SCOTTSDALE, ARIZONA, Feb. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Optium Cyber Systems, Inc. (‘Company’) ( OTC:OCSY ) would like to provide shareholders with an update on recent corporate developments.
Effective January 25, 2019, the Company changed its name to CBD Life Sciences Inc. (the “Name Change”) to better reflect the change in business with the acquisition of LBC Bioscience, Inc. (see press release January 9, 2019). The Name Change was approved by a majority of the shareholders and by the Company’s board of directors. The process involved the filing of a Certificate of Amendment with the State of Nevada, which has been approved, and an Issuer Notification was submitted to the Financial Industry Regulatory Authority to recognize the new name and request a new trading symbol. Effective February 5, 2019, the common shares of the Company will be quoted on the OTC Markets under the symbol “OCSYD” and will change again in 20 business days to “CBDL”.
At the same time, the Management felt it was in the best interest of the Company and its shareholders, to consolidate the common shares on a 1 for 100 basis. Again, this corporate action was approved by a majority of the shareholders and the Company’s Board of Directors. The consolidation will take effect on the opening of trading February 5, 2019. The reasons for the restructuring are: 1) funding: with a sub penny share price the Company was unable to fund, post rollback the share price will be above $0.01 opening the door to traditional funding and the possibilities of a Reg A+; 2) reduced public float: a consolidation will reduce the public float making it easier for the price of the shares to appreciate; 3) return on investment: with a tighter stock structure and a reduced float, the price per share will have a better chance to appreciate as the Company progresses resulting in a better potential for a return on investment over the long term; 4) larger potential audience: with a share price above $0.01, the Company will have access to investors who do not trade sub penny stocks such as institutional investors and Europeans; 5) credibility: the Company was losing opportunities because of the stigma attached to a sub penny stock.
The reverse split will not: affect shareholder’s percentage ownership interest in the Company; affect shareholder’s proportionate voting power; nor alter the rights of common stockholders. Shareholders may at their discretion return any share certificates they are holding to the transfer agent to be changed to reflect the above corporate actions. Shareholders holding stock in a brokerage account will not have to take any action. Management ask that shareholders be patient and allow the Company to develop its CBD business model and is confident that over the long term, shareholders will be rewarded for their patience.
During this time, it was decided to cease the cyber security operations as they were not generating sufficient cash flow to sustain operations. The rollout of the security platform was proving to be more costly than originally projected. Due to the inability to effectively raise capital, the Company was not able to further develop the platform and lost key employees. The technology platform still exists and is available to be licensed or sold outright.
At the same time, the management reviewed the operation of its wholly owned subsidiary, Iron Man Protection, LLC. At the time of acquisition, Iron Man was generating revenue and showing a small profit. The intention was to aggressively market the service of Iron Man to increase revenue and profit. There were a number of positive developments that occurred shortly after the acquisition but due to the health of George Rutherford, the Company’s CEO, the Iron Man was not able to close and its business declined and was soon losing money. The Company has cancelled the acquisition agreement and returned Iron Man Protection, LLC back to its original owners.
Moving forward, the Company is focusing on its previously announced acquisition, LBC Biosceince Inc., an organic cannabidiol development and marketing company. LBC Bioscience was founded by Lisa A. Nelson, a former director and shareholder of Optium Cyber Systems. LBC’s primary focus is the development and marketing of CBD based organic products such as hemp CBD drops, massage oils, recovery pain relief creams, anxiety and sleep solutions, supplements, edibles, and a full line of pet products. In addition, LBC is in the process of developing an anti-aging skin product line. LBC’s products can be viewed and purchased on the company’s website at www.lbcbioscienceinc.com .
About Optium Cyber Systems, Inc.
Optium Cyber Systems, Inc. (‘Optium’) is a publicly traded company having its common shares quoted on the OTC Markets under the symbol ‘OCSY’. Optium’s main focus is to identify, evaluate and then acquire undervalued opportunities with the end goal of adding shareholder value. To date, Optium has acquired a proprietary process to analyze, identify and address cyber security vulnerabilities in IT infrastructure that is scalable and transferable to any environment. In addition, it recently acquired a security and protection firm based in Houston, Texas.
About LBC Bioscience Inc.
LBC Bioscience Inc. is developing and marketing CBD based organic products such as hemp CBD drops, massage oils, recovery pain relief creams, anxiety and sleep solutions, supplements, edibles, and a full line of pet products. In addition, LBC is in the process of developing an anti-aging skin product line. LBC’s products can be viewed and purchased on the company’s website at www.lbcbioscienceinc.com .
Contact Information
Investor Relations Ten Associates LLC
11529 N. 120th St.
Scottsdale, Arizona
85259 USA
Telephone: 480-326-8577
Contact: Thomas E. Nelson
Email: tenassociates33@gmail.com
Optium Cyber Systems, Inc.
8350 Ashlane Way, Suite 104
The Woodlands, Texas
77382 USA
George Rutherford
Telephone: 936-727-9262
Email: rock@ocis.ltd
Web: www.optiumcyber.com
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Optium Cyber Systems, Inc.'s filings with OTC Markets, which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
