Late in the fall, Axia said an audit uncovered problems with how outgoing management had dealt with shares of the firm. It did not publicly specify the number of shares or which members of management were involved.
The company chose to stop releasing updates as it dealt with the situation, Axia stated.
"The current ... management is pleased to report that the involvement of its corporate litigation barrister resolved in the return of the majority of this unauthorized issuance," Axia added.
"With this overhang now behind (Axia), the company intends to resume its regular day-to-day updates and communications with its followers on a timely basis."
Axia sells skin-care products intended to combat aging, and repair damaged skin. Subsidiary Collagenna focuses on a product that reintroduces collagen, a natural protein, into the skin.
In the meantime, Axia says it is seeing growing revenues and expects a redeveloped business model in the coming months. On its website, it stated Collagenna will distribute products in six new countries this year, with an emphasis on Middle East expansion.
Collagenna currently has international distribution agreements with the United States, the Middle East, Norway, Malaysia, Canada, Brazil and Switzerland.
"The last few months have been quite productive for our company," stated Michael Arnkvarn, Axia's president.
"Focus has been put on some new product development as well as exploring new business options. Negotiations are ongoing with several potential new business partners, with the goal of maximizing market opportunities as well as increasing revenues."
In a separate development, the health-product firm's former interim president, Anthony Tellez, resigned as president in August. Mr. Arnkvarn, then the chief executive of Ottawa-based subsidiary Collagenna Skin Care Products, then took over the post.
