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Novus Acquisition & Development Corp. CEO Returns 90 Million Personal Shares to Treasury
Novus Acquisition & Development Corp. CEO Returns 90 Million Personal Shares to Treasury.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"\n \n \n Novus Acquisition & Development Corp. CEO Returns 90 Million Personal Shares to Treasury\n \n \nNovus Acquisition & Development Corp. CEO Returns 90 Million Personal Shares to Treasury\n \n MIAMI, FL--(Marketwired - Jan 16, 2015) - Novus Acquisition & Development Corp. (OTC PINK: NDEV), a provider of health and wellness savings plans through its wholly-owned subsidiary Novus Medical Group Inc., today announced that Chief Executive Officer Frank Labrozzi has returned 90 million of his personal common shares of NDEV to the company treasury.\n After the return of 90,000,000 common shares to treasury the reduction of issued and outstanding will go from 178,503,624 shares of common stock to 88,503,624 issued and outstanding, a 50% reduction. The return of these shares demonstrates management's desire to maintain a capital structure that supports growth without increasing the number of authorized or outstanding shares. \n \"By returning 90 million of my own shares back to treasury benefits existing shareholders position with an increase by around 50% in total,\" said Novus Acquisition & Development Corp. CEO Frank Labrozzi. \"We look forward to continuing to enhance value and transparency for both existing and future shareholders. And also shareholders should be aware that this is not any shape or form a reverse split; it's me sending back a portion of my position in NDEV to treasury.\"\n As outlined in previous press releases, the Company intends to file Form 10 to become a fully-reporting company traded on the OTCQB this month in order to further enhance shareholder value and transparency. Management continues to work toward achieving these goals, while simultaneously expanding the Novus MedPlan network to include new states and practitioners in the medical marijuana and integrative medicine industries.\n About Novus Acquisition & Development Corp.\n Novus Acquisition & Development Corp. (\"Novus\") provides health insurance and related insurance solutions to the medical marijuana industry in states where legal programs exist. The Company also plans to offer physicians' education programs, pharmaceutical R&D, compliance, and business development services within the industry. \n NDEV will work as outside developers and will not cultivate, handle, transport grow, extract, dispense, put up for ...