Bend, OR , July 20, 2017 (GLOBE NEWSWIRE) -- Signal Bay Inc. (OTCQB:SGBY) a market leader in cannabis testing, research, and advisory services is pleased to provide our shareholders a corporate update.
“Coast to Coast is our new mantra,” stated Signal Bay CEO William Waldrop, “We plan to have EVIO Labs represented in every market that requires independent laboratory testing across North America. We have made significant strides in this endeavor, acquiring, accrediting and streamlining four labs in Oregon pre-legalization and our location in Yuba City, CA. Now those same labs are recording significant growth on a year-over-year basis. We are now aggressively approaching California with the same vigor, seeking to identify local markets and building client relationships that will maximize shareholder value. We feel our recent decision to locate in Costa Mesa, California will be pinnacle to helping us achieve this goal. We are in final phases of discussions with prospective growth opportunities that will expand the EVIO Labs brand into the North East, South East and even the Central United States.”
Speaking of brand recognition, the Board of Directors has realized that from our inception as a consulting and industry research company under the brand of Signal Bay, and the tremendous growth of our EVIO Labs division, there is a need for uniform national branding and awareness efforts. As such, the Board of Directors has approved a shareholder vote to rename the company EVIO, INC. Along with this renaming, if approved we would request FINRA to change our stock symbol to reflect our new identity.
The company continues to refine and improve its business model, complete the implementation of new equipment, and strive to maximize efficiencies from our recent acquisitions. But as previously noted, to support the accelerated growth for a company at this stage cannot be accomplished solely by relying on internal cash flow. As such Signal Bay has been able to secure a $3M mezzanine financing commitment from two institutional investors. These debenture financing agreements have been structured to provide Signal Bay the capital it needs to expand into these markets while minimizing shareholder impact.
CEO Will Waldrop continues, "Our continued meetings with institutional investors, at events such as L.D. Micro, continues to drive strong interest based on our tremendous growth and continued success. The one area of heartburn is that we continue to get negative feedback regarding our current share structure. It severely limits the types of institutional investors we can attract and as such impacts our ability to raise traditional equity financing. It is time to address the elephant in the room and clean up our share structure. As such, the Signal Bay Board of Directors has approved a shareholder vote to perform a reverse stock split of the company’s common stock. As discussed back in March, the holders of both the Series B and Series C preferred stock removed all anti-reserve provisions, so they will reverse along with the common stock on a pro-rata basis. Our goal is that when this is complete, we will only have one series of common stock. This coupled with our new acquisition financing will have a positive impact on all shareholders. We feel that this is imperative to protect the value created thus far through our achievements and prepare the company to be positioned for growth and future up-listings.”
About Signal Bay
Signal Bay, Inc. (the “Company”) is an Oregon-based Bio-Tech company. Through its three subsidiaries: EVIO Labs, Signal Bay Research and Signal Bay Services; the Company provides analytical testing services, management advisory services and scientific research to the legal cannabis industry. The Company's EVIO Labs division operates state-of-the-art testing facilities and offers accredited testing methodologies performed by a team of professional scientists to ensure the safety and quality of the nation's cannabis supply. Learn more at http://www.SignalBay.com or the Company can be reached directly @ 1-888-544-EVIO.
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.signalbay.com