Glucose Health, Inc. Corporate Update
Glucose Health, Inc. (OTC Pink: GLUC) announced significant changes to its Board of Directors amid concerns regarding potential violations of securities laws connected to Celsius Holdings. The company's CEO and a board member from Celsius resigned following the revelation of an SEC investigation into Celsius. Consequently, 1.8 million shares underlying the resigned directors' warrants were canceled, reducing GLUC's fully diluted share count from 22.1 million to 20.3 million. This restructuring positions Glucose Health to refocus on its unique market of functional, diabetic-friendly beverages.
- Cancellation of 1.8 million shares from the fully diluted share count, reducing it to 20,338,632.
- Refocusing on the market for functional, diabetic-friendly beverages.
- Resignations of CEO and board member amid SEC investigation into Celsius.
- Association with Celsius raises regulatory concerns that could impact investor confidence.
BENTONVILLE, AR, March 24, 2022 (GLOBE NEWSWIRE) -- Glucose Health, Inc. (OTC Pink: GLUC) ("Company") today provided the following corporate update, in response to requests from shareholders and interested parties for clarification of recent corporate events.
John Fieldly, the current Chief Executive Officer of Celsius Holdings, Inc. (Celsius), Hal Kravitz, a current member of the Board of Directors of Celsius, and Gerry David, the former Chief Executive Officer of Celsius, comprised the independent members of the Board of Directors of Glucose Health, Inc. The Company was honored that current and former executives of a NASDAQ listed company with a highly successful beverage brand, served on its Board.
The Company was not aware, and most importantly, was never informed by Mr. Fieldly or Mr. Kravitz, that Celsius faced an investigation by the Securities and Exchange Commission's Division of Enforcement, for possible violations of securities laws. After obtaining legal advice, Glucose Health, Inc. requested in writing, and received, their resignations. Following a period of reflection, Mr. David voluntarily submitted his resignation.
All warrants granted to the three directors have been cancelled by Glucose Health, Inc. In total, 1,800,000 shares of common stock underlying these warrants have been striken from the Company's fully diluted share count, which now stands at 20,338,632, reduced from 22,138,632.
About Glucose Health, Inc. (OTC Pink: GLUC):
Manufactured by Glucose Health, Inc., the GLUCODOWN® brand is defining a new beverage industry category – functional, diabetic friendly, beverages. By specializing in producing healthy and delicious beverages, nutritionally appropriate1 for the nation's 100+ million2 pre and Type-2 diabetics, and additionally in 2022, launching a new healthy and delicious ready-to-drink beverage formulated to meet the nutritional needs of 45+ consumers, Glucose Health, Inc. is uniquely positioned among all emerging beverage companies in America.
For more news visit www.glucosehealthinc.com
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1 For citations visit www.glucodown.com/clinical-data
2 National Diabetes Statistics Review, 2020; Centers for Disease Control and Prevention, Department of Health and Human Services
Contact:
Murray Fleming
Glucose Health, Inc.
info@glucosehealthinc.com
(479) 802-3827
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and while Glucose Health, Inc. is not subject to the 1934 Securities and Exchange Act, contains forward-looking statements within the meaning Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential, "possible," "probable, "believes," "seeks," "may, "will, "should," "could" or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.
FAQ
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