Novus Acquisition & Development Corp. CEO Returns 90 Million Personal Shares to Treasury
MIAMI, FL–(Marketwired – Jan 16, 2015) – Novus Acquisition & Development Corp. (OTC PINK:NDEV), a provider of health and wellness savings plans through its wholly-owned subsidiary Novus Medical Group Inc., today announced that Chief Executive Officer Frank Labrozzi has returned 90 million of his personal common shares of NDEV to the company treasury.
After the return of 90,000,000 common shares to treasury the reduction of issued and outstanding will go from 178,503,624 shares of common stock to 88,503,624 issued and outstanding, a 50% reduction. The return of these shares demonstrates management’s desire to maintain a capital structure that supports growth without increasing the number of authorized or outstanding shares.
“By returning 90 million of my own shares back to treasury benefits existing shareholders position with an increase by around 50% in total,” said Novus Acquisition & Development Corp. CEO Frank Labrozzi. “We look forward to continuing to enhance value and transparency for both existing and future shareholders. And also shareholders should be aware that this is not any shape or form a reverse split; it’s me sending back a portion of my position in NDEV to treasury.”
As outlined in previous press releases, the Company intends to file Form 10 to become a fully-reporting company traded on the OTCQB this month in order to further enhance shareholder value and transparency. Management continues to work toward achieving these goals, while simultaneously expanding the Novus MedPlan network to include new states and practitioners in the medical marijuana and integrative medicine industries.
About Novus Acquisition & Development Corp.
Novus Acquisition & Development Corp. (“Novus”) provides health insurance and related insurance solutions to the medical marijuana industry in states where legal programs exist. The Company also plans to offer physicians’ education programs, pharmaceutical R&D, compliance, and business development services within the industry.
NDEV will work as outside developers and will not cultivate, handle, transport grow, extract, dispense, put up for sale, put on the market, vend, deliver, supply, circulate, or trade cannabis or any substances that violates the United States law or the Controlled Substances Act, nor does it intend to do so in the future and will continue to follow state and federal laws. The products and statements made about specific products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure or prevent disease. All information provided on this press releases or any information contained on or in any product label or packaging is for informational purposes only and is not intended as a substitute for advice from your physician or other health care professional. The state laws are in conflict with the federal Controlled Substances Act. The current administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state designated laws allowing the use and distribution of medical marijuana. However, there is no guarantee that the current administration, nor any future administration, will not change this policy and decide to enforce the federal laws strongly. Any such change in the federal government’s enforcement of current federal laws could cause significant financial changes to the Company. While we do not intend to harvest, distribute or sell cannabis or cannabis related products, we may be harmed by a change in enforcement by federal or state governments.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.