ORLANDO, Fla., Nov. 11 /PRNewswire-FirstCall/ -- WellTek/MedX Group, health, fitness and wellness companies, today announced that it has completed a major corporate reorganization to facilitate becoming an SEC reporting company.
On November 11, 2009, MedX Systems, Inc. merged into a wholly owned subsidiary of an SEC reporting public company, previously named Pharmacity Corporation, and subsequently changed its name to WellTek Incorporated. As a result of the merger, there are 85,783,828 shares of common stock outstanding, including approximately 70,000,000 shares issued in the merger. In addition, there are outstanding options and warrants exercisable into an aggregate of 8,660,411 shares of WellTek Incorporated.
"As a consequence of this transaction, we now have a viable, trading market for our common stock. Moreover, management is now free to focus exclusively on executing our growth strategies and building long term value for our trusted shareholders," stated Randy Lubinsky, Chairman and CEO.
For more detailed information, please refer to the Form 8-K to be filed with the U.S. Securities and Exchange Commission. To view, please visit www.sec.gov.
About WellTek Incorporated
WellTek is a global health, fitness and wellness company that provides solutions to help address some of the world's most pressing and costly health challenges--obesity and chronic neck and back pain. The Company's subsidiary, MedX Limited, manufactures, markets and distributes the most advanced medical exercise equipment to the medical and fitness markets. Through its wholly owned subsidiary Pure HealthyBack, Inc., WellTek is redefining healthcare delivery by providing health plans, self-insured employer groups, and consumers with a viable non-surgical, lower cost treatment for patients who are seeking lasting relief from chronic neck and back pain. The Company also owns and operates lime Fitness, Inc., a high-end fitness and exercise studio specializing in lifestyle fitness coaching designed to facilitate life, image and mind enrichment. For more information on the Company, please visit www.WellTekinc.com.
Certain statements contained in this press release, which are not based on historical facts, are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to substantial uncertainties and risks in part detailed in the respective Company's Securities and Exchange Commission filings, that may cause actual results to materially differ from projections. Although the Company believes that its expectations are reasonable assumptions within the bounds of its knowledge of its businesses, expectations, representations and operations, there can be no assurance that actual results will not differ materially from their expectations. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the Company's ability to execute properly its business model, to raise additional capital to implement its continuing business model, the ability to attract and retain personnel - including highly qualified executives, management and operational personnel, ability to negotiate favorable future debt facilities and capital raises, and the inherent risk associated with a diversified business to achieve and maintain positive cash flow and net profitability. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will, in fact, occur.
SOURCE WellTek Incorporated
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