Group Inc. subsidiary, today announced regulatory approval and expansion of its Novus "MedPlan" into Alaska and Hawaii bringing the total number of states served to six (Vermont, Arizona, Colorado, Michigan, Alaska, and Hawaii). In addition to adding these states, the Company plans to expand services into Nevada and potentially other states with high populations of MMJ and alternative medicine consumers.
"The addition of Hawaii and Alaska to the MedPlan program represents our ongoing commitment to expanding patient access to medical marijuana and growing long-term shareholder value," said Novus Acquisition & Development Corp. CEO Frank Labrozzi. "Over the coming months, our team will continue to expand the company's geographic footprint into states like Nevada, while simultaneously building the partnerships necessary to create value for patients, companies, and of course, our shareholders."
On a financial level, CEO Frank Labrozzi announced the retirement of 90 million shares of stock in mid-January, representing over half of the total number of outstanding shares. Management remains confident in the Company's future prospects and continues to work with its attorneys to finalize its Form 10 and complete an audit designed to improve visibility and enable the stock to be up listed onto the OTCQB exchange.
On an operational level, the Company continues to improve the user experience and will be rolling out a reliable, and secure, user interface soon. In addition, the Company recently announced an insurance sales agency contract with Senior Healthcare Benefits Group in early February, which was designed to bolster its patient outreach efforts. The sales agency has a target market of over 80,000 qualified patients throughout Arizona, while it has also filed in California to sell insurance under the Novus MedPlan trademark -- potentially reaching 600,000 more patients.
"We're excited to be moving forward on both financial and operational initiatives designed to grow long-term shareholder value," added Mr. Labrozzi. "These developments should help us reach a significantly larger patient population that's in need of improved access to their medicine."
About Novus Acquisition & Development Corp.
Novus Acquisition & Development Corp. ("Novus") provides discount for membership services in the alternative medicine and medical marijuana (MMJ) industries in states where legal programs exist. The Company also plans to offer physicians' education programs, pharmaceutical R&D, compliance, and business development services in this same space.
NDEV will work as outside developers and will not cultivate, handle, transport grow, extract, dispense put up for sale, put on the market, vend, deliver, supply, circulate, trade, cannabis or any substances that violates the United States law or the Controlled Substances Act, nor does it intend to do so in the future and will continue to follow state and federal laws. The products and statements made about specific products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure or prevent disease. All information provided on this press releases or any information contained on or in any product label or packaging is for informational purposes only and is not intended as a substitute for advice from your physician or other health care professional.
The state laws are in conflict with the federal Controlled Substances Act. The current administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state designated laws allowing the use and distribution of medical marijuana. However, there is no guarantee that the current administration, nor any future administration, will not change this policy and decide to enforce the federal laws strongly. Any such change in the federal government's enforcement of current federal laws could cause significant financial changes to the Company. While we do not intend to harvest, distribute or sell cannabis or cannabis related products, we may be harmed by a change in enforcement by federal or state governments.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.