American Diversified Holdings Corporation Completes Brazos Biomedical, LLC Acquisition
DEL MAR, Calif., June 12, 2018 /PRNewswire/ -- American Diversified Holdings Corporation (OTC: ADHC) announced today that the company has completed the acquisition of Houston Texas based Brazos Biomedical, LLC (Brazos). ADHC has acquired all the assets of Brazos Biomedical and the AURACIS™ TENS Migraine therapy system including all the patents and patent applications in the US and abroad, patent license agreement, technical engineering schematics, FDA plans, patient study information and other related assets.
Brazos has an international patent portfolio covering the AURACIS™ system. This includes issued patents in the US and patent applications pending in foreign countries. Recognizing that a robust patent portfolio is imperative to the success of the development of the AURACIS™ system, ADHC has undergone a comprehensive review of these files. Moreover, Brazos has obtained proposals from multiple leading OEM device and development firms as they prepare to advance the AURACIS™ system towards the market.
The terms and conditions of the Brazos Biomedical, LLC acquisition (BRAZOS), were not disclosed pending completion of standard due diligence.
ADHC management has undertaken a financial reorganization that has resulted in the reduction of $1.2 mm in debt on the balance sheet. In addition to the debt reduction approximately 95 million shares have cancelled and reduced from the total shares outstanding. Third quarter financials ending on April 30, 2018 have been filed and can be reviewed at www.OTCMARKETS.com
ADHC management believes this debt reduction and share cancellation will further enhance the Company's financial picture. Allowing for a broader based appeal to the shareholder community in anticipation of filing the Form Ten and the pending application to the OTC-QB.
In additional news, recent comments by the current US administration appears to be soften the US stance on federal Cannabis regulation. Current legislation is pending in congress that will federally legalize cannabis. Should this legislation pass and become law ADHC will revisit previous negotiations in the cannabis sector. Additionally, ADHC is seeking additional acquisitions in the Bio-device sector specifically in the non-opioid pain management arena.
ADHC will keep shareholders informed as events progress.
ADHC is a holding company that provides executive management, corporate governance, administrative support, financial advice, and introductions to capital sources to various micro-cap private and public companies that have proven revenues and business models.
BRAZOS BIOMEDICAL LLC is a bio device company utilizing electro stimulation for pain management to improve patient outcomes through creative innovation with a core competency in the migraine and headache pain space.
For more information: www.brazosbio.com
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. common stock currently trades on the over-the-counter under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no reference has been made that this release contains all information.
SOURCE American Diversified Holdings Corporation
Company Codes: OTC-PINK:ADHC, OtherOTC:ADHC