Bioptix Reports Board of Director Changes
BOULDER, Colo., Jan. 6, 2017 /PRNewswire/ -- Bioptix, Inc. (Nasdaq: BIOP), (the "Company"), announced that Gail Schoettler, Susan Evans and David Welch have resigned from the Company's Board of Directors. On December 8, 2016, Barry Honig, the beneficial owner of more than ten percent of the outstanding shares of the Company, commenced a legal action in Colorado State court to compel the Company to hold a special meeting of shareholders to, among other items, hold a Director election. Following commencement of such action, members of the Board of the Company engaged in discussions with other principal shareholders of the Company, and, based on such discussions, determined that if such special meeting were to be held, the proposals submitted by Mr. Honig would likely be approved by the shareholders. Therefore, in the best interests of the Company and its shareholders, in order to preserve the assets of the Company to be used for business purposes, the three directors resigned from the Board and each Committee of the Board on which he or she serves, effective as of January 6, 2017.
Also on January 6, 2017, the Company appointed John O'Rourke and Mike Dai as directors of the Company following the above resignations. Mr. O'Rourke and Mr. Dai constitute independent non-employee directors as defined by NASDAQ Rule 5605(a)(2). Mr. O'Rourke constitutes an audit committee financial expert within the meaning of Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act of 1933, as amended. Mr. Beeghley, Mr. O'Rourke and Mr. Dai were also each appointed to the Nominating and Governance Committee (Mr. Beeghley, Chairman), Audit Committee (Mr. O'Rourke Chairman) and Compensation Committee (Mr. Dai Chairman) and all other directors were removed from such committees.
About Bioptix, Inc.--
Bioptix, Inc., through its operating subsidiary BiOptix Diagnostics, Inc., has developed an Enhanced Surface Plasmon Resonance ("SPR") instrument designed to increase the flexibility and reliability of SPR, in order to address the increasing demand for instruments suitable for a broader range of applications, while offering far greater performance per dollar than other instruments commercially available. BiOptix SPR biosensors shed light on important binding parameters that are crucial for determining whether a biologic or small molecule drug will be efficacious in humans and at what dose a drug should be administered.
This press release includes "forward-looking statements" of Bioptix, Inc. (the "Company") as defined by the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements, as a result of many factors, including our ability to advance commercialization and product development activities, retain the management and scientific team to advance the products, compete effectively in a competitive market, obtain and enforce intellectual property rights, realize value of intangible assets, and deal with general business conditions. Furthermore, the Company does not intend (and is not obligated) to update publicly any forward-looking statements.
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SOURCE Bioptix, Inc.
Released January 6, 2017