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EVIO, Inc. (OTCQB: SGBYD) a life sciences company and the nation’s leading provider of analytical laboratory cannabis testing, research and advisory services, is pleased to announce today that the company has successfully negotiated final approval with its lenders to reduce the required share reserves on its outstanding notes and is notifying shareholders that the CEO will now commence the procedure, as authorized by the Board of Directors, to finalize the reduction of the company’s outstanding authorized shares.
"After successful negotiations with our note holders we have completed another important milestone. Today we are following through on the commitment that I made to our shareholders during our recent conference call, to complete the process of the recently enacted 1:100 reverse stock split. Our lenders have already submitted their formal requests to our transfer agent to reduce their existing reserves and the Company is now commencing the process to formally reduce the authorized shares,” stated EVIO Inc. CEO William Waldrop.
Mr. Waldrop continued, “we anticipate that the process will be complete and ready for final announcement sometime next week. From a strategic planning standpoint, the company’s transition to a structure more familiar to equity investors at both the retail and institutional levels, a structure that we believe will better reflect our market potential to realize shareholder value, is almost complete. Starting with our uplisting to the OTCQB last November 2016 thru our 1:100 share consolidation, corporate name and pending ticker change to EVIO last month, this successfully negotiated step completes the restructuring enabling our team to realize the ongoing conversations with investors to fund our next stage of development to expand into the fast-growing California cannabis testing market and opportunities in cannabis science research.
EVIO, Inc. is a life science company that provides accredited analytical testing services and scientific research to the regulated cannabis industry. The Company’s EVIO Labs division provides state-mandated ancillary services in place to ensure the safety and quality of the nation's cannabis supply. Learn more at www.eviolabs.com.