PALM DESERT, Calif., May 15, 2017 /PRNewswire/ -- Nevis Capital Corporation ("Nevis") (OTC Pink Open Markets: OCEED) is pleased to announce that pursuant to its court ordered acquisition by ASC Biosciences, Inc. ("ASC" or "the Company"), it will henceforth be known as ASC Biosciences, Inc. and for the next twenty days has been authorized by FINRA to trade with the symbol OCEED, which at the expiry of said twenty days will change to ASCW. Also by order of the court, new directors and officers have been appointed to ASC Biosciences, Inc.
The Company subsequently announced a 1-for-2,000 reverse stock split, which when applied to all of the existing shares of the Company's common stock, plus the additional 8,020,000 new shares (ordered by the court to award control of Nevis to ASC) will reduce the total number of outstanding shares to approximately 8,030,704. All fractional shares were rounded up.
Common shares will also trade under a new CUSIP number - 00216Q102.
"The name change to ASC Biosciences reflects the reorganized Company's transition into biotechnology," said Neville Pearson, the Company's newly appointed President/ Chief Executive Officer. Mr. Pearson further stated, "The purpose of this reverse stock split is to better position the Company to become listed on the OTCQB exchange, subject to our ability to satisfy the requirements. This should allow the company access to a much larger group of investors that will only invest in companies that are fully reported and listed on the OTCQB, as well as enhanced liquidity to our shareholders."
In connection with the name change and reverse stock split, the Company also fixed the number of authorized shares of stock after the reverse stock split at 50,000,000 shares of common stock, with $0.001 par value per share.
About ASC Biosciences, Inc.
ASC Biosciences, Inc. ("ASC" or the "Company") is a development stage biotechnology company that has a proprietary adult stem cell platform capable of forming nearly every tissue in the human body. These cells, Multipotent Adult Stem Cells ("MASCs"), will differentiate into cartilage, bone, tendon, muscle, ligament, fat, blood vessels, nerves, skin, etc. in humans. MASCs have apparent unlimited proliferation potential (do not reach replicative senescence) and have been shown to regenerate tissues by differentiating into the cell types at the site. MASCs lack the ability to cause a rejection response, and can thus be used allogeneically - which means that cells harvested from a single donor can be expanded in culture and the expanded cells can be used to treat hundreds, thousands, or millions of patients. ASC believes it has a sustainable competitive advantage with its MASCs. Once FDA approved, the Company's MASCs will replace the need to use autologous stem cells for therapies. The MASCs will essentially become known as "cells in a bottle", providing a specified dose of adult stem cells for specific therapies, which is an enormous advantage over harvesting cells from a patient's body. ASC intends to establish an intellectual property portfolio that will provide proprietary dominion in the repair and regeneration of all human tissues. For more information visit: http://www.ASCbio.com or @ASCbio1 on Facebook.
Investors should be aware that the OCEED symbol currently carries a "Pink No Information" warning on the OTC Pink Open Market web site due to the previous owners not having filed the requisite quarterly reports prior to their court ordered loss of ownership.
ASC Biosciences, Inc. can now report that the missing Nevis Capital reports, which were never submitted by the prior owners, were submitted to the OTC's "Disclosure & News Service" department on May 14, 2017.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about ASC Biosciences, Inc. industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the OTC Markets - https://www.otcmarkets.com.
Contact: ASC Biosciences, Inc. Neville Pearson, President/Chief Executive Officer
Neville(at)ascbio(dot)com or knowledge(at)ascbio(dot)com.
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SOURCE ASC Biosciences, Inc.