MYOS CORP, Formerly Known as Myos Rens Technology, Inc., Issues Notice to its Shareholders
CEDAR KNOLLS, N.J., Dec. 15, 2020 /PRNewswire/ -- MYOS CORP ("MYOS" or the "Company"), is a research-based advanced nutrition company with divisions that address both Human Nutrition and Animal Health. MYOS is the sole owner of Fortetropin®, a proprietary advanced nutrition product developed and owned by MYOS, that has been shown in multiple veterinary and human clinical studies to accelerate gains in muscle mass, improve mobility and enhance recovery from injury.
On November 17, 2020, Nasdaq-listed Myos Rens Technology, Inc. ("MYOS RENS") consummated the previously announced merger of its wholly owned subsidiary with and into MedAvail, Inc., a privately held Delaware corporation (the "Merger"), after which MYOS RENS was renamed MedAvail Holdings, Inc. ("MedAvail") and the stock symbol of the company was changed to MDVL.
In connection with the Merger, all of the assets and liabilities of MYOS RENS' business prior to the Merger were contributed to MYOS, then a wholly owned subsidiary of MYOS RENS. Following the Merger, the shares of MYOS were paid as a dividend to the shareholders of MYOS RENS existing prior to the Merger. As a result, 100% of MYOS RENS' pre-Merger business will continue as a private company through MYOS.
What this means to MYOS RENS Shareholders as of the Record Date of October 2, 2020:
Thank you for investing in our company.
If you held MYOS RENS shares on the record date of October 2, 2020, those shares entitled you to receive part of the dividend of MYOS shares. In addition, following a reverse split completed prior to the Merger, you continue to hold the shares of MYOS RENS (now MedAvail) you had before, as adjusted for the reverse stock split of a 12-1 ratio of one new share for every 12 shares of common stock outstanding. This means that you now own MDVL shares, which can be traded on the open market (but, of course, check with your broker).
As of November 23, 2020, MYOS shares were paid in a dividend on a one-share-for-one-share basis to every MYOS RENS shareholder of record on October 2, 2020. In other words, for each share of old MYOS RENS that you held before the reverse stock split, you received one share of MYOS stock. This means that, in addition to the shares you own in MDVL, you still own an interest in MYOS RENS' business, but as a shareholder in MYOS, the private company. Your shares in MYOS, however, cannot be traded on in the open market and are either being held at your broker or at TranShare, our transfer agent, as MYOS is a private company.
Please contact Kim Whiteside, our transfer agent, for more information:
About MYOS CORP
MYOS CORP (MYOS), "The Muscle Company ®, " is a Cedar Knolls, NJ-based advanced nutrition company that develops and markets products that have shown the ability to improve muscle health and performance. MYOS is the owner of Fortetropin ®, a fertilized egg yolk-based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin has been clinically shown to increase muscle size, lean body mass and reduce muscle atrophy. MYOS believes Fortetropin has the potential to redefine existing standards of physical health and wellness and produces muscle health support products featuring Fortetropin under the names of Yolked®, Physician Muscle Health Formula®, MYOS Canine Muscle Formula®, (Regular & Vet Strength) and Qurr®. For more information, please visit www.myoscorp.com.
*The foregoing statements have not been evaluated by the Food and Drug Administration. Our products are not intended to diagnose, treat, cure, or prevent any disease.
Any statements in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the ability to create new products through research and development, the successful results of strategic initiatives, the success of our products, including Yolked®, Physician Muscle Health Formula®, MYOS Canine Muscle Formula®, Qurr®, and MYOS Enteral Nutrition Formula™, the success of our research and development, the results of the clinical evaluation of Fortetropin® and its effects, the ability to enter into new partnership opportunities and the success of our existing partnerships, the ability to generate revenue and cash flow from sales of our products, the ability to increase our revenue and gross profit margins, the ability to achieve a sustainable, profitable business, the effect of adverse economic conditions, including as a result of the COVID-19 pandemic, the ability to protect our intellectual property rights, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, and other factors. We undertake no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
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SOURCE MYOS CORP
Released December 15, 2020