RANCHO CUCAMONGA, CA--(Marketwired - Jan 24, 2017) - Proto Script Pharmaceutical Corp. dba PSP Homecare ("PSP" or the "Company") (OTC PINK: PSCR), a durable medical equipment provider, today announced that its board of directors has authorized the cancellation and exchange of 295,000,000 shares of its common stock.
The planned common share cancellation and exchange agreement (the "Agreement") would result in the cancellation of 295,000,000 shares of common stock currently held by Company president and PSP Homecare founder Michelle Rico in exchange for 1,500,000 newly issued multiple-voting convertible Preferred Series A shares. Each Preferred Series A share is convertible into twenty (20) common shares and is entitled to 200 votes.
Following completion of the proposed share cancellation and exchange, there will be 51,138,331 shares of PSCR common stock and 1,500,000 shares of Preferred Series A stock issued and outstanding. This restructuring represents an immediate 85% reduction in the number of shares of PCSR common stock issued and outstanding.
Michelle Rico commented, "Significantly reducing the number of PSCR common shares and simultaneously strengthening our corporate structure with a new multiple-voting preferred class will improve our overall balance sheet and should better position Proto Script to take advantage of any potential opportunities, acquisitions, or partnerships that could accelerate the growth of the Company."
The definitive Agreement between all parties is expected to be drafted and executed within the next few business days.
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.
Additional information regarding PSP Homecare can be found at www.psphomecare.com.
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.