Nevada – MedX Corp Cell. (OTCPINK: CMXC) (‘Cell MedX‘ or the ‘Company’), a biotechnology company focused on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote general well-being, has changed the terms of its loans with Richard Jeffprincipal shareholder and principal financier of the Company.
The company’s current operations are centered on the further development of its eBalance Home and Pro systems, including the submission of its pre-market notification in the United States (510(k)) with the US Food and Drug Administration (FDA), which continues to be under review. The effects of COVID restrictions and the resulting slowdown in the global economy have resulted in several significant disruptions to the Company’s business plan and delays in obtaining 510(k) certification. These disruptions and delays have prevented the Company from being able to market its eBalance Home and eBalance Pro systems to a wider audience and have hindered the Company’s prospects of earning revenue from its business. In order to mitigate its cash flow deficiency, the Company has explored all avenues of financing in order to meet its financial obligations and business objectives.
While the Company’s management continues its efforts to obtain additional financing, the Company has entered into an agreement with Mr. Richard Jeffmain shareholder and financier of the Company, to modify certain conditions of certain loans previously granted by Mr. Jeffs to the society.
Mr. Jeffs and management of the Company have agreed to consolidate the loans that the Company has received from Mr. Jeffs Between August 28, 2019 and October 11, 2022totaling approximately US$539,325. In addition, the Company has undertaken to grant Mr. Jeffs a security on certain intellectual property rights of the Company. In particular, the Company has agreed that in the event of default in payment of the amount due under the amended loan agreements, Mr. Jeffs shall have full right and title to the Company’s eBalance technology and to all products developed by the Company and its subsidiary, Cell MedX (Canada) Corp., which are based on eBalance technology, as well as all eBalance marks and certifications that the Company and its subsidiary have obtained. Loan amounts and accrued interest continue to be payable on demand and accrue annual interest of 6% compounded monthly.
The Company regrets to announce that the October 11, 2022the British Columbia Securities Commission (the “BCSC”) issued a cease trade order with respect to the Company’s securities for failing to timely file its annual information form and audited annual financial statements for the year ended May 31, 2022, as well as the related management report. The Company’s inability to make the required filings is due to the Company not having sufficient funds to complete the audit of its annual financial statements. The Company’s management continues to find other sources of funding to complete the annual audit. The Company hopes to remedy the current defect as soon as possible. However, at this time, the Company is unable to guarantee that its attempts will be successful.
About MedX Corp Cell. (OTCPINK: CMXC)
MedX Corp Cell. is a biotechnology company focused on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote overall well-being and alleviate complications associated with medical conditions, including, but not limited to: diabetes, Parkinson’s disease, high blood pressure, neuropathy and kidney function. The Company is primarily focused on the continued research and development of its eBalance technology and its eBalance Home and eBalance Pro systems, which have received Health Canada approval as Class II medical device systems for pain associated with sore muscles in the shoulders, waist, back, neck, upper limbs (arms) and lower limbs (legs) due to fatigue from exercise or normal household or work activities.
The information in this press release has not been reviewed by the FDA or Health Canada, nor has it been peer-reviewed. This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects”, “intends”, “estimates”, “projects”, “anticipates”, “believes ‘, ‘could’ and other similar terms. words. All statements regarding product performance, events or developments that the Company expects or anticipates in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in the Company’s quarterly, annual and current reports filed with the United States Securities and Exchange Commission (there ‘SECOND‘). Should one or more of these risks or uncertainties materialize, or should one of the Company’s underlying assumptions prove incorrect, actual results could differ materially from those currently anticipated. Additionally, undue reliance should not be placed on the Company’s forward-looking statements. Unless required by law, MedX Corp Cell. disclaims any obligation to update or publicly announce any revision to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed or accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully examine the reports and documents which MedX Corp Cell. files from time to time with the SECONDincluding its annual, quarterly and current reports.