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.
Forward-Looking Statements
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.
Contact: InvestorRelations@venaxis.com
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SOURCE Bioptix, Inc.