Tropic International Provides Corporate Update
Richmond Hill, Ontario--(Newsfile Corp. - October 22, 2018) - Tropic International Inc. (OTCQB: TRPO), a Nevada corporation in the business of developing and commercializing innovative technologies (the "Company"), is pleased to announce that, further to the Company's recent information statement filing with the United States Securities and Exchange Commission, it is in the process of completing a number of important corporate actions. These include a name change from Tropic International Inc. to Notox Technologies Corp. to more accurately reflect the Company's business direction and image, an authorized capital increase and a bylaw update.
As disclosed in its public filings, over the past two years the Company has transitioned into developing, commercializing and promoting its patented Notox aesthetic and drug free pain management platform; as a result, the Board of Directors believes that the name change is warranted to properly describe the Company's current activities and is an appropriate change to make at this time. As previously announced, the Company obtained the intellectual property rights to the platform in 2016 as a result of its acquisition of Notox Bioscience Inc. That patented intellectual property was originally developed by Dr. Frank Papay, MD FACS Chairman Dermatology and Plastic Surgery Institute, Cleveland Clinic, is owned by The Cleveland Clinic Foundation, and relates to, among other things, the treatment of a neuromuscular defect.
After a lengthy and vigorous review process involving management and the Company's advisors, the Company continues to explore the possibility of listing its securities (or the securities of one or more subsidiaries of the Company) for trading on the Canadian Securities Exchange. The primary purpose of this is to make those securities more accessible to prospective Canadian retail and institutional investors; however, the Company has taken no formal steps to pursue a listing to date and there is no guarantee that the Company (or its subsidiaries) will ultimately achieve a listing. Regardless, the Company believes that these efforts could represent a crucial step for Notox on its path to becoming well capitalized, successfully entering into the large global aesthetic arena, and turning the platform into the world's first credible and healthier non-toxic alternative to Botox.
In connection with the foregoing, the Company has initiated a search for a full time CEO with appropriate credentials, qualifications and a successful track record in the aesthetic global market and has engaged Mr. Manny Kapur, a renowned Canadian biotechnology expert with extensive worldwide industry knowledge, to assist in the process. Formal interviews are expected to commence sometimes in the fall of 2018, and the Company will update investors with any new developments on this front in due course.
Finally, the Company is pleased to announce that, following a series of consultations, it has selected Balance Innovation & Design to complete the design of the Notox needle and probe components. The Company is currently negotiating the terms of a definitive agreement and is eager to begin working with Balance and benefitting from its new partner's close relationship with the Cleveland Clinic in the coming months.
"Since our last announcement we have been working very hard to position the Company and develop strategies for branding and communications that will take the Notox technology to the next level" commented Zoran Konević, the Company's Chief Executive Officer. "With Manny on board, our next task is to continue building the team, brand and device and we look forward to these exciting times."
About Tropic International Inc.
Tropic International Inc. (OTCQB: TRPO) is in the business of developing and commercializing innovative technologies primarily through its wholly-owned Nevada subsidiary Notox Bioscience Inc. The Company's goals are to market a credible, non-toxic alternative to Botox and subsequently develop other features of its Notox technology such as drug-free-pain management, body countering, skin tightening and anti-perspiration.
For more information, please contact:
John Marmora — President
Safe Harbor Statement and Forward-Looking Statements
This news release may contain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements reflect the company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Such statements may include, but are not limited to, information related to: anticipated operating results; relationships with customers and strategic partners; consumer demand; financial resources and condition; the ability to list any securities for trading on a recognized exchange; changes in revenues; changes in profitability; changes in accounting treatment; changes in management; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue operations and take advantage of opportunities; and legal proceedings and claims. Except as required by law, the Company assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.