ATLANTA, Dec. 26, 2017 (GLOBE NEWSWIRE) -- Vicapsys Life Sciences, Inc., (OTCBB:VICP) ("VLS" or the "Company"), formerly SSGI, Inc., today announced the completion of its previously entered into Share Exchange Agreement with shareholders of ViCapsys, Inc.
Pursuant to the Share Exchange Agreement, each current shareholder of ViCapsys will receive 1.5 shares of the same class of shares which such shareholder held in ViCapsys, and the ViCapsys shareholders will own, in the aggregate, 87.45% of the issued and outstanding capital stock of VLS, on an as converted to common stock basis.
Upon the closing of the Share Exchange Agreement, Vicapsys became a wholly-owned subsidiary of VLS. As a result of its acquisition of Vicapsys, VLS is now a development stage biotechnology company that is advancing a proprietary localized immune modulator targeting the treatment of type 1 diabetes, post-surgical abdominal adhesion formation, and diseases of the skin including post-trauma keloid formation,
VLS, formerly SSGI, Inc. previously changed its name to “Vicapsys Life Sciences, Inc.”, in anticipation of the closing of the Share Exchange Agreement and requested a symbol change from ticker symbol “SSGI” to the current symbol “VICP”.
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About Vicapsys Life Sciences
VLS is a development stage biotechnology company that is advancing a proprietary localized immune modulator. VLS’s technology allows physicians to control the body’s immune system in regional areas around an implant, which reduces the risk of transplant rejection or fibrotic overgrowth due to foreign body recognition. The product offers wide ranging benefits in multiple surgical applications including, organ transplants, medical device implantations, wound healing and immune mediated skin diseases, without the need for systemic immune suppression. VLS is currently investigating three initial pipeline products treating type 1 diabetes, post-surgical abdominal adhesion formation, and post-trauma keloid formation. The company intends to develop and license other technologies related to immune modulation going forward. For more information, visit http://www.Vicapsys.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward- looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact Information
Vicapsys Life Sciences
Jason Assad
470-505-9905
Jwassad@bellsouth.net