UV Flu Technologies, Inc. (OTCQB: UVFT) (the “Company”) announced today that the Board of Directors has authorized management to pursue the spinoff of its RxAir business into a separate publicly-traded entity. The RxAir division will concentrate entirely on the medical and commercial markets, while the parent will continue to concentrate on the residential marketplace.
It is anticipated that the transaction would be structured as a pro rata distribution to all shareholders of UV Flu with the holders of its common stock receiving additional common stock in RxAir. Upon closing of the proposed spin-off transaction, UV Flu’s existing shareholders would hold interests in both UV Flu and RxAir.
Upon closing of the transaction, it is anticipated that RxAir will assemble a separate management team and Board of Directors. Executing the transaction requires further work on structure, management, governance, and other significant matters. Within the next months, UV Flu and RxAir’s management will develop detailed plans for the Board’s further consideration and final approval.
“This transaction will unlock the value hidden within each of the two entities to achieve strategic and operational clarity,” said Jack Lennon, CEO. “The parent will have its unique flagship patented UV air purifier, the ViraTech UV-400, which is an FDA Cleared Class II Medical Device.”
“RxAir will have five products, with its patented, FDA Cleared HEPA air purifier, the RX-3000, along with the RxAir Plus System, which utilizes two FDA Cleared technologies, along with the RX-4500, the RX-6500 and the RX-400.”
“RxAir will include the medical market, which will encompass the Sleep marketplace, including sleep centers and hospitals, clinics and nursing homes. In addition RxAir will include the commercial market, which will include casinos, salons, restaurants, government buildings and military installations. RxAir has an installed base in over 600 hospitals in several countries, along with numerous commercial accounts, we think the platform for focused growth, for both entities, will dramatically enhance shareholder value,” said Mr. Lennon.
Kills greater than 99% of bacteria on a first-pass basis. Changes the very air you breathe.LEARN MORE