Lotus Bio-Technology Development Corp, Inc. Initiates Company Name Change

Rhea-AI Summary

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.

Positive

• Rebranding to Boomerang Corporation to reflect a user-friendly healthcare approach.
• Unique at-home diagnostic testing model aimed at increasing accessibility and customization in healthcare.
• Potential to capture a share of the billion-dollar digital health market.

Negative

• None.

IRVINE, Calif., Aug. 16, 2022 /PRNewswire/ -- Lotus Bio-Technology Development Corp. (OTC:LBTD) is excited to announce today that the company has begun the process of changing its name from Lotus Bio-Technology Development Corp. to Boomerang Corporation.

Regarding the name change, CEO Hoyt Christopher said, "This new name more closely reflects the approachable, personalized nature of our current and future business model which aims to empower users by making healthcare easily accessible, customizable, and controllable."

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 saw an opportunity to reinvent healthcare by moving diagnostic tests into the comfort of home and providing users with an empowered path forward based on their results. Through state of the art at-home diagnostic testing, customizable wellness plans, and strategic partnerships, Boomerang is uniquely positioned to become a leader within the fast-growing billion-dollar digital health market.

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

View original content:https://www.prnewswire.com/news-releases/lotus-bio-technology-development-corp-inc-initiates-company-name-change-301607074.html

SOURCE Boomerang Corporation

FAQ

What is the name change for Lotus Bio-Technology Development Corp.?

Lotus Bio-Technology Development Corp. is changing its name to Boomerang Corporation.

When was the name change announced for LBTD?

The name change was announced on August 16, 2022.

What business model will Boomerang Corporation use?

Boomerang Corporation will utilize an at-home diagnostic testing model, shipping test kits directly to users.

What health areas does Boomerang Corporation focus on?

Boomerang Corporation offers testing for Men's Health, Women's Health, Sexual Health, and COVID-19.

How does Boomerang's model compare to other companies?

Boomerang's model is similar to companies like EverlyWell and Hims & Hers that provide direct-to-consumer health testing.