Virogen Announces a Major Restructuring
SAUSALITO, Calif., July 26, 2013 /PRNewswire/ -- Virogen, Inc. (OTC:VRNI), is being restructured to become a traditional holding company focused on acquiring established companies with strong fundamentals. In addition, Virogen will provide its portfolio and client companies with cutting edge financial and restructuring strategies. To accomplish this objective, the majority shareholders have elected a 3-member Board of Directors to: 1) change the name of the company to SBD Group, Inc.; 2) to reverse the issued common stock to below 500,000 shares; 3) to reduce the number of authorized common shares to 15,000,000; 4) restructuring the debt; 5) place a substantial reserve against the value of the Tiger Team Technology intellectual property asset; 6) discontinue the Cannabis Connection business unit and efforts: and 7) to redefine the Preferred Shares stock classes to a more traditional form in order to better fund the growth of the company going forward.
SBD Group's business model and underlying strategy is based on the Engineering of a Public Company which is focused at companies with solid business fundamentals, a realistic capital structure, and a solid management team.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Virogen, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions the occurrence of unanticipated events or changes to future operating results.
SOURCE Virogen, Inc.