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Biotricity Issues Statement Regarding Recent Promotional Activity
REDWOOD CITY, Calif., Aug. 24, 2018 (GLOBE NEWSWIRE) -- Biotricity, Inc. (OTCQB:BTCY) (the “Company”) announced today that it has been made aware of and requested by the OTC Markets Group, Inc. to comment on recent promotional activity concerning its common stock.
On August 23rd, the OTC Markets Group sent the Company a copy of an article published on August 20th, 2018 by One Equity Stocks, LLC, a third party marketing and awareness firm utilized by one of the Company’s marketing firms, JLS Ventures. The Company was not aware of the release until the OTC Markets sent the copy on August 23rd.
After inquiry of management, except with respect to the engagement of JLS Ventures as further described below, none of the company’s officers were involved, directly or indirectly, with the creation or distribution of promotional materials nor were we asked to provide, nor did provide any editorial content.
After the Company was contacted by OTC Markets regarding the promotional activity, the Company contacted JLS Ventures, and was informed by JLS Ventures that JLS Ventures engages third parties, such as One Equity, for marketing, and pays such third parties at market rates for such promotional material. The Company was further informed that JLS Ventures are not directly or indirectly involved in the creation or distribution of such marketing material.
The article discussed an overview of the Company’s business along with other referenced firms. The Company does not believe the statements referencing it in the promotional materials were false or misleading. The OneEquity press release states that “rumor has it that a major seller has finally abated”. The Company believes that this may be a reference to a recent sale of approximately 1,008,249 shares of its common stock by a fund manager with discretion over a few accounts. The Company has confirmed this sale occurred prior to the publishing of the release. Other commentary in the press release appears to express the author’s personal opinions.
The Company believes the promotional activity may have been a factor with respect to an increased price and trading volume of the Company’s common stock that occurred following the promotional activity. However, this period also corresponded with the completion of the sale of shares by a fund manager, as discussed above, which the Company believes may also have been a factor with respect to such increased price and trading volume.
After inquiry of Company management, none of the Company’s officers, directors or controlling shareholders nor third party service providers, have sold or purchased Company securities in the past 90 days. The company has not at any point issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
In the last 12 months, the Company has engaged IRTH Communications to provide investor relations services, McCoin and & Smith to provide media and public relations services, JLS Ventures for marketing, and Swing Wire Media to handle its Social Media program.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes 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.