WellTek/MedX completes reorganization

All bizjournals.com news

WellTek/MedX Group has completed a major corporate reorganization in order to become a U.S. Securities and Exchange Commission reporting company.

On Nov. 11, MedX Systems Inc. merged into a wholly owned subsidiary of a SEC reporting public company, previously named Pharmacity Corp., and changed its name to WellTek Inc. WellTek is based in Orlando.

As a result of the merger, there are 85 million shares of common stock outstanding, including 70 million shares issued in the merger. In addition, there are outstanding options and warrants exercisable into an aggregate of 8 million shares of WellTek Inc.

“As a consequence of this transaction, we now have a viable trading market for our common stock. Moreover, management is now free to focus exclusively on executing our growth strategies and building long-term value for our shareholders,” said Randy Lubinsky, CEO and chairman.

WellTek is a global health, fitness and wellness company that aims to provide solutions to health challenges, including obesity and chronic neck and back pain. Its subsidiary, MedX Ltd., manufactures, markets and distributes the exercise equipment to the medical and fitness markets.

Through its wholly owned subsidiary Pure HealthyBack, Inc., WellTek provides health plans, self-insured employer groups and consumers with a non-surgical treatment for chronic neck and back pain patients. It also owns and operates lime Fitness Inc., a high-end fitness and exercise studio specializing in lifestyle fitness coaching.

Copyright 2009 bizjournals.com

Back to News Home

MSN Money

Search MSN Money

Message Boards

Site Status