TORONTO, June 24, 2014 (GLOBE NEWSWIRE) -- Revive BioScience Ltd. has rescinded the asset purchase agreement for the company's TapOut brand of products and related patents with Axxess Pharma Inc. for (OTC Pink:AXXE) for failure to complete the transaction. As part of the rescission Revive is demanding that all its assets to be returned to Revive by Axxess. Revive will further be looking to recover damages from Axxess based on the many misrepresentations Axxess has made in the market place about its assets when the asset purchase was never properly completed.
A spokesman for Revive stated, "The company has made every effort to complete the transaction which was falsely stated in a press release by Axxess Pharma to have been concluded. We need to assure the market that Revive has acted fairly in trying to complete the transaction, but has not been able to deal with Axxess management on many of the points needed to be addressed. It is therefore necessary to rescind the deal and pursue all legal remedies open to Revive against Axxess."
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