February 25, 2014 17:31 ET
SAN ANTONIO, TEXAS--(Marketwired - Feb. 25, 2014) - Nerium Biotechnology, Inc. ("the Company") wishes to announce that it has made application to the Ontario Securities Commission (the "Commission"), seeking a ruling pursuant to subsection 1(10)(a)(ii) of the Securities Act (Ontario) (the "Act") that it is not a reporting issuer. The Applicant is a reporting issuer only in Ontario and is not, and has never been, listed for trading on any stock exchange or quotation system, nor does it currently have any intention to do so. The Applicant has less than fifteen (15) beneficial security holders in the province of Ontario, and all have consented, in writing to the Company ceasing to be a reporting issuer in Ontario. Virtually all of the Company's operations are located in the United States and Central America, as are the vast majority of its shareholders.
Originally, it had been anticipated that becoming a publicly traded company could help create shareholder value by having publicly traded shares which could increase in value. That is now not considered to be a reasonably viable alternative by the Company or its shareholders. It is currently believed that the money which would be expended to maintain a reporting issuer whose shares are listed for trading on a stock exchange, together with the necessary investor relations and promotional expenses, would create a significant drain of corporate profits. The Ontario shareholders believe that they are adequately served by the distribution of financial information required to be distributed to them pursuant to governing corporate legislation. The Applicant has no current intention to seek public financing by way of an offering of securities, as its recurring revenues are now sufficient to support its business operations. Ceasing to be reporting issuer will simplify accounting and other reporting procedures.
About Nerium Biotechnology, Inc.
The Company is a biotechnology company involved in the development of our Nerium oleander-based products for the treatment of certain forms of proliferative diseases and viral infections. We are also involved in the development of a skincare/cosmetic line of products based on the patented Nerium-aloe extract (NAE-8). Our existing product line includes Anvirzel™, HIviral, HEP-viral, and NeriumAD. NeriumAD is a cosmetic product designed for use on wrinkled and/or aging skin. It has been developed by NSC. The anti-aging cream is manufactured by third party companies and is marketed by Nerium International, LLC ("NI") based in Dallas, Texas. NSC has a 30% residual interest in NI. It is anticipated that additional skincare type products will be developed.
The Company is a reporting issuer in good standing in the Province of Ontario whose shares are not listed on any stock exchange or quotation system. There are 36,006,681 common shares issued and outstanding.
Nerium Biotechnology, Inc.Joseph B. NesterCFO210.822.7908Nerium Biotechnology, Inc.Dennis R. KnockePresident and CEO210.822.7908Nerium Biotechnology, Inc.11467 Huebner Road, Suite 175San Antonio, Texas 78230, U.S.A.
See all RSS Newsfeeds