Aphex BioCleanse Systems Inc Files for Bankruptcy Protection under Chapter 11, Subchapter V

Rhea-AI Summary

Aphex BioCleanse Systems, Inc. (OTCPK: SNST) filed a voluntary Chapter 11 bankruptcy petition on May 12, 2022, in Florida. The filing was driven by litigation from former executives that compromised the company's integrity and financial stability. These actions included illegal communications and false documentation by a former CEO. Aphex aims to reorganize and secure Debtor in Possession financing to promote its unique hydrogen-based sanitizing product, Hy-IQ Water, designed to combat dangerous germs without chemicals.

Positive

• Plans to submit a reorganization plan.
• Aims to secure Debtor in Possession financing to enhance marketing efforts.

Negative

• Filed for Chapter 11 bankruptcy due to former executives' litigatory actions.
• Litigation has damaged business integrity and shareholder trust.

Venice, FL, May 19, 2022 (GLOBE NEWSWIRE) -- Aphex BioCleanse Systems, Inc. (OTCPK: SNST), has filed a voluntary petition under the Federal Bankruptcy Code, Chapter 11, Subchapter V. The Petition was filed on May 12, 2022 in the United States Bankruptcy Court Middle District of Florida Tampa Division.

The filing was precipitated by the litigatory actions of certain former Directors and Officers that while unfounded have damaged the business integrity of the Company and endangered the Company’s shareholders as well as inhibiting the ability of the Company to raise working capital and market its products.

The actions of these persons have included illegal and unfounded filings in Nevada, and numerous erroneous and illegal emails and communications designed to misinform Company Shareholders and Distributors. This includes the Former CEO and Chairman executing false documents impersonating the CEO and other Officer Titles of the Company MONTHS after being terminated for cause. This former CEO is now instrumental in leading the attempts to damage and take over the company.

Aphex plans to submit a timely reorganization plan and seek Debtor in Possession Financing to drive the marketing of its unique sanitizing water known as Hy-IQ and related products.

About Aphex BioCleanse Systems, Inc. (Aphex):

Aphex is the developer of the world's first proprietary non-alcohol, non-toxic, hydrogen-based cleaning technology, and has been producing germ killing solutions for over 10 years. The technology, called Hy-IQ^® Water, has a unique method of sanitizing that you won’t find anywhere else. Hy-IQ^® Water uses hydrogen ions traveling nearly at the speed of light to breach the cell walls of exoskeleton germs.

“We Kill Germs with Physics, Not Chemistry” is a tagline that expresses their commitment to the environment by providing non-Chemical solutions to the spread of dangerous pathogens.  Killing the most dangerous germs on the planet, while meeting the EPA’s definition of “Water”, is revolutionary.

To find out more about Aphex and their technologies, visit Aphex BioCleanse Systems, Inc. - Superior Sanitization (aphexus.com)

Forward Looking Statements:

This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to, any products sold or cash flow from operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Investor Contact:

Anthony Marrotti
585-880-1567
https://aphexus.com/

FAQ

What is the status of Aphex BioCleanse Systems, Inc. (SNST) following the bankruptcy filing?

Aphex BioCleanse Systems, Inc. filed for Chapter 11 bankruptcy on May 12, 2022, to reorganize its business.

What led to the bankruptcy filing of Aphex BioCleanse Systems, Inc. (SNST)?

The bankruptcy was caused by litigatory actions from former directors and officers that harmed the company's integrity.

What are Aphex's plans post-bankruptcy filing?

Aphex plans to submit a reorganization plan and seek Debtor in Possession financing to promote its sanitizing products.