SOURCE: Therapeutic Solutions International, Inc.
OCEANSIDE, CA--(Marketwire - Jan 22, 2013) - Therapeutic Solutions International, Inc. (OTCQB: TSOI) announced today that pursuant to the previously announced terms of an August 2012 agreement with James P. Boyd, the Company has reacquired 223,991,933 shares of Company common stock from Mr. Boyd and retired the shares, reducing its total number of outstanding shares from approximately 305.5 million to approximately 81.5 million.
The Company also announced that it has made its final payments of royalties to Boyd Research, Inc., which is owned by Mr. Boyd. The Company was required to pay a 30% royalty to Boyd Research for all net sales through 2012; but beginning January 2013 the Company's license from Boyd Research has become entirely royalty-free. In addition, the Company has been freed from its $3 million license inception fee obligation to Boyd Research.
As a result of the reacquisition and retirement of the shares, Mr. Boyd's beneficial ownership percentage of the Company's common stock decreased from 78% to 11%; and his beneficial ownership percentage would further decrease to 8% if he does not exercise his stock options by March 2013. Mr. Boyd is no longer associated with the Company as an employee, officer or director.
Timothy Dixon, CEO of Therapeutic Solutions International, Inc., said, "We are excited to begin a new chapter in the Company's life, without any further royalty obligation and with a capital structure that allows any operating improvements to be meaningfully reflected in our share price."
About Therapeutic Solutions International, Inc.
Therapeutic Solutions International is a global manufacturer of the chairside anterior midpoint stop appliance (AMPSA) devices marketed internationally under the trade names Migran-X® and AMPSA CS®, which have helped countless patients prevent debilitating migraine and tension headache pain, bruxism, clenching, grinding, and TMJ disorders. The Migran-X® and AMPSA CS® devices are the most effective non-drug US FDA cleared dental method of migraine prevention on the market today. Dentists fit the AMPSA devices on patients for the treatment of medically diagnosed migraine pain, as well as migraine associated tension-type headaches, in order to reduce their migraine signs and symptoms through the reduction of trigeminally innervated muscular activity, and to prevent bruxism and TMJ syndrome through the reduction of trigeminally innervated muscular activity. In clinical trials reviewed by the US FDA, 82% of medically diagnosed migraine sufferers using the Migran-X device averaged a 77% average reduction of migraine events in the first eight weeks of use. Successful outcomes are produced by reducing head, neck and jaw muscle contraction intensity by nearly 70%. Therapeutic Solutions International also licenses laboratories to manufacture and sell semi-custom AMPSA devices internationally. The Company is also a provider of continuing education programs in the United States focused on AMPSA devices. The Company does not sell AMPSA products in the United States. The Company's corporate website is www.therapeuticsolutionsint.com. Non-US dentists and physicians can order our AMPSA products at www.ordertsoi.com.
Beginning on January 1, 2013 the Company is no longer allowed to sell AMPSA products to the US market. Also, from and after January 1, 2013, the Company's right to sell AMPSA products to non-US markets is nonexclusive rather than exclusive.
Sales of AMPSA products to the US market constituted over 80% of the Company's business through December 31, 2012. The Company's challenge will be to counter the loss of AMPSA sales to the US market, by increasing sales of AMPSA products to non-US markets and/or by successfully introducing into the US and non-US markets new products which do not require licenses from Dr. Boyd and his affiliates. On the other hand, the Company's business in 2013 and thereafter will be free of royalty, license inception fee and salary obligations to Dr. Boyd and his affiliates.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to the need for further financing, our exit from the US market for AMPSA products in 2013, the need to procure additional international distributors, direct competition beginning in 2013, reliance on key personnel, possible introduction of new product lines, and other specific risks set forth in our SEC filings. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at www.sec.gov.