CEDAR KNOLLS, N.J.,
July 16, 2020 /PRNewswire/ -- MYOS
RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ: MYOS), an
advanced nutrition company and the owner of
Fortetropin®, a proprietary bioactive composition
derived from fertilized egg yolk that helps build lean
muscle, announced that it has settled its pending litigation
with RENS Technology Inc. and its president, Ren Ren (collectively, "RENS").
As part of the settlement, the parties have agreed to dismiss
the pending litigation between them and have exchanged mutual
releases. In addition, RENS has agreed to vote all of its shares of
common stock of MYOS in favor of the proposed merger between MYOS
and MedAvail, Inc. ("MedAvail") pursuant to the Agreement and Plan
of Merger and Reorganization entered into between such parties on
June 30, 2020 (the "Merger").
RENS has also waived its right to receive an ownership interest in
the new private company focused on muscle health that will be
spun-out from the Company upon the closing of the Merger.
Further, RENS has agreed that, upon the closing of the Merger, it
will deliver its outstanding warrant to purchase 375,000 shares of
common stock to the Company for cancellation or, if the warrant is
lost, misplaced or otherwise cannot be located, execute documents
necessary to ensure that the warrant is cancelled. In
addition, Mr. Ren agreed to resign as MYOS' Global Chairman and as
a member of MYOS' board of directors, which he did effective
July 13, 2020.
"This settlement is a very positive outcome for the shareholders
of MYOS as it will free MYOS to pursue exciting opportunities
and increase stockholder support for the Merger," said Joseph Mannello, CEO of MYOS. "We believe
we have many exciting opportunities based on our recently published
research studies on Fortetropin®.
Putting this litigation behind us will enable us to focus on
developing our business and leveraging the world-class research
that we have done in muscle health, especially following the Merger
and our transition to a private company."
About MYOS RENS Technology Inc.
MYOS RENS Technology
Inc. (MYOS), "The Muscle Company®", is a Cedar Knolls, NJ-based advanced nutrition
company that develops and markets products that improve muscle
health and performance. MYOS is the owner of
Fortetropin®, a fertilized egg yolk-based product
manufactured via a proprietary process to retain and optimize its
biological activity. Fortetropin has been clinically shown to
increase muscle size, lean body mass, and reduce muscle atrophy.
MYOS believes Fortetropin has the potential to redefine existing
standards of physical health and wellness and produces muscle
health support products featuring Fortetropin under the names of
Yolked®, Physician Muscle Health
Formula®, MYOS Canine Muscle
Formula®, (Regular & Vet Strength) and
Qurr®. For more information, please visit
www.myosrens.com.
Additional Information and Where to Find It
MYOS plans
to file with the Securities and Exchange Commission, or SEC, and
the parties plan to furnish to the securityholders of MYOS and
MedAvail, a Registration Statement on Form S-4, in addition to a
proxy statement/prospectus of MYOS which also will be included in
an information statement of MedAvail, in connection with the
proposed merger transaction. The proxy
statement/prospectus/information statement described above will
contain important information about MYOS, MedAvail, the proposed
merger transaction and related matters. Investors are urged to read
the proxy statement/prospectus/information statement carefully when
it becomes available. Investors will be able to obtain free copies
of these documents and other documents filed with the SEC by MYOS,
through the website maintained by the SEC at www.sec.gov. In
addition, investors will be able to obtain free copies of these
documents from MYOS by going to the MYOS Investor Relations web
page at https://ir.myosrens.com/ and clicking on the link titled
"SEC Filings" or by contacting MYOS's Investor Relations group at
the following: MYOS RENS Technology Inc.: Joanne Goodford, 973-509-0444,
jgoodford@myoscorp.com.
No Offer or Solicitation
This communication is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities or a solicitation of any vote of approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended ("Securities Act").
Participants in the Solicitation
The respective
directors and executive officers of MYOS and MedAvail may be deemed
to be participants in the solicitation of proxies or written
consents from the security holders of MYOS and MedAvail in
connection with the proposed merger transaction. Information
regarding the interests of these directors and executive officers
in the transaction described herein will be included in the proxy
statement/prospectus/information statement described above.
Forward Looking Statements
This communication contains
forward-looking statements which include, but are not limited to,
statements regarding expected timing, completion, and effects of
the proposed merger transaction. These forward-looking statements
are subject to the safe harbor provisions under the Private
Securities Litigation Reform Act of 1995. MYOS's expectations and
beliefs regarding these matters may not materialize. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements as a result of uncertainties,
risks and changes in circumstances, including but not limited to
risks and uncertainties related to: the ability of the parties to
consummate the proposed merger transaction, satisfaction of closing
conditions precedent to the consummation of the proposed merger
transaction, potential delays in consummating the transaction and
the ability of MYOS to timely and successfully achieve the
anticipated benefits of the transaction. Additional risks and
uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the caption "Risk Factors" and
elsewhere in MYOS's most recent filings with the SEC, including
MYOS's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020 and any subsequent
reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from
time to time and available at www.sec.gov. These documents can be
accessed on the MYOS Investor Relations page at
https://ir.myosrens.com/ by clicking on the link titled "SEC
Filings." The risks and uncertainties may be amplified by the
COVID-19 pandemic, which has caused significant economic
uncertainty. The extent to which the COVID-19 pandemic impacts
MYOS's and MedAvail's businesses, operations, and financial
results, including the duration and magnitude of such effects, will
depend on numerous factors, which are unpredictable, including, but
not limited to, the duration and spread of the outbreak, its
severity, the actions to contain the virus or treat its impact, and
how quickly and to what extent normal economic and operating
conditions can resume.
The forward-looking statements included in this communication
are made only as of the date hereof. MYOS and MedAvail assume no
obligation and does not intend to update these forward-looking
statements, except as required by law.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. Any offers,
solicitations of offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act.
Investor Relations:
MYOS RENS Technology
Joanne Goodford
Phone: 973-509-0444
Email: jgoodford@myoscorp.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/myos-rens-technology-inc-announces-settlement-of-litigation-with-rens-technology-inc-301094454.html
SOURCE MYOS RENS Technology