TORONTO, ON--(Marketwired - November 09, 2016) - Galileo Life Sciences, Inc. ("the Company") (OTC PINK: MDRM) announced today that it has filed an application with the OTC Markets to have the yield notice removed from its trading symbol. This is the first of several steps that the Company is now taking to get its filings up to date and get back in compliance with the rules governing a fully reporting public company, including making its late periodic filings under the Securities Exchange Act of 1934. Management believes, although there can be no assurance, that the application will be approved in the coming weeks and will enable the Company to pursue investment interest from funds that otherwise could not participate due to delinquent filings.
Galileo further announces that the previously announced merger with Novo Healthnet has been abandoned and that the earlier retention of Glen Vengroff was terminated. At the same time the Company decided to pursue alternative strategies towards getting established in the cannabis space.
Galileo CEO Declan French indicated that this step signifies the beginning of a concerted effort to get the company current with its filings and audited financial statements.
About Galileo Life Sciences, Inc.
Galileo Life Sciences, Inc. is strategically focused on the Health and Wellness industry and plans to leverage the opportunities presented by the regulatory reforms as it pertains to medical marijuana and advanced health and life science and services that nurture innovative solutions to enhance the quality of life for all. Galileo Life Sciences is listed on the OTC Pink Market and currently trades under the ticker symbol MDRM.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "pleased," "believe," "expects," "reflects," "aligned," "anticipates," "planned" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. There are no guarantees or assurances that any initiatives will result in what the Company had originally intended. Any investment made into Galileo Life Sciences, Inc., would be classified as speculative and risky. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the Company's financial reports and filings.