MyDx Files Complaint Against Former Chief Operating Officer, Protects Unique AeroDx Diagnostic Platform and Addresses Toxic Financier's Unauthorized Conversion
18 Jul, 2017, 14:00 BST
SAN DIEGO, July 18, 2017 /PRNewswire/ -- MyDx, Inc. (OTCQB:MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer initially designed for cannabis professionals and retail consumers to measure the chemicals in cannabis and track their feedback on how each sample is impacting their physiology, today announced that all previously reported variable toxic debts have been satisfied through the unauthorized conversion of the Crown Bridge note and has also filed a lawsuit against its former COO and other defendants who have attempted to create a competitive advantage with its anticipated product launch of its air quality sensor: AeroDx®.
Lawsuit to Protect Unique AeroDx Diagnostic Platform
On July 14, 2017, the Company and its Chief Executive Officer, Daniel Yazbeck, filed a complaint in Superior Court of California against a series of Defendants who have allegedly engaged in unfair business practices, made false statements about the Company, its products, and Mr. Yazbeck at investor events and on online investor platforms. There can be no assurance about the results or on the outcome of the lawsuit, however, the company took aggressive steps it felt were necessary to protect its business and its shareholders.
AeroDx®: MyDx's Air Quality Sensor
AeroDx Sensors are the first of three anticipated versatile sensors to be launched into the market and represents the first versatile sensor to be used with the new release of the MyDx 2.0 Analyzer launched in May of this year. AeroDx is expected to measure key air quality parameters for cannabis and non-cannabis consumers, to be interchanged seamlessly with the CannaDx Sensors. Once AeroDx Sensors are inserted into the MyDx Device, the device becomes an air quality tester with the ability to detect Volatile Organic Compounds (VOC's) such as Formaldehyde, Butane, Toluene, Methane, Benzene and other harmful chemicals, such as Carbon Dioxide, present in the air. It can also monitor temperature and humidity, which can aid in preventing mold and germ growth. The company is also in the process of customizing the sensor in order to ensure air quality and control in cannabis growth facilities as well offer a test for residual solvents in cannabis oils.
Addressing Remaining Toxic Variable Convertible Debt on Balance Sheet
On April 30, 2017, the Company sent a payoff demand to Crown Bridge Partners, LLC as required under the terms of the loan Agreement. The Company agreed to repay, in full, the remaining variable toxic convertible note on its balance sheet prior to the prepayment deadline. Crown Bridge acknowledged the request and despite the Company and its counsel's repeated payoff request, on July 3, 2017, Crown converted $36,749.04 (the entire amount due pursuant to the Note, including penalties and interest) into 14,699,616 shares of the Company's common stock. In light of the Company's notification and Crown Bridge's acknowledgment required under the terms of the loan Agreements, Crown Bridge executed the conversion and the Company alleges it breached the terms of the Note. The Company will continue to evaluate its rights and determine the best course of action to advance the interests of its shareholders.
As of July 17, 2017, all previously reported variable rate toxic financing has been fully paid off.
About MyDx, Inc.
MyDx, Inc. (OTCQB: MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company developed MyDx®, a patented, affordable portable analyzer that provides real-time chemical analysis and fits in the palm of the user's hand. The multi-use MyDx analyzer leverages over a decade of established chemical detection technology to measure chemicals of interest. The Company owns a substantial and growing intellectual property portfolio of patents covering its technology. The MyDx AquaDx®, OrganaDx(TM) and CannaDx(TM) sensors are now commercialized, and the AeroDx® application is next in line. All sensors will be compatible with a MyDx App that empowers consumers to live a healthier life by revealing the chemical composition of what they eat, drink and inhale. For more information, please visit www.mydxlife.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at http://ir.cdxlife.com/all-sec-filings or www.sec.gov. MyDx is not considered a medical device. Consumers should be advised that any claims regarding the medical benefits of cannabis are still under research and until approved by the FDA or any other relevant international regulatory body, are considered anecdotal in nature.
Investor Contact:
MyDx Shareholder Communications
800.814.4550 ext. 4
ir@cdxlife.com
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SOURCE MyDx, Inc.
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