CB Scientific, Inc. Concludes Its Special Meeting of Stockholders

Rhea-AI Summary

CB Scientific, Inc. (CBSC) successfully held its Special Meeting of Stockholders on January 14, 2022, achieving approximately 73% approval for all five proposals. The approved measures include reincorporating the company from Oregon to Nevada and renaming it Cardiac Biotech Solutions, Inc.. Management emphasizes this endorsement is crucial for pursuing future business goals and positions the company for a possible Nasdaq listing. The increase in common shares and potential reverse stock split will help maintain compliance with listing standards.

Positive

• 73% shareholder approval for all five proposals at the Special Meeting.
• Reincorporation and name change to Cardiac Biotech Solutions is expected to enhance business operations.
• Positioning for a potential Nasdaq listing improves future growth prospects.
• Management's ability to initiate a reverse stock split may stabilize share price.

Negative

• None.

Commanding shareholder approval better positions management to attain enterprise business objectives going forward

ESCONDIDO, CA / ACCESSWIRE / January 18, 2022 / CB Scientific, Inc. (OTC PINK:CBSC) ("CBSC" or the "Company") announced today that the company successfully concluded its Special Meeting of Stockholders ("Special Meeting") on Friday, January 14, 2022, as planned. Votes representing approximately 73% of the total eligible shares were counted, and each of the 5 proposals on the agenda passed by a wide margin. Efforts regarding certain matters including reincorporation of the Company from Oregon to Nevada, pursuant to a merger of the Company with and into a newly formed Nevada corporation and resulting in a change in name of the Company to Cardiac Biotech Solutions, Inc., are expected to commence immediately.

"We were extremely pleased that an overwhelming majority of our shareholders exhibited ample trust and confidence in management's recommendations to vote accordingly," said Charles Martin, Chief Executive Officer of CB Scientific, Inc. "Each of these actions were carefully contemplated and deliberately designed to provide the Company with critical tools we require to pursue planned business objectives. Now armed with a clear shareholder mandate, we are ready to move forward without delay."

"Looking to the future, the Company is now even better positioned for a potential listing on the Nasdaq exchange at the right time," said Paul Danner, Chairman of CB Scientific, Inc. "With the stockholder-approved increase in common shares, coupled with management's ability to initiate a reverse stock split should it be necessary, the Company can prudently manage its share price based on current market requirements. To be clear, a reverse stock split will be effected only if it is necessary to satisfy the initial or continued listing standards or requirements of The Nasdaq Capital Market or another national securities exchange."

As additional new developments occur, CB Scientific, Inc. plans to make timely announcements through press releases and regulatory filings to keep its shareholders, industry participants, and the public markets informed.

About CB Scientific, Inc.
CB Scientific, Inc., through its domestic and international subsidiaries, provides innovative products and services in the ambulatory non-invasive cardiac monitoring space. Our FDA and CE cleared EKG devices, interactive cloud-based acquisition software, and smartphone apps for both iOS and Android platforms provide improved compliance for patients at risk of abnormal heart rhythms, as well as more accurate information for physicians.

Company Contact Information:
Telephone: (888) 225-0870
Email: General Inquiries: info@cbscientificinc.com
Investor Inquiries: Robert Hesse - dorchco.bh@gmail.com
Follow CBSC: Twitter, Facebook, Instagram, LinkedIn, YouTube, and Newsletter

This information disclosure may contain forward-looking statements covered within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions, and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.

SOURCE: CB Scientific, Inc.

View source version on accesswire.com:
https://www.accesswire.com/684275/CB-Scientific-IncConcludes-Its-Special-Meeting-of-Stockholders

FAQ

What was the outcome of CB Scientific's Special Meeting on January 14, 2022?

CB Scientific achieved a 73% approval rate from shareholders for all five proposals discussed.

What significant changes were approved at CB Scientific's Special Meeting?

The shareholders approved the reincorporation from Oregon to Nevada and a name change to Cardiac Biotech Solutions, Inc.

How does CB Scientific plan to use the shareholder approval?

The approval allows management to pursue key business objectives and enhances its position for a future Nasdaq listing.

What does the increase in common shares mean for CB Scientific shareholders?

The increase provides management with tools to manage the share price and comply with exchange listing requirements.