Lotus Bio-Technology Development Corp, Inc , Announces Resignation of Director and Surrendering of 150,000,000 Common Shares to Treasury.

Rhea-AI Summary

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.

Positive

• Anticipation of new board members may bring fresh perspectives.
• Boomerang's focus on at-home testing positions it well in the growing health diagnostics market.

Negative

• The resignation of a board member may raise concerns about leadership continuity.
• The surrender of 150,000,000 shares could negatively impact shareholder value.

IRVINE, Calif., Aug. 16, 2022 /PRNewswire/ -- Lotus Bio-Technology Development Corp. (OTC: LBTD) announced today that Zoltan Nagy has resigned as a board member of the Board of Directors effective August 3^rd, 2022.

Additionally, Zoltan Nagy has surrendered to Treasury his legal right, title, and interest in the 150,000,000 Common Shares that he owned.

The company looks forward to announcing additional board members in the near future.

Boomerang employs a similar business model to EverlyWell (currently valued at $2.9 Billion) and Hims & Hers, Inc. (currently valued at $1.2 Billion). Boomerang delivers test kits directly to users that include self-collection sample devices. The user then ships their sample back to one of Boomerang's labs via a return-label for testing and receives their results digitally as well as a custom wellness plan based on the results. Boomerang currently offers testing supporting Men's Health, Women's Health, Sexual Health and COVID-19.

About Boomerang;

Boomerang is hyper-focused on enhancing the life of its users by rewarding them with unique access to products and experiences for taking control of their physical and mental health. Through state of the art at-home diagnostic testing, customizable wellness plans, and strategic partnerships, Boomerang provides unparalleled access to healthcare and improves quality of life for its users.

More information about the company can be found at: boomerangkit.com

Safe Harbor Statement: This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward- looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements.
Readers are urged to carefully review and consider the various disclosures made by LBTD in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contact:
David Ottestad, Creative Director
Email: ir@boomerandgkit.com

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SOURCE Boomerang Corporation

FAQ

What led to Zoltan Nagy's resignation from Lotus Bio-Technology Development Corp.?

Zoltan Nagy resigned as a board member effective August 3, 2022.

How many shares did Zoltan Nagy surrender after his resignation from LBTD?

Zoltan Nagy surrendered 150,000,000 common shares to the Treasury.

What can shareholders expect following the resignation of Zoltan Nagy from LBTD?

Shareholders can anticipate the announcement of new board members, which may influence future company direction.

What is Boomerang's business model compared to EverlyWell and Hims & Hers?

Boomerang provides at-home diagnostic testing and personalized wellness plans, similar to EverlyWell and Hims & Hers.