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Lotus Bio-Technology Development Corp. (OTC: LBTD) announced the sale of its at-home diagnostic testing brand, Boomerangkit.com, LLC, to BioGnomics Lab, LLC, a CLIA-certified laboratory. This sale coincides with a leadership change, as William McDonald is appointed as the new Director, succeeding Frank Gianotti. The company emphasizes that this transaction aligns with its strategic goals, although it also includes a forward-looking statement noting inherent risks and uncertainties in the market.
Lotus Bio-Technology Development Corp. (LBTD) released a shareholder update on August 29, 2022, addressing an SEC complaint from August 15 involving past insider trading allegations against a former officer, which new management was unaware of. The company is conducting an internal investigation, ensuring no current management is implicated. Plans to enhance compliance and reporting practices include hiring a new securities attorney and changing transfer agents. Despite past issues, the new CEO, Hoyt Christopher, expresses confidence in the company's revenue and management.
Lotus Bio-Technology Development Corp. (OTC:LBTD) has announced its rebranding to Boomerang Corporation, aligning with a modernized business model aimed at empowering users in healthcare. The company will deliver at-home diagnostic test kits, allowing customers to collect samples and receive results and wellness plans digitally. This model mirrors successful companies like EverlyWell and Hims & Hers. Boomerang targets the growing digital health market, focusing on personalized healthcare solutions across various health categories, including Men's Health and COVID-19.
Lotus Bio-Technology Development Corp. (OTC: LBTD) announced that Zoltan Nagy has resigned from the Board of Directors, effective August 3, 2022. Following his resignation, he surrendered his legal rights to 150,000,000 common shares to the Treasury. The company is expected to announce new board members soon. Boomerang, a key component of LBTD's business model, competes with companies like EverlyWell and Hims & Hers by providing at-home diagnostic testing and personalized wellness plans to improve users' health.
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