BURBANK, Calif., June 08, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Medolife Rx, Inc. (“Medolife”), an integrated global bioceutical company with R&D, manufacturing and distribution of consumer products, which is a majority-owned subsidiary of Quanta, Inc. (OTC PINK: QNTA), released today This is the following management statement regarding the company in lieu of its previously scheduled webcast on June 8, 2021.
“I would like to thank all of our valued shareholders for their interest in our business and their continued enthusiasm for the direction we are taking. After reviewing the questions submitted and as we had just held our Q1 2021 appeal, we realized that there were really only a few things that shareholders would like to address. As such, we have decided to address them in writing to reach a wider audience.
First of all, I would like to reiterate the status of our pending pre-IND submission with the United States Food and Drug Administration (FDA). As most of you are aware, we have submitted the data requested of us in response to the FDA regarding the pre-IND filing. The FDA then assigned us a case manager who has indicated that we can expect another response by mid-June, and we continue to wait for that response on or around June 15. We remain very optimistic about the state of the filing and will inform our shareholders around the time of the response.
Beyond our pharmaceutical initiatives, we have focused heavily in recent weeks on the rise of our nutraceutical division. I am proud to announce that we have finalized a new brand image that we will roll out in the coming weeks, under the name Elijah. We chose to go ahead with a brand name change after being informed that we could not register our previously announced new “QuantRx” brand. The name “Aelia” honors our CEO, Dr. Arthur Mikaelian, the founder of the underlying polarization technology. We will continue to sell some of Quanta’s great commodities, under the new brand, while adding new products that are truly revolutionary in pain management, beauty and general well-being, all enhanced by patented polarization technology. . We continue to believe that this technology makes our products the most powerful and efficient on the market. In addition, we are working on finalizing some very interesting celebrity promotion deals which we hope to announce shortly. Please stay tuned for updates on these short term efforts as we are just starting to get started in this very exciting business.
Second, many of the questions submitted related to a recent filing that we filed with the SEC. I would like to provide further insight into the purpose of this filing and what it might mean for the future of our business. The filing was a standard notice of two proposed securities actions: increasing the number of shares authorized by the Company and granting authorization to the Board of Directors for a possible division of our shares. Regarding the first point, it is important to note that the authorized and outstanding shares are different numbers. Authorized refers to the total number of shares that can be issued and outstanding refers to the total number of shares issued by the company. Increasing the number of authorized shares did not automatically increase the number of shares outstanding. We have increased the number of shares authorized to meet future obligations to issue shares, to be able to issue shares as part of future funding and to allow us to have a sufficient number of shares to perform acquisitions or provide equity incentives.
Regarding the possibility of carrying out a reverse split, I would like to emphasize that this deposit gave the authorization to our Board of Directors to proceed with a reverse split in the future; he did not specify how or when we would do it. We have not yet decided if or when we would need to do so; however, again including it in the folder now gave us another tool to use to move to a higher exchange in the future. He did not establish a real ratio that we would be bound by, only a maximum allowed. We believe that listing our company on other larger stock exchanges will ultimately lead to greater institutional interest and long-term shareholder value. It was imperative that we do this now, as we plan for our future.
While I can’t comment too much on recent market reactions, I think it’s important to point out that some fluctuations have occurred, which are due to a myriad of reasons including and beyond filing. I hope our shareholders will continue to see the potential of our business plan and the opportunity that its implementation creates. We work with their interests in mind every day and strive to make smart decisions that will enhance the long-term value of our business. That said, we invite our shareholders to contact a member of our IR team to discuss the company and its filings in more detail.
Finally, with respect to questions regarding our outstanding convertible debt, all of these numbers can be found in our 10-K and 10-Q files with the SEC, available on their website. Currently, we have approximately just over $ 600,000 of convertible debt outstanding from previous management. We are taking action to settle this debt in a non-toxic manner and hope to have an update on this soon.
In closing, I would like to reiterate my most sincere thanks to the longtime shareholders who have continued to express their enthusiasm for our vision. While some people may not see what we are trying to accomplish here, there are so many who do and it means the world to us. We have a unique technology that has the potential to revolutionize the healthcare industry, a strong clinical development pipeline with products already in clinical practice and an unrivaled nutraceutical offering. Our future remains bright and we need to keep an eye on it. “
Dr Arthur Mikaelian
CEO, Medolife Rx
About Medolife Rx
Medolife Rx, Inc. is a global biotechnology company engaged in clinical research, manufacturing, and consumer products. Medolife Rx was created by the merger of Medolife, a private company founded by Dr Arthur Mikaelian who pioneered the layerless polarization technology that makes the company’s pharmaceutical and nutraceutical portfolio so effective, and Quanta, Inc., a wellness product portfolio company. The Company’s main clinical development programs include Escozine®, a proprietary formulation of small molecule peptides derived from Rhopalurus princeps scorpions, which is amplified by the Company’s polarization technology and is being researched for treatment of various indications, including COVID-19 and cancer. The Company has completed preclinical research into the safety and efficacy of Escozine® and is continuing product registration and drug approval in various countries, including the United States and throughout Latin America.
Through its subsidiary QuantRx, Medolife manufactures and distributes consumer wellness products in high impact consumer areas such as pain relief, beauty and general well-being. QuantRx products are designed using Dr. Mikaelian’s polarization technology, which applies advances in quantum biology to increase the potency of active ingredients. Ultimately, Quanta’s mission is to deliver better, more effective ingredients to increase product effectiveness, reduce waste, and facilitate healthier, more sustainable consumption.
Beyond its own clinical and consumer applications, the polarization technology used by Medolife and its subsidiaries has many potential applications. From potentiation of bio-ingredients to the production of plants that are more effective at sequestering carbon, to transformative anti-aging solutions, Medolife has the potential to revolutionize the manufacturing of commercial and pharmaceutical products and increase their benefits, all in all. by reducing their chemical concentration.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that express the beliefs and expectations of management, including statements regarding the results of operations or expected liquidity of the company; statements regarding projections, forecasts, expectations, estimates or forecasts regarding our business, financial and operating results and future economic performance; and statements of management’s goals and objectives and other similar expressions relating to matters which are not historical facts. In some cases, you may identify forward-looking statements by words such as “anticipate”, “estimate”, “plan”, “project”, “continue”, “in progress”, “, intend to”, ” can ”,“ will ”,“ should ”,“ could ”and similar expressions. These statements are based on current plans, estimates and expectations and involve a number of risks, uncertainties and other known and unknown factors that could cause the future results, performance or achievements of the Company. Company differ materially from the results, performance or achievements expressed or implied by these forward-looking statements. These factors and additional information are discussed in documents filed by the Company with the Securities and Exchange Commission and the statements contained in this release should be evaluated in light of these important factors. Although we believe these statements are based on reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments. or otherwise.