FendX Commences Trading on the OTCQB Venture Market
Oakville, Ontario--(Newsfile Corp. - May 30, 2023) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings to reduce the spread of pathogens, is pleased to announce that its common shares will commence trading today on the OTCQB Venture Market (the "OTCQB") under the symbol "FDXTF".
The Company expects that a listing on the OTCQB will provide greater visibility and convenience of trading for U.S. investors, resulting in enhanced liquidity and greater reach.
"We are pleased to commence trading on the OTCQB," stated Dr. Carolyn Myers, President and CEO of FendX. "Listing on the OTCQB can not only improve our investor reach in the U.S. and enhance our shareholder base, but also build awareness of our film and spray nanotechnology. We look forward to engaging with a broader investor audience as we continue development of our protective surface coating products."
The Company has also applied for eligibility to the Depository Trust Company (the "DTC"), a subsidiary of the Depository Trust & Clearing Corp., for electronic settlement and clearing of its common shares in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and accelerates the settlement process for investors trading on the OTC marketplace. The Company expects it will be fully DTC eligible before the end of June 2023.
The OTCQB, which is a U.S. trading platform operated by OTC Markets Group Inc., offers investors transparent trading in entrepreneurial and development stage companies. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. To be eligible, companies must be current in their reporting and must undergo an annual verification and management certification process.
The Company continues to trade on the Canadian Securities Exchange ("CSE") under the symbol "FNDX".
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
Dr. Carolyn Myers, CEO and Director
Alyssa Barry, Investor Relations
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the anticipated benefits of trading on the OTCQB; benefits and expectations of achieving DTC eligibility; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's final prospectus dated January 31, 2023, under the heading "Risk Factors." Accordingly, the reader is urged to refer to the Company's prospectus and other filings, publicly available through SEDAR at www.sedar.com, for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors should change.
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