NEW YORK, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, announced that a select group of private investors and family offices have agreed to purchase $3.5 million of its newly issued Series B Convertible Preferred Stock.
“We believe the participation of this group of strategic investors will create significant value for our shareholders over the next few years,” commented Justin Schreiber, chairman and CEO of Conversion Labs. “As visionary corporate leaders, we look forward to their guidance and advice as we work to build a leading telemedicine business that can bring positive change to the delivery of healthcare and access to affordable medications.”
The investors include David Blitzer and Wes Edens. The terms of the transaction include a one-year lockup on the sale or transfer of the securities. The proceeds will be used primarily for general working capital and customer acquisition.
Further details of the transaction can be found in the Current Report on Form 8-K filed today by Conversion Labs with the Securities and Exchange Commission and available at sec.gov and from the investor section of the company’s website at ir.conversionlabs.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Conversion Labs
Conversion Labs, Inc. is a telemedicine company with a portfolio of online direct-to-consumer brands. The company’s brands combine virtual medical treatment with prescription medications and unique over-the-counter products. Its network of licensed physicians offers telemedicine services and direct-to-consumer pharmacy to consumers across the U.S. To learn more, visit Conversionlabs.com.
Important Cautions Regarding Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Conversion Labs, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
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Juan Manuel Piñeiro Dagnery
Media and Investor Relations Contact
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566