CALGARY, AB--(Marketwire - July 12, 2012) - Fero Industries (OTCBB: FROI) (the "Company"), today announced that a majority of the Company's shareholders had approved the removal of two (2) board members, changing of the corporate name to PharmaRoth Labs, Inc., a roll back of a previous stock dividend, and the election of Luis Lopez as Chairman of the Board of Directors.
The election of Mr. Lopez to Chairman of the Board of Directors safeguards the Company's assets and provides further protection against outside market forces. The previous Board members were Kyle Schlosser and Leigh Ann Squire, both of whom served in a management capacity before the Company assumed its current business model under Mr. Lopez direction last year.
The Company's new name will be PharmaRoth Labs, Inc., which better reflects the company's business as the creator of the Type II Diabetes drug, Sucanon®. The Company felt the name change was imperative to its continuous marketing efforts. The Company is currently in the process of officially changing its name with applicable authorities and expects the change to take effect in the coming months.
The Company's shareholders also approved a roll back of a 1 to 4 stock dividend that was made by prior management. The Company wants to realign its capital structure to better attract retail and institutional investors, and the roll back will be exactly 4 to 1 and is expected to take place before the end of this year.
According to Mr. Lopez, "We felt that the Company needed to be better structured in order to meet the growth potential for Sucanon®, which we feel is abundant. We have the only Type II Diabetes drug that has no side effects or other complications. With Type II Diabetes exploding around the globe and considered by the World Health Organization to be the top health problem in the world, we are uniquely positioned for tremendous expansion."
He further states: "As CEO and Chairman of the Board, I will continue to seek the best distribution partners around the world that not only have the ability to increase our sales, but also to expand our clinical research. We are very aware of the need to gain FDA clearance and will aggressively seek to make that happen as soon as possible. Until then, we will continue to work with global partners that provide access to untapped markets for Sucanon®."
Sucanon® is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers." Pre-clinical and clinical studies show that Sucanon® and other insulin sensitizers lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin. Sucanon® has been approved for prescription sale in China and Peru. Sucanon® is also approved as an OTC treatment for type-2 diabetes by regulatory authorities in Mexico, and is distributed there under an exclusive agreement with Merck S.A. de C.V.
For further information regarding Sucanon®, please visit the Fero Industries, Inc. website at www.feroindustries.com or email us at firstname.lastname@example.org
About Fero Industries, Inc.
Fero Industries, Inc. (OTCBB: FROI) is focused on diabetes prevention and treatments. The Company holds the intellectual property and all exclusive world-wide rights related to the production, marketing, and distribution of Sucanon®, an oral treatment for type-2 diabetes. Sucanon® is a member of a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. Fero's strategy is to increase awareness, acceptance, and distribution of Sucanon® globally.
Any statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed from time to time in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.