Cell MedX announced that it has completed the acquisition of a proprietary technology for the treatment of diabetes and related ailments from the inventors of the Technology, Jean Arnett and Bradley Hargreaves.
In consideration for the Technology, the Company paid to Ms. Arnett and Mr. Hargreaves a total of USD $100,000 and issued to Ms. Arnett and Mr. Hargreaves options to purchase up to an aggregate of 20,000,000 shares of the Company’s common stock (10,000,000 each), having an initial exercise price of $0.05 per share.
The options are subject to performance vesting provisions based on the planning and completion of clinical trials involving the Technology. Prior to completing the sale of the Technology to the Company, Ms. Arnett and Mr. Hargreaves purchased an aggregate of 10,000,000 shares of the Company’s common stock from Mario Gregorio, formerly the Company’s principal shareholder.
Upon closing, Ms. Arnett was appointed to the Company’s Board of Directors and as the Company’s Vice President of Corporate Strategy, while Mr. Hargreaves was appointed as the Company’s Vice President of Technology and Operations. Yanika Silina was appointed as the Company’s Chief Financial Officer, Treasurer and Secretary. Frank McEnulty will continue to act as a director of the Company and as the Company’s Chief Executive Officer and President.
Jean Arnett has developed a progressive group of companies delivering world-class customer service to the medispa industry across North America; these include distribution, business planning & marketing, continuing education and medispa franchises. Ms. Arnett’s specialty is the development of strategic business models, addressing both vertical and horizontal markets thereby maximizing return on investment.
Ms. Arnett’s career has also covered banking and stock brokering positions for major banks in Canada. Ms. Arnett has been the director of strategic planning for XC Velle Institute Inc., a privately held technology and spa company, since 2009.
In addition, from 2001 to 2009, Ms. Arnett worked in the capacity of director of business and strategic planning for a privately held technology and spa company that at one point employed up to 15 employees. Jean Arnett is also the inspiration behind the Technology, having lived with Type 1 diabetes for more than 48 years.
Bradley Hargreaves’ background is in engineering, with three operations journeyman tickets. During the past eight years Mr. Hargreaves has researched the Technology and designed and improved treatment protocols for the treatment of diabetes and related ailments.
Mr. Hargreaves will provide his expertise and technical support to the Company’s research and development team and will oversee the continuous development of the project. Mr. Hargreaves has been the director of operations and principal of XC Velle Institute Inc., a privately held technology and spa company, since 2009. From approximately 2002 to 2009, Mr. Hargreaves worked operations for a privately held technology and spa company that at one point employed up to 15 employees.