Fero Industries, Inc. Issues Corporate Update
CALGARY, Canada, Dec. 6, 2012 /PRNewswire/ -- Fero
Industries, Inc. (OTC: FROI), the exclusive producer, marketer
& distributor of Sucanon®, an oral type-2 Diabetes treatment,
today issued a shareholder update, recapping the major events of
2012, and announced additional changes expected in 2013.
"I would first like to take this opportunity to thank our loyal
shareholders for their support and belief in our company through a
year that was full of changes. Our shareholders' loyalty has been a
source of pride for Fero, and it makes us that much more committed
to protecting their investment," stated Luis Lopez, CEO of Fero Industries.
Earlier this year, The Company announced executive management
and Board Member changes, which were approved via proxy by the
majority of FROI shareholders. "These actions were taken to protect
the shareholders, and I feel that they deserve for Fero's executive
team to have the vision and necessary expertise to move the company
forward," Mr. Lopez went on to say.
Another important event for Fero in 2012 was the majority
shareholder approval of a reverse stock split, which would nullify
a 1 for 5 forward split approved by the previous management in 2009
that was unnecessary. While Company management fully agrees that
the reversal of the forward split can and should be done, timing
can be critical in these situations, and moving forward with the
reverse would not be productive at this time.
"I would also like to take the time to address our previously
announced agreement with Premium Pharma in the Middle East," said Mr. Lopez. "As you may or
may not know, the US and many of its allies around the world are
currently in an embargo with Iran.
Premium Pharma is located in Iran,
and therefore subject to the embargo. However, since they are a
Health-Care distribution company, they are not on any restricted
lists. In fact, they distribute multiple products from US-based
companies. We were required to fill out and file an official
questionnaire concerning the agreement with Premium Pharma, and due
to changes in the Treasury, have been asked to re-submit the
paperwork. We are currently in the process of fulfilling this
request, and have good reason to believe that the necessary
approval is imminent."
Moving forward, there will be additional corporate modifications
such as an address and phone number with a Colorado designation, since Fero has moved its
domicile from Canada to
Colorado. The Company will also be
filing for a corporate name change, to PharmaRoth Labs, in early
2013. Once the name change is approved and effective, the Company
will begin the process of filing for a ticker symbol change to
better reflect its core business.
The Company has not been current with filing its financials with
the SEC, and has been exploring alternate disclosure methods so as
to give our shareholders a strong picture of the company. "Becoming
as transparent as we possibly can is a top priority for us, and I
expect to have a viable solution in the very near future," Mr.
Lopez stated.
"I am also aggressively working to greatly expand our
relationships with pharmaceutical companies around the world. I
believe that 2013 will be a breakthrough year for increased
exposure of Sucanon into new markets. Our product is the only Type
II Diabetes drug with no side effects and high efficacy. This
incredible combination of attributes is the key strength of our
company."
"In conclusion, I would like to say that we have been working
very hard to increase our market penetration in turbulent corporate
times. I believe we are now well positioned to move forward as a
company in a more aggressive way. I look forward to 2013 and
beyond!"
About Sucanon®
Sucanon® is one of only three approved drugs in the
multi-billion dollar market for a class of diabetic medications
called "insulin sensitizers". Pre-clinical and clinical
studies show that Sucanon® and other insulin sensitizers
lower a patient's blood sugar by increasing the muscle, fat and
liver's sensitivity to the body's own naturally produced
insulin. Sucanon® has been approved for
prescription sale in China and
Peru. Sucanon® is also approved as an OTC
treatment for Type-II diabetes by regulatory authorities in
Mexico, and is distributed there
under an exclusive agreement with Merck S.A. de C.V.
For further information regarding Sucanon®, please
visit the Fero Industries Inc. website at
www.feroindustries.com.
About Fero Industries Inc.
Fero Industries, Inc. (OTC: FROI) is focused on diabetes
prevention and treatments. The Company holds the intellectual
property and all exclusive world-wide rights related to the
production, marketing, and distribution of Sucanon®, an
oral treatment for Type-II diabetes. Sucanon® is a
member of a class of diabetic medications called insulin
sensitizers. Insulin sensitizers lower blood sugar by
increasing the muscle, fat and liver's sensitivity to
insulin. Insulin sensitizers are blood sugar normalizing or
euglycemic drugs that help return the blood sugar to the normal
range without the risk of low blood sugars. Fero's strategy
is to increase awareness, acceptance, and distribution of
Sucanon® globally.
For investor relations contact:
Michael Irving
Paramount Advisors, LLC
(407) 878-5462
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
statements may be identified by the use of words such as
"anticipate," "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar
expressions. Such forward-looking statements, involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of Fero Industries,
Inc. (the Company) to be materially different from those expressed
or implied by such forward-looking statements.
The Company's future operating results are dependent upon many
factors, including but not limited to the Company's ability to: (i)
obtain sufficient capital or a strategic business arrangement to
fund its expansion plans; (ii) build the management and human
resources and infrastructure necessary to support the growth of its
business; (iii) competitive factors and developments beyond the
Company's control; and (iv) other risk factors discussed in the
Company's periodic filings with the Securities and Exchange
Commission, which are available for review at www.sec.gov under
"Search for Company Filings".
SOURCE Fero Industries, Inc.