VANCOUVER, British Columbia and PHOENIX, Nov. 8, 2011 (GLOBE NEWSWIRE) -- Global Health Ventures Inc. (OTCBB:GHLV), a specialty pharmaceutical company with focus on sublingual and orodispersable drugs announced today the following corporate actions.
- On September 23, 2011, the Company completed a merger with its wholly owned subsidiary, Kedem Pharmaceuticals Inc., and formally assumed the subsidiary's name by filing Articles of Merger with the Nevada Secretary of State. The subsidiary was incorporated entirely for the purpose of effecting the name change and the merger did not affect the Company's Articles of Incorporation or corporate structure in any other way.
- On September 26, 2011, the Company completed a 1 for 20 reverse split of its common stock and effected a corresponding decrease in its authorized capital by filing of a Certificate of Change with the Nevada Secretary of State. As a result of the reverse split, the Company's authorized common stock decreased from 1,000,000,000 shares to 50,000,000, and its issued and outstanding common stock decreased from 196,333,192 shares to 9,816,660.
- In order for the name change and reverse split to be recognized on the OTC Bulletin Board, the Financial Industry Regulatory Authority ("FINRA") was required to process the corporate actions. FINRA has now processed the name change and reverse split, both of which became effective in the market at the open of business on November 7, 2011. At that time, the Company's common stock became eligible for quotation on the OTC Bulletin Board under the name Kedem Pharmaceuticals Inc. and the trading symbol "GHLVD.ob". On December 6, 2011, the Company's trading symbol will revert to "GHLV.ob" and on December 20, 2011, it will change permanently to "KDMP.ob".
Kedem Pharmaceuticals Inc. is a specialty pharmaceutical company with expertise in drug delivery and formulation. The Company's lead therapeutic product is a male sexual enhancement drug that is delivered via sublingual route and is called X-Excite. The Company has several other drugs under development for fast and convenient delivery. These include drugs for cardiovascular diseases, sleeping disorders, pain killers, anti-allergy medications, lung medications, migraine and addiction replacement therapies.
Forward-looking Statement
This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the products in commercializing and developing. Additionally this press release include statement within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to high risks, uncertainties and other factors, including that the Regulatory Agencies may not agree to the claims made in the Company documents related to our products, and product development. There are risks that due to un foreseen reasons, matters could cause the actual results to differ materially from those referred in our fillings. Risks involved patent infringement, trademark and other commercially related actions that hinder the product development and marketing. Additional risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products. Investors are encouraged to review the risk factors listed or described from time to time in the Company's filings (10K) with the Securities and Exchange Commission, as well as to obtain independent third party opinions before investing in the Company's securities.