MyDx Announces Plans to Focus on OrganaDx in a Letter to Shareholders
San Diego, CA - (NewMediaWire) - October 09, 2019 - MyDx, Inc.(OTC: MYDX), a leader in science based cannabis health technologies, today issued a press release with the following letter to shareholders.
First off, I hope this letter finds you well.
I think we can all agree the MyDx® story has a been a hopeful yet rocky one.
It has been a story of excitement for a vision, coupled with the hope of seeing come to life a revolutionary product that could one day help all of us Trust and Verify® what we put into our minds and bodies. This hope was partially realized with the creation of CannaDx™, a portable analyzer currently being used by thousands of consumers in the Cannabis industry to test the chemical profile of their cannabis and tracking how it makes them feel. Over the last few years, we also have been developing an OrganaDx®, AquaDx® and AeroDx™ solution, but we have yet to deliver on a sustainable product that can address consumer safety.
From a business perspective, we expect the CannaDx product business unit, as a standalone division of the company, will continue to market, sell, and service this product, and believe it should be able to self-sustain itself and operate as a profitable business in the coming years. The CannaDx business profits, however, are not yet sufficient to support the additional expenses required to operate and maintain a fully reporting and audited publicly traded company. In addition, I believe that our current CannaDx product launched in 2015 needs an upgrade in order to meet the ultimate needs of today’s cannabis consumers.
We continue to need to raise capital to fund our operations. As a public company, however, we have not been able to raise capital on favorable terms in the past and we don’t expect this to change in the foreseeable future. This certainly provides a challenge for the company going forward.
That said, with all of its challenges, I still believe in the vision and mission of MyDx.
So, we will continue to operate the company and get back to basics.
We plan to focus our efforts on building an analyzer that can actually test for the safety of the samples we consume, starting with cannabis. The recent news reports of potentially tainted cannabis vaping products that may have caused unnecessary injuries or deaths highlight the need for solutions that can more easily test for toxic pesticides, heavy metals, and other harmful chemicals such as Vitamin E Acetatethat are likely the cause of illnesses in the products people are consuming today. We plan to address this need, potentially through strategic partnerships, by developing a viable OrganaDx product, if that is possible with the limited resources we have.
If we can deliver on OrganaDx, while we continue to make improvements to CannaDx, the revenues from both products, which consumers continue to seek, may put this company back on the right path towards profitability and most importantly, address a looming global issue of consumer safety, which is at the heart of the mission of this company.
Daniel Yazbeck, Chairman and Interim CEO, MyDx, Inc.
About MyDx, Inc.
MyDx, Inc. (OTC: MYDX) is a chemical detection and sensor 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 developed MyDx®, also known as “My Diagnostic”, a patented, affordable analyzer that provides real-time chemical analysis and fits in the palm of a user's hand. The first application developed for MyDx was CannaDx™, currently being used by thousands of consumers in the Cannabis industry to test the chemical profile of their Cannabis and tracking how it makes them feel. As a leader in science based cannabis health technology, MyDx is creating one of the largest crowdsourced databases that the company believes can drive the future of medicine for the global cannabis industry. The company is also committed to addressing areas of critical national need to promote public safety, transparency and regulation via the OrganaDx®, AquaDx®and AeroDx™ applications. Our goal is to empower consumers to live a healthier life by revealing the purity of everything they eat, drink and inhale. For more information, please visit www.mydxlife.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 https://ir.mydxlife.com/all-sec-filingsor www.sec.gov.
MyDx Shareholder Communications
800.814.4550 ext. 4