Bend, OR, Sept. 15, 2017 (GLOBE NEWSWIRE) -- EVIO, Inc. (OTCQB: SGBYD) a life sciences company and the nation’s leading provider
of analytical laboratory cannabis testing, research and advisory services, is pleased to announce today that the company has
successfully negotiated final approval with its lenders to reduce the required share reserves on its outstanding notes and is
notifying shareholders that the CEO will now commence the procedure, as authorized by the Board of Directors, to finalize the
reduction of the company’s outstanding authorized shares.
"After successful negotiations with our note holders we have completed another important milestone. Today we are following
through on the commitment that I made to our shareholders during our recent conference call, to complete the process of the
recently enacted 1:100 reverse stock split. Our lenders have already submitted their formal requests to our transfer
agent to reduce their existing reserves and the Company is now commencing the process to formally reduce the authorized shares,”
stated EVIO Inc. CEO William Waldrop.
Mr. Waldrop continued, “we anticipate that the process will be complete and ready for final announcement sometime next
week. From a strategic planning standpoint, the company’s transition to a structure more familiar to equity investors at both
the retail and institutional levels, a structure that we believe will better reflect our market potential to realize shareholder
value, is almost complete. Starting with our uplisting to the OTCQB last November 2016 thru our 1:100 share consolidation,
corporate name and pending ticker change to EVIO last month, this successfully negotiated step completes the restructuring enabling
our team to realize the ongoing conversations with investors to fund our next stage of development to expand into the fast-growing
California cannabis testing market and opportunities in cannabis science research.
About EVIO
EVIO, Inc. is a life science company that provides accredited analytical testing services and scientific research to the
regulated cannabis industry. The Company’s EVIO Labs division provides state-mandated ancillary services in place to ensure the
safety and quality of the nation's cannabis supply. Learn more at www.eviolabs.com.
1-888-544-EVIO.
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact maybe considered to be forward-looking
statements. 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. 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 or www.eviolabs.com
Investor Relations: investors@eviolabs.com