Insight Management Corporation and Relox Medical, LLC Execute Letter of Intent
Published: Oct 03, 2012
NEW YORK, NY--(Marketwire - October 02, 2012) - On August 24, 2012, Insight Management Corporation (PINKSHEETS: ISIM) and Relox Medical LLC, agreed in principle to the acquisition of Relox Medical LLC, subject to final contract documents. The companies have executed a non-binding Letter of Intent outlining the major terms of the merger. More information regarding the proposed merger can be found in ISIM's Supplemental Information filing at www.otcmarkets.com/ISIM.
Relox Medical LLC, holds a pharmaceutical patent for the treatment and rapid recovery from traumatic brain injury and/or stroke. Relox Medical LLC has completed various stages of Food and Drug Administration (FDA) testing and anticipates initiating the final round of clinical trials, shortly for FDA approval of the drug. The proposed merger provides that ISIM will be the surviving company.
As a condition to the merger/acquisition, ISIM's Board of Directors issued a negative dividend of one (1) share of stock for each five hundred (500) shares owned for all owners of ISIM shares as of September 17, 2012. This reverse split of the common stock became effective September 17, 2012. Insight's management believes this merger/acquisition and change in control will provide true value in the near future for the combined shareholders of the companies.
About Insight Management Corporation: ISIM is a development stage company engaged in the merger and acquisition of revenue generating companies either producing or engaging in clean alternative energy projects. Its current subsidiaries, Simply Constructed, Inc. is engaged in the business of pre-fabricated homes and buildings with many innovative and proprietary environmentally sound features built into the construction, and Plant Acadia Growing, Inc., is a producer of horticultural and agricultural products.
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