Signal Bay, Inc. Parent Company of EVIO Labs provides Corporate
Update
Bend, OR 07/20/2017 Signal Bay Inc. (OTCQB:SGBY) a
market leader in cannabis testing, research, and advisory services
is pleased to provide our shareholders a corporate update.
Coast to Coast is our new mantra, stated Signal Bay CEO William
Waldrop, We plan to have EVIO Labs represented in every market that
requires independent laboratory testing across North America. We
have made significant strides in this endeavor, acquiring,
accrediting and streamlining four labs in Oregon pre-legalization
and our location in Yuba City, CA. Now those same labs are
recording significant growth on a year-over-year basis. We are now
aggressively approaching California with the same vigor, seeking to
identify local markets and building client relationships that will
maximize shareholder value. We feel our recent decision to locate
in Costa Mesa, California will be pinnacle to helping us achieve
this goal. We are in final phases of discussions with prospective
growth opportunities that will expand the EVIO Labs brand into the
North East, South East and even the Central United States.
Speaking of brand recognition, the Board of Directors has
realized that from our inception as a consulting and industry
research company under the brand of Signal Bay, and the tremendous
growth of our EVIO Labs division, there is a need for uniform
national branding and awareness efforts. As such, the Board of
Directors has approved a shareholder vote to rename the company
EVIO, INC. Along with this renaming, if approved we would request
FINRA to change our stock symbol to reflect our new identity.
The company continues to refine and improve its business model,
complete the implementation of new equipment, and strive to
maximize efficiencies from our recent acquisitions. But as
previously noted, to support the accelerated growth for a company
at this stage cannot be accomplished solely by relying on internal
cash flow. As such Signal Bay has been able to secure a $3M
mezzanine financing commitment from two institutional investors.
These debenture financing agreements have been structured to
provide Signal Bay the capital it needs to expand into these
markets while minimizing shareholder impact.
CEO Will Waldrop continues "Our continued meetings with
institutional investors, at events such as L.D. Micro, continues to
drive strong interest based on our tremendous growth and continued
success. The one area of heartburn is that we continue to get
negative feedback regarding our current share structure. It
severely limits the types of institutional investors we can attract
and as such impacts our ability to raise traditional equity
financing. It is time to address the elephant in the room and clean
up our share structure. As such, the Signal Bay Board of Directors
has approved a shareholder vote to perform a reverse stock split of
the companys common stock. As discussed back in March, the holders
of both the Series B and Series C preferred stock removed all
anti-reserve provisions, so they will reverse along with the common
stock on a pro-rata basis. Our goal is that when this is complete,
we will only have one series of common stock. This coupled with our
new acquisition financing will have a positive impact on all
shareholders. We feel that this is imperative to protect the value
created thus far through our achievements and prepare the company
to be positioned for growth and future up-listings.
About Signal Bay
Signal Bay, Inc. (the Company) is an Oregon-based Bio-Tech
company. Through its three subsidiaries: EVIO Labs, Signal Bay
Research and Signal Bay Services; the Company provides analytical
testing services, management advisory services and scientific
research to the legal cannabis industry. The Company's EVIO Labs
division operates state-of-the-art testing facilities and offers
accredited testing methodologies performed by a team of
professional scientists to ensure the safety and quality of the
nation's cannabis supply. Learn more at http://www.SignalBay.com or the Company can be reached
directly @ 1-888-544-EVIO.
Safe Harbor Statement
Any statements in this press release that are not statements of
historical fact may be considered to be forward-looking statements.
Statements may contain certain forward-looking statements
pertaining to future anticipated or projected plans, performance
and developments, as well as other statements relating to future
operations and results. Words such as "may," "will," "expect,"
"believe," "anticipate," "estimate," "intends," "goal,"
"objective," "seek," "attempt," or variations of these or similar
words, identify forward-looking statements. These forward-looking
statements by their nature are estimates of future results only and
involve substantial risks and uncertainties, including but not
limited to risks associated with the uncertainty of future
financial results, additional financing requirements, development
of new products, our ability to complete our product testing and
launch our product commercially, the acceptance of our product in
the marketplace, the uncertainty of the laws and regulations
relating to cannabis, the impact of competitive products or
pricing, technological changes, the effect of economic conditions
and other uncertainties detailed from time to time in our reports
filed with the Securities and Exchange Commission, available at
www.sec.gov or www.signalbay.com
Investor Relations:
investors@signalbay.com