Vancouver, B.C., Canada – M Pharmaceutical Inc. (the "Company") (CSE:MQ), clarified today the timing of its previously announced consolidation (the "Consolidation") of its issued and outstanding common shares ("Common Shares") on the basis of ten old Common Shares for one new Common Share. The proposed Consolidation was approved by shareholders at a special meeting of the Company held on October 10, 2014 and is subject to the approval of the Canadian Securities Exchange ("CSE"). Following the Consolidation, the Company will have approximately 14,273,343 Common Shares outstanding. The Consolidation is intended to better position the Company for institutional investors seeking growth opportunities in the life sciences industry which the Company believes will be the main driver of shareholder value over the next two to three years.
The Company's Common Shares will begin trading on a post-consolidation basis on the CSE at market open on April 17, 2015. The Company's shares will continue to trade under the stock symbol "MQ". The Company has revised the record date for the Consolidation to April 21, 2015.
The Company does not intend to change its corporate name at this time, but will issue new share certificates under a new CUSIP number. Registered shareholders will receive a letter of transmittal from TMX Equity Transfer Services, the Company's transfer agent, with information on how to replace their old share certificates with the new share certificates. Brokerage firms will handle the replacement of share certificates on behalf of their shareholders’ accounts.
About M Pharmaceutical Inc.
M Pharmaceutical Inc. is committed to developing and commercializing innovative medical technologies that improve the health and quality of life for people affected by diabetes and obesity. The Company currently has exclusive rights to a family of biomedical technologies including the eMosquito, for automatic and autonomous monitoring of blood glucose by diabetics, and the temporary controllable pseudobezoars, an innovative method for non-invasive dynamic gastric volume reduction for weight loss that has been recently tested in blind, placebo-controlled human studies. The commercial development of the eMosquito and pseudobezoar technologies will require the successful coordination and execution of a wide variety of technology disciplines.
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FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the approval of the CSE regarding the Consolidation, the number of Common Shares outstanding following the Consolidation, the date of the resumption of trading on a post-Consolidation basis, and the commercialization of the eMosquito and pseudobezoar technologies. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to obtain the approval of the CSE for the Consolidation and the failure to successfully commercialize the eMosquito and pseudobezoar technologies.