Bend, OR, Sept. 15, 2017 (GLOBE NEWSWIRE) -- EVIO, Inc. (OTCQB: SGBYD) a life sciences company and the nation’s leading provider of analytical laboratory cannabis testing, research and advisory services, is pleased to announce today that the company has successfully negotiated final approval with its lenders to reduce the required share reserves on its outstanding notes and is notifying shareholders that the CEO will now commence the procedure, as authorized by the Board of Directors, to finalize the reduction of the company’s outstanding authorized shares.
"After successful negotiations with our note holders we have completed another important milestone. Today we are following through on the commitment that I made to our shareholders during our recent conference call, to complete the process of the recently enacted 1:100 reverse stock split. Our lenders have already submitted their formal requests to our transfer agent to reduce their existing reserves and the Company is now commencing the process to formally reduce the authorized shares,” stated EVIO Inc. CEO William Waldrop.
Mr. Waldrop continued, “we anticipate that the process will be complete and ready for final announcement sometime next week. From a strategic planning standpoint, the company’s transition to a structure more familiar to equity investors at both the retail and institutional levels, a structure that we believe will better reflect our market potential to realize shareholder value, is almost complete. Starting with our uplisting to the OTCQB last November 2016 thru our 1:100 share consolidation, corporate name and pending ticker change to EVIO last month, this successfully negotiated step completes the restructuring enabling our team to realize the ongoing conversations with investors to fund our next stage of development to expand into the fast-growing California cannabis testing market and opportunities in cannabis science research.
About EVIO
EVIO, Inc. is a life science company that provides accredited analytical testing services and scientific research to the regulated cannabis industry. The Company’s EVIO Labs division provides state-mandated ancillary services in place to ensure the safety and quality of the nation's cannabis supply. Learn more at www.eviolabs.com.
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Safe Harbor Statement
Any statements in this press release that are not statements of historical fact maybe 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.eviolabs.com