Cell MedX Corp. (CMXC), Announces Acquisition of Proprietary Technology for Treatment of Diabetes and Related Ailments
LAS VEGAS, NV–Cell MedX Corp. (OTCQB: CMXC), (the “Company”) announced today that it has completed the acquisition of a proprietary technology for the treatment of diabetes and related ailments (the “Technology”) from the inventors of the Technology, Jean Arnett and Bradley Hargreaves.
In consideration for the Technology, the Company paid to Ms. Arnett and Mr. Hargreaves a total of USD $100,000 and issued to Ms. Arnett and Mr. Hargreaves options to purchase up to an aggregate of 20,000,000 shares of the Company’s common stock (10,000,000 each), having an initial exercise price of $0.05 per share. The options are subject to performance vesting provisions based on the planning and completion of clinical trials involving the Technology. Prior to completing the sale of the Technology to the Company, Ms. Arnett and Mr. Hargreaves purchased an aggregate of 10,000,000 shares of the Company’s common stock from Mario Gregorio, formerly the Company’s principal shareholder.
Upon closing, Ms. Arnett was appointed to the Company’s Board of Directors and as the Company’s Vice President of Corporate Strategy, while Mr. Hargreaves was appointed as the Company’s Vice President of Technology and Operations. Yanika Silina was appointed as the Company’s Chief Financial Officer, Treasurer and Secretary. Frank McEnulty will continue to act as a director of the Company and as the Company’s Chief Executive Officer and President.
Jean Arnett has developed a progressive group of companies delivering world-class customer service to the medispa industry across North America; these include distribution, business planning & marketing, continuing education and medispa franchises. Ms. Arnett’s specialty is the development of strategic business models, addressing both vertical and horizontal markets thereby maximizing return on investment. Ms. Arnett’s career has also covered banking and stock brokering positions for major banks in Canada. Ms. Arnett has been the director of strategic planning for XC Velle Institute Inc., a privately held technology and spa company, since 2009. In addition, from 2001 to 2009, Ms. Arnett worked in the capacity of director of business and strategic planning for a privately held technology and spa company that at one point employed up to 15 employees. Jean Arnett is also the inspiration behind the Technology, having lived with Type 1 diabetes for more than 48 years.
Bradley Hargreaves’ background is in engineering, with three operations journeyman tickets. During the past eight years Mr. Hargreaves has researched the Technology and designed and improved treatment protocols for the treatment of diabetes and related ailments. Mr. Hargreaves will provide his expertise and technical support to the Company’s research and development team and will oversee the continuous development of the project. Mr. Hargreaves has been the director of operations and principal of XC Velle Institute Inc., a privately held technology and spa company, since 2009. From approximately 2002 to 2009, Mr. Hargreaves worked operations for a privately held technology and spa company that at one point employed up to 15 employees.
Yanika Silina has worked in the accounting field for the past eight years. Since July 2008, Ms. Silina has been an accountant with Da Costa Management Corp. a management and consulting company that provides bookkeeping, accounting and regulatory compliance services to both publicly traded and private companies. Ms. Silina received her Diploma in Accounting in 2011 and currently is working towards her CMA / CPA designation.
About Cell MedX Corp. (OTCQB: CMXC)
Cell MedX Corp. (the “Company”) is an early development stage company focused on the development and commercialization of therapeutic solutions for patients suffering the symptoms from diseases such as diabetes with technologies designed to help manage the complications commonly associated with these types of illnesses.
On behalf of the Board of Directors of Cell MedX Corp.
Frank McEnulty
Chief Executive Officer and President.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects”, “intends”, “estimates”, “projects”, “anticipates”, “believes”, “could”, and other similar words. All statements addressing product performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in the Company’s Quarterly, Annual and Current Reports filed with the United States Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Company’s forward-looking statements. In particular, the Company’s Technology is still in development. The Company does not currently have any commercially marketable products based on the Technology or at all, and there is no assurance that the Company will be successful in its development efforts. Except as required by law, Cell MedX Corp. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Cell MedX Corp. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.