U.S. markets open in 4 hours 4 minutes

Rockwell Medical, Inc. Offered $15 Million by Medical Resource Acquisition Group, LLC

Investment firm Intends to provide RMTI with Adequate Cash and New Directors

NEW YORK, March 09, 2020 (GLOBE NEWSWIRE) -- Medical Resource Acquisition Group, LLC, (MRAG), an investment firm focused on disruptive technologies in the healthcare space, offered Rockwell Medical, Inc. (RMTI), on February 25, 2020, equity funding of $15 million for the board seats of current Directors John Cooper, Mark Ravich and Lisa Colleran, who may (or may not) be put up for reelection at the Company’s upcoming annual shareholder meeting (see attached letter here).

MRAG believes the Rockwell Medical management team and Board of Directors’ failure to provide appropriate governance has led to reckless spending, a cash deficiency and a lack of operational controls resulting in poor stock performance. Part of the group who has overseen the destruction in value of the RMTI share price includes, John Cooper, Mark Ravich and Lisa Colleran, who have been a distraction for the Board and have hindered the conception, adoption and execution of a much needed dynamic and innovative strategy for Rockwell Medical. Director Ben Wolin resigned from his position on
February 28, 2020, three days after the Company received the $15 million offer and notice of a possible proxy battle from MRAG.

Mr. Khurram Shroff, General Partner of MRAG, stated, “Along with our generous offer to fund Rockwell with $15 million, we filed our slate of three high-quality directors with Rockwell and met the requirement of demonstrating the share ownership to do so. We have been taking a significant ownership position in Rockwell and we plan to acquire approximately an additional five million shares. We prefer to acquire those shares direct from Rockwell for $15 million for the three board seats. We believe the $15 million will provide a substantial and timely equity infusion for the Company and that the three board seats will be lost in a contested election anyway. We expect the Rockwell Board of Directors will exercise their fiduciary duty, do what is best for shareholders and accept our offer, avoiding an expensive proxy fight the Company cannot afford for three director seats they will lose anyway”. Mr. Shroff also stated, “We believe a $15 million cash infusion and a well-respected, truly independent Board will put Rockwell on the pathway to tremendous success and remove the overhang on the share price.”

As of today, the Rockwell Medical Board of Directors has not accepted or declined MRAG’s $15 million dollar offer.

The Directors that MRAG will nominate for election at the Rockwell Medical annual shareholder meeting are as follows:

Mr. Khurram Shroff, the General Partner of Medical Resource Acquisition Group LLC. Mr. Shroff, age 41, lives in Toronto, Canada. He is the Chairman of Imperial asset management company, a Canadian asset manager of commercial real estate, since 2015. He is the Chairman of the IBC Group Limited, a Dubai-based investment firm and the general partner of Gallery Suites Vacation Rental LLC, a Dubai based holiday home company with assets under management of US$3 billion, since 2019. Mr. Shroff is also the Chairman of Regal Global Trading with a reach in 70 countries since 2016. He is affiliated with the Shroff Multi Family Office, a global network of independently and privately held family owned assets in over 16 countries with 46 offices. The Shroff Family are considered one of the world's oldest Guajarati business families.

Mr. Arthur S. Reynolds has more than 35 years of experience raising capital in Europe for clients located in the U.S. Mr. Reynolds is a Managing Director of Rexon Limited, which he founded in 1995 and through which he has since raised capital for more than 50 companies. Mr. Reynolds commenced his career with Mobil Corporation and then held a position at W.R. Grace and Co. (which sold National Medical Care, world’s largest operator of kidney disease treatment centers in 1996 to Fresenius A.G. for $4.4 billion). He joined Morgan Guaranty Trust Company’s Corporate Finance Department and later, he and others founded the Interfunding unit of J.P. Morgan & Co. In 1978, he began a 27-year career in London raising capital for U.S. clients, first as an officer of Merrill Lynch International Bank Limited and subsequently, as the founder of Ferghana Financial Services Ltd in 1982, at the behest of Sir James Goldsmith for whose operations Mr. Reynolds raised more than $300 million. Mr. Reynolds served on the Board of Directors of ThermoEnergy Corporation for 14 years, where he was Chairman of the Board from 2014-2016, and Chairman of the Audit Committee from 2001 to 2006 and again from 2009-2013.

Mr. Markus Müller is currently a member of the Board of Directors of Arundel AG, an investment services firm based in Zurich providing specialist investment banking and investment management, financial advisory services to family offices, and fund management groups across developed and emerging markets. Mr. Müller commenced his professional career working for Credit Suisse. From 2000 to 2018, Mr. Müller served in the executive management of Scherrer & Partner Investment Management AG (Zurich), a company involved in asset management for private clients and the management of investment funds. From 1995 to 2000, Mr. Müller served in the management of Jefferies (Switzerland) Ltd and as the general manager of Jefferies Asset Management AG (Zug).

Medical Resource Acquisition Group LLC managed by Khurram Shroff, General Partner. Chief Medical Advisor Dominic Man-Kit Lam, a D.Phil in Medical Biophysics from University of Toronto. He then joined as a Professor of Ophthalmology at Harvard Medical School. In 1985, Lam started the first biotech company in Texas and subsequently took it public in U.S. and was named “The Father of Texas Biotechnology”. He also became the  Director of Center for Biotechnology in Houston, Texas. Lam later founded and directed the Hong Kong Institute of Biotechnology. Lam is currently the Chairman and Chief Biomedical Officer of Rejuve Longevity Network. He also founded World Eye Organization (WEO) to prevent and treat eye diseases for the poor. Lam received the U.S. High Tech Entrepreneur of the Year Award in 1989, and the U.S. Presidential Medal of Merit. He was also appointed a member of the U.S. President’s Committee on the Arts and Humanities. In 2001, Lam’s patent on “Edible Vaccine” was named by MIT as one of “Five patents that will transform business and technology”, and by Time Magazine as one of ten most important inventions in the 21st century.

Forward Looking Statements

Certain information set forth in this presentation contains “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward looking statements). These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond MRAG’s control.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause events to differ materially from any expectations or projections of future performance or result expressed or implied by such forward looking statements. These risks include, among other things: (i) market perception regarding MRAG and the viability of the proposed transactions; (ii) the availability of financing for the proposed transaction with Rockwell Medical; and (iii) the recent outbreak of the novel coronavirus and the global impact it may have on financial markets and the life sciences sector.

Although forward-looking statements contained in this presentation are based upon what management of MRAG believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. MRAG undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the 2020 Annual Meeting of Rockwell Medical, Inc.. In connection with the 2020 Annual Meeting, MRAG intends to file relevant materials with the SEC, including a proxy statement on Schedule 14A. STOCKHOLDERS OF ROCKWELL ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING MRAG’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED CANDIDATES. Investors and security holders will be able to obtain the documents free of charge at the SEC’s web site. Such documents are not currently available.

Participants in Solicitation

For further information please contact Medical Resource Acquisition Group LLC | https://www.mragworld.com/ or email connect@mragworld.com

For Media
Tien Ma

c/o Redhill Communications
011 49 163 835 8774