TORONTO, ONTARIO -- (Marketwired) -- 08/21/13 -- Biologix Hair Inc. (OTCBB:BLGX)(OTCQB:BLGX) announced that all of the directors of the Company, a Nevada corporation, by unanimous consent in writing pursuant to the authority contained in the corporate law of the State of Nevada and without the formality of convening a meeting, have consented to the following actions of the Company, to be effective as of the 9th day of August, 2013.
The Company is hereby authorized to effect a reverse split (the "Reverse Split") of the Company's stock on a 2 old for 1 new basis, such that its authorized capital shall decrease from 900,000,000 shares of common stock with a par value of $0.001 to 450,000,000 shares of common stock with a par value of $0.001 and, correspondingly, its issued and outstanding shares of common stock shall decrease from 59,276,750 shares of common stock to 29,638,375 shares of common stock. However, no fractional shares will be issued in connection with this Reverse Split; in the case of a fractional share, the fractional share will be rounded up.
The effective date for the Reverse Split shall be on or about September 3, 2013, or such prior or subsequent date as may be practicable in order to facilitate the filing with the Secretary of State of Nevada and to provide adequate notice to FINRA.
The Reverse Split will result in a change of CUSIP number and a mandatory exchange/surrender of share certificates.
On August 2, 2013 we filed a Form 15 with the Securities and Exchange Commission ("SEC") as notice of suspension of the duty to file periodic reports under Sections 13 and 15(d) of the Securities Exchange Act of 1934. The Company thereby voluntarily suspended its reporting obligations under the Securities Exchange Act of 1934.
As a result of filing the Form 15, Biologix will no longer be required to file annual and quarterly reports with the SEC. The Company took this action in order to maximize management efficiency and cost effectiveness during its development stage.
The Company also aims to benefit from new capital-raising exemptions contained in the JOBS Act. Utilizing a new Rule 506 exemption, private companies can raise an unlimited amount of money from up to 2,000 accredited investors before being required to file reports with the SEC and become subject to its proxy rules, assuming it has assets in excess of $10 million. On July 10, 2013 in a 4-1 vote the SEC adopted final rules that remove the prohibition on general advertising and solicitation for Rule 506 securities offerings.
About Biologix Hair Inc. and Biologix Hair Science Ltd.
Biologix Hair Inc. (Biologix Hair), together with its wholly owned biotechnology subsidiary, Biologix Hair Science Ltd. (TM) (BHS), is focused on realizing the full market potential for its patent-pending hair loss prevention and regeneration treatment - the Biologix Hair Therapy System(TM) - and its demonstrated ability to prevent and reverse the effects of alopecia, which plagues hundreds of millions worldwide.
Between mid-2004 and late 2011, more than 30,000 pre-clinical-trial treatments of Biologix Revive - the essence of the Biologix Hair Therapy System(TM) - were administered to 5,000-plus patients in South America suffering with varying degrees of alopecia, as well as people seeking preventive treatment. The participating treatment clinicians subjectively observed and reported that virtually 100% of preventive care clients continued to retain their healthy hair and an estimated 80-85% of the males and 90-plus% of the females treated for hair regeneration experienced significant regrowth of their own natural hair. And among alopecia areata patients, virtually total hair regrowth was observed in 100% of the cases. To date, no negative side effects have been reported.
BHS is currently focused on obtaining FDA approval for its breakthrough hair loss prevention and regeneration therapy and has initiated a research and development program with one of the world's leading medical research universities, the Beijing Institute of Technology (BIT). The R&D program is an important final step before formal clinical trials and the FDA approval process begins.
Additionally, on May 11, 2012, Venable LLP, the Washington-based law firm overseeing the worldwide IP and regulatory approval processes on behalf of BHS, filed a Patent Cooperation Treaty (PCT) application on behalf of BHS for Biologix Revive in Geneva, Switzerland. The PCT is an international treaty, administered by the World Intellectual Property Organization (WIPO), to which 147 countries have as of now contracted, including Canada and the United States.
Biologix management is determined to be in a ready position to capitalize on the high-margin sales potential of the Biologix Hair Therapy System(TM) and is rapidly developing a global distribution network of licensed clinicians and medical practitioners seeking to become Certified Biologix Hair Therapists(TM) and secure exclusive territorial purchasing and treatment rights for the Biologix Hair Therapy System(TM).
Although the Biologix Hair Therapy System(TM) is currently not able to be offered in more heavily regulated markets, such as the United States, Canada and the European Union, there are countries and regions with less restrictive regulatory barriers that enable Biologix to provide immediate treatment via its clinician network while simultaneously focusing on obtaining regulatory approvals for all markets, worldwide.
BHS is in the process of evaluating where best to open a prototype commercial hair therapy treatment and medical training center in South America. Additionally, management is currently working together with its Medical Advisory Board and its team of legal advisors to determine in which strategic locations around the world to begin offering commercial treatment options upon completion of the formula standardization process.
To learn more about Clinician Licensing opportunities, Click Here or call toll free +1 855.737.0333 or +1 647.344.5900.
This announcement is not an offer to sell any Biologix Hair Inc. ("Biologix") securities. Offers for any given security are made only through applicable offering circulars and related documents filed with the SEC pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of Biologix may contain "forward-looking statements". Such forward-looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and includes, without limitation, the development of treatment centers and approval from regulatory authorities as well as the ability for Biologix to obtain adequate financing to meet its business objectives. Forward-looking statements express our expectations or predictions of future events or results. They are not guarantees and are subject to many risks and uncertainties. There are a number of factors beyond our control that could cause actual events or results to be significantly different from those described in the forward-looking statements. Any or all of our forward-looking statements in this report or in any other public statements we make may turn out to be wrong. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. In Canada, Europe and the United States, the Biologix treatment is not approved for use by Health Canada, EMA or the FDA. The company makes no representations that it will receive Health Canada, EMA or FDA approvals.
Biologix Hair Inc.
+1 647.494.8001 or Toll Free: +1 855.292.8585
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