Follows Closing of Item 9 Labs Acquisition and $1 Million Definitive Financing Agreement
Bryce Skalla to Serve as Chief Executive Officer, Jessica Smith as Chief Financial Officer and Jeffrey Rassás as Chief Strategic Officer
SCOTTSDALE, Ariz., April 05, 2018 (GLOBE NEWSWIRE) -- Airware Labs Corporation (OTC:AIRW) (“Airware” or the “Company”) today announced that the Company’s Board of Directors and majority shareholders have voted to officially change the Company’s name to Item 9 Labs Corp., reflecting the Company’s new business direction. Airware has filed its plans for this proposed name change with the Financial Industry and Regulatory Authority (FINRA) and has requested a new ticker symbol that better suits the new name of the Company.
This name change is being taken pursuant to the Company’s recent acquisition of BSSD Group, LLC, an Arizona limited liability company, doing business as Item 9 Labs, which was completed on March 21, 2018. In conjunction with the acquisition, Airware closed on a material definitive financing agreement in the principal amount of $1 million. The new symbol is under review and will be forthcoming upon confirmation from FINRA.
Bryce Skalla, Co-Founder & CEO of Item 9 Labs, commented, “We are very excited about how things have progressed over the past few weeks with the recent combination of Item 9’s high-quality, medical-grade product and Airware Labs’ proprietary delivery platform. This upcoming name change to Item 9 Labs Corp. and corresponding ticker symbol change more appropriately reflects our strategic initiative to continue to build ourselves as an industry leader in the Cannabis Bio-Medical space.”
Following the completion of the corporate name and ticker symbol change, Item 9 Labs Co-Founder and Chief Executive Officer Bryce Skalla will serve as the Company’s Chief Executive Officer, Airware Labs’ Chief Financial Officer Jessica Smith will serve as Chief Financial Officer, and Airware Labs’ Chief Executive Officer Jeffrey Rassás will serve as Chief Strategic Officer.
About Item 9 Labs:
Item 9 Labs is an Arizona-based cannabis consulting company with a proven record of high quality medical marijuana flower and products focused on organic cost-effective solutions for whole body health. Item 9 Labs owns and operates 50 acres in Southern Arizona, the largest property zoned to grow and cultivate the medical marijuana flower. Many cannabis manufacturers have moved their focus to hydroponic techniques that utilize harsh chemicals and nutrients, hindering the bioavailability of their product. Item 9 Labs maintains plant derived natural soil media and nutrient regiments, which it believes generates a superior product through enhanced taste, smell, and effect increasing customer demand. As a direct result of these organic farming techniques, Item 9 Labs' medicine sells at a price that is 5-10% higher than its state competitors.
About Airware Labs Corporation:
Airware Labs Corp's products are patented and address key consumer health and quality of life challenges including intra-nasal delivery of drugs and therapeutic oils. Airware products provide relief from snoring, insomnia, nausea, headaches, airborne bacteria and viruses, allergies and congestion. The Airware lineup also includes sports performance products. Unlike external products such as nasal strips, these soft, comfortable, and discreet, latex and drug free products fit just inside the nose utilizing an FDA approved medical grade material. Nearly invisible for use anytime and anywhere, the Airware Labs products' microstructure enhances normal nasal airflow with every breath. Some Airware products include 3M filtration media to stop allergens, airborne bacteria and viruses as well as a blend of proven, therapeutic premium oils to provide additional antimicrobial protection and symptomatic relief.
Airware Labs previously announced the availability of its Airware Defense product in South Korea marking another milestone in its growing success in expanding product sales in international as well as domestic markets. Airware Labs announced prestigious retail outlets in India and China are now selling Airware Labs' products. Domestically, the Company's pioneering products are available through a number of brick and mortar retail locations including Walgreens, Albertsons, Acme, Shoppers, Shop n' Save, ACME, and Farm Fresh along with individual distributors in the United States, Canada, and Europe. Online the products are available at a variety of retail sites including Walmart, Walgreens, Target, Drugstore.com, CVS, Amazon and Airware Labs Corp.
Airware Labs Corp. (publicly traded as OTC: AIRW) provides patented, innovative breathing and intra-nasal deliver technology products that promote better health and enhanced wellbeing. The company is headquartered in Scottsdale, Arizona. Explore our extensive product line at http://www.airwarelabs.com and learn more about our company by visiting http://airwarelabscorp.com.
Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the release by Airware Labs Corp. of its products and matters involving or proposed with Item 9 Labs are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. Information related to Item 9 Labs has been provided directly by Item 9 Labs and Airware Labs Corp. has not independently verified any of the information provided. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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