RANCHO CUCAMONGA, CA--(Marketwired - Mar 10, 2017) - Proto Script Pharmaceutical Corp. dba PSP Homecare ("PSP" or the "Company") (OTC PINK: PSCR), a durable medical equipment provider, is pleased to announce it has completed the previously announced exchange of 295,000,000 shares of its common stock for 1,500,000 newly issued multiple-voting convertible Preferred Series A shares.
As result of the definitive Share Exchange Agreement between the Company and Michelle Rico, the Company's president and PSP Homecare founder, 295,000,000 shares of restricted common stock held by Michelle Rico were exchanged for 1,500,000 newly issued multiple-voting convertible Preferred Series A shares. Preferred Series A shares are convertible into twenty (20) common shares each and are entitled to 200 votes per share. Common shares issuable via Preferred Series A conversion remain restricted. To date, Michelle Rico has sold no shares of PSCR common or preferred stock.
Following the share exchange, as of Feb. 23, 2017, there are 49,139,998 shares of PSCR common stock and 1,500,000 shares of Preferred Series A stock outstanding. This represents an 85% reduction in the number of shares of PSCR common stock outstanding compared to prior to the share exchange. If converted, on a fully diluted basis, the 1,500,000 Preferred Series A shares would represent an additional 30,000,000 PSCR common shares (20 for 1 conversion ratio) bringing the total outstanding common shares to 79,139,998. This would still represent a significant 76% reduction in the number of PSCR common shares outstanding compared to prior to the share exchange.
The current number of outstanding PSCR common shares (49,139,998) has been verified by the Company's transfer agent, as indicted in the Company's OTC Markets Profile at www.otcmarkets.com/stock/PSCR/profile.
Additional information regarding PSP Homecare can be found at www.psphomecare.com.
About Proto Script Pharmaceutical Corp.
Proto Script Pharmaceutical Corp. dba PSP Homecare provides a comprehensive collection of durable medical equipment (DME) like canes, crutches, walkers, commodes, patient lifts, hospital beds, orthotics (braces), wheelchairs, scooters, power wheelchairs, rehabilitation equipment, and accessories. Currently serving California and Nevada, PSP Homecare has specialized in the repair of power wheelchairs and the sale of orthotics since 2011. The Company deals with a growing list of federal, state and private insurance providers such as Medicare, Medi-Cal, Nevada Care and Blue Cross among several others.
Proto Script Pharmaceutical Corp. files reports with the Securities & Exchange Commission on EDGAR and anticipates continuing to file such reports. The Company's filings can be viewed at www.sec.gov.
Cautionary Language Concerning Forward-Looking Statements
This Proto Script Pharmaceutical Corp. press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company's mission statement and growth strategy, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.