TORONTO, ONTARIO -- (Marketwire) -- 01/15/13 -- Biologix Hair Inc. (OTCBB: TGPO) (OTCQB: TGPO) of Nevada, formerly T&G Apothecary Inc., announces the filing of a Super 8K with the Securities and Exchange Commission detailing the closing of its share exchange agreement with Biologix Hair Inc. of Florida and the completion of the acquisition.
Ron Holland, Biologix Director and CEO, stated, "We are pleased to have this important transaction completed. The expanded opportunity for Biologix and its subsidiaries to access capital markets for ongoing financing should better enable us to rapidly advance both the regulatory approval process for the Biologix Hair Therapy System and to continue to develop a global network of clinicians seeking to administer our groundbreaking hair loss therapy, if and when approvals are forthcoming."
Reverse Acquisition Timeline
On November 23, 2012 Biologix Nevada entered into a share exchange agreement with Biologix Hair Inc., ("Biologix Florida"), a Florida corporation, and its shareholders. Pursuant to the terms of the share exchange agreement, Biologix Nevada agreed to acquire all of the issued and outstanding shares of Biologix Florida's common stock in exchange for the issuance by Biologix Nevada of 26,430,000 post-split shares of common stock to the shareholders of Biologix Florida.
On December 13, 2012 Biologix Nevada effected a forward split of its issued and outstanding shares on a 7 new for 1 old basis, increased its authorized capital to 900,000,000 shares, with $0.001 par value, and changed its name from T & G Apothecary, Inc., to Biologix Hair Inc. The name change, the increase of authorized capital and the forward stock split of Biologix Nevada's issued and outstanding shares of common stock were approved on November 16, 2012 by 57.47% of the holders of Biologix Nevada's common stock by way of a written consent resolution. We expect that FINRA will provide Biologix Nevada with a new ticker symbol, one which better reflects our new name, by January 24, 2013.
On January 9, 2013 Biologix Nevada closed the share exchange by issuing the required 26,430,000 post-split common shares to the Biologix Florida shareholders. Concurrently our director and officer, Lilia Roberts, cancelled 30,700,000 and transferred 3,300,000 of her 35,000,000 post-split shares of our stock. As a result of these transactions and the closing of the share exchange with Biologix Florida, Biologix Nevada has 56,630,000 issued and outstanding common shares.
The reverse acquisition was accounted for as a recapitalization effected by a share exchange, wherein Biologix Florida is considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of the acquired entity have been brought forward at their book value and no goodwill has been recognized.
To read the full Super 8K SEC filing please visit www.sec.gov.
About Biologix Hair Inc. and Biologix Hair Science Ltd.
Biologix Hair Inc. (Biologix Hair), together with its wholly owned biotechnology subsidiary, Biologix Hair Science Ltd. (BHS), is focused on realizing the full market potential for its patent-pending hair loss formula - Biologix Revive - and its demonstrated ability to prevent and reverse the effects of alopecia, which plagues hundreds of millions worldwide.
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