MyDx, Inc. Announces $1.0M Equity Purchase Agreement With Kodiak Capital Group, LLC
MyDx, Inc. (OTCQB: MYDX), a science and technology Company which created MyDx™ (My Diagnostic), the first battery operated, handheld, chemical analyzer for consumers, today announced that the Company has entered into an equity purchase agreement ("Agreement") with Kodiak Capital Group, LLC ("Kodiak").
Under the terms of the Agreement, MyDx has the right to sell to, and Kodiak is obligated to purchase, $1,000,000 of MyDx's common stock. Kodiak cannot require any sales by MyDx but is obligated to make purchases as directed. MyDx expects that net proceeds from this offering will be used to support the development of new MyDx Applications as well as provide working capital to support the marketing, sales and distribution of its existing CannaDx product line.
"We are very excited to be working with Kodiak Capital, a local San Diego company who supports our vision, to support us financially as we advance the MyDx business," commented Daniel Yazbeck, MyDx's Chief Executive Officer.
"We have been closely following MyDx, a local California company, and are proud to add MyDx and Team to the Kodiak Portfolio. The company is demonstrating adoption and inflection of unique and proprietary technology, combined with access to growth capital, will facilitate continued industry leadership," stated Jim Fitzpatrick. Advisory Board Member of Kodiak Capital.
All sales of MyDx common stock to Kodiak pursuant to the equity purchase agreement are subject MyDx fulfilling certain conditions contained therein, including the filing and effectiveness of a registration statement with the SEC to register the shares of common stock to be sold. MyDx cannot provide any assurances that any shares will be sold under the equity purchase agreement or the prices at which such shares may be sold. Additional details regarding the Agreement are included in a current report on Form 8-K filed by MyDx with the SEC February 9, 2016.
About MyDx, Inc.
MyDx, Inc. (OTCQB: MYDX) is a science and technology company based in San Diego, California whose mission is to help people Trust & Verify™ what they put into their minds and bodies. The Company has developed MyDx, an affordable portable analyzer that provides real-time chemical analysis and fits in the palm of your hands. MyDx leverages over a decade of established electronic nose technology to measure chemicals of interest and has four sensors being developed in its lab that are compatible with the MyDx Analyzer and App. For more information, please visit www.cdxlife.com.
About Kodiak Capital Group, LLC
Kodiak is an institutional investor headquartered in Newport Beach, CA. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources, and social media technology. For more information, visit www.kodiakfunds.com.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov.