University Health Industries, Inc. and University Lab Technologies, Inc. Announce Share Exchange

Share Article

University Health Industries, Inc., formerly Virtual Innovations, Inc. (Company) (OTC:VRTN) announced today that the Company has completed a share exchange with the shareholders comprised of management owning a majority of the issued and outstanding shares of University Lab Technologies, Inc. (ULT), a Florida corporation engaged in the development, marketing and sale of proprietary, patent-pending nutraceutical products.

We are very pleased to have effected this share exchange and believe our status as publicly traded company will serve to enhance our business objective which is to become a leading provider of various proprietary nutraceutical products worldwide.

    Following such share exchange, the Company's executive offices are now located at ULT's corporate offices, 950 Peninsula Circle, Suite 3022, Boca Raton, Florida 33487.

The Company's website address is http://www.universityhealthindustries.com.

A request has been submitted to the Corporate Data Operations Department of the NASDAQ Stock Market to process the Company's new name and to change the Company's trading symbol.

In connection with the share exchange, which was effected on the basis of two shares of University Health Industries Inc. restricted common stock for each one share of ULT restricted common stock, ULT has become a majority-owned Company subsidiary, such former shareholders of ULT have collectively become the majority shareholders of the University Health Industries Inc., Mr. George Theodore and Jarret Morrow, M.D., ULT's Chief Executive Officer and President, respectively, have assumed such respective positions with University Health Industries Inc., and become the Company's directors, and the Company's former management resigned.

Post-share exchange, University Health Industries Inc., current management owns approximately 69% of the Company's issued and outstanding common stock. The Company plans to offer the remaining shareholders the opportunity to exchange their shares of ULT restricted common stock for shares of University Health Industries Inc. restricted common stock on the same terms and conditions pursuant to one or more applicable exemptions from securities registration requirements, and subject to any required regulatory approvals.

The Company's Chief Executive Officer, Mr. Theodore stated, "We are very pleased to have effected this share exchange and believe our status as publicly traded company will serve to enhance our business objective which is to become a leading provider of various proprietary nutraceutical products worldwide."

Mr. Theodore continued, "The nutraceutical market is thriving worldwide. Nutraceuticals are generally defined as foods, vitamins, minerals and supplements that deliver therapeutic or preventive health benefits. Our current proprietary patent pending product line includes Arthroleve(TM), a joint and pain relief product, and Zenstral PMS(TM), a product for the treatment of premenstrual syndrome. Such products are presently offered through our infomercials on The Discovery Channel, The Game Show Channel, Men's Heath Network, the PAX Network, and TV1 cable networks nationally and through our websites http://www.arthroleve.com, and http://www.zenstralpms.com. We have recently submitted a patent application to the U.S. Patent and Trademark Office for a cold and flu remedy, and have several additional nutraceutical products under development which we look forward to introducing to market."

Mr. Theodore is a seasoned business professional with over twenty years experience in sales, marketing and public relations. He was a co-founder and principal executive officer of one of Canada's premier news and information dissemination companies, and prior to that, founded a successful marketing production company that pioneered on screen and point of purchase advertising distribution through a major movie theatre distribution company with operations throughout Canada and the United States.

Dr. Morrow, Mr. Theodore's brother-in-law, received his Doctor of Medicine from The University of Alberta in June 2001 and prior to that, received his Bachelor of Science with Specialization in Pharmacology with Distinction, also from The University of Alberta, in June 1997. Dr. Morrow has been a distinguished presenter at numerous scientific and medical conferences worldwide, generally involving various areas of psychiatry, including anxiety disorders and the physical impact of psychological stress, and has also co-authored numerous medical research publications generally involving similar subjects. Dr. Morrow also serves as the Company's Chief Science Officer.

University Health Industries Inc. has a world class medical advisory board comprised of physicians and pharmacologists from the United States, Canada, and the United Kingdom. Our medical advisory board includes the following advisors: Dr. Serdar Dursun, MD/PhD; Dr. Terry Allen, PhD; Dr. Glen Baker, PhD; Dr. Benjamin Barankin, MD; Dr. Naveed Alam, MD; and Dr. Mike Dunn, MD. Our medical advisory board, which works closely with our Chief Science Officer, Dr. Jarret Morrow, in developing future products to the nutraceutical market, has more than 600 peer-reviewed medical publications and more than 20 collective patents.

This press release contains forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, statements with the terms "believes," "belief," "expects," "plans," "anticipates" and similar statements should be considered uncertain and forward-looking. Forward-looking statements are not guarantees of future performance. Such statements are subject to risks and uncertainties as may be discussed from time to time, in the Company's press releases and/or other public announcements, which could cause actual results to differ materially from those discussed in the forward looking statements and from historical results of operations.

Factors that might cause such a difference for the Company include, without limitation: need for additional capital to fully effectuate the Company's business plan; uncertain ability to access such capital; limited ULT operating history and losses incurred to date; no assurances of profitability; possible contingent liability relating to prior sales of certain shares of ULT common stock which could strain financial resources; no assurances of patent issuances and protection; and intense competition within the nutraceutical industry.

The Company does not undertake any obligation to update any of such forward-looking statements.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website