MyDx Inc. (fka MYDX)

[Penny Great2000]

MYDX Announces Resolution of Key Liabilities that Position the Company to Unlock its True Value

MARCH 17, 2017
Company to Focus on the Next Phase of its Business to Use Community Driven Data to Develop Unique Formulations for the Cannabis Market

SAN DIEGO, CA -- (Marketwired) -- 03/17/17 -- MyDx, Inc. (OTCQB: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for the Cannabis professional and retail consumer to correlate the chemical profile of cannabis with how it makes consumers feel and what it helps them relieve, today announced the successful resolution of the contentious relationship with the company and its toxic convertible debenture lenders.

The Company took an aggressive stance in early March, filing for a temporary restraining order when it believed that it had fully satisfied its obligations to certain notes on its balance sheet, yet continued to receive conversion notices to payoff balances that were claimed outstanding. We are thankful for the support and capital that was extended to us during this time, and yet it is a simple fact that these convertible debt lenders caused the downward spiral and significant dilution over the last six months, and resulting market capitalization.

"To say the least, the last few weeks have been a battle where we are proud to share that we fought hard and won in reaching a resolution for the convertible note liabilities on our balance sheet," stated Daniel Yazbeck, Chairman and CEO of MyDx. "This critical step has ultimately paved the way for the company to focus on the next phase of its business where it will leverage its crowdsourced data to develop unique feeling and ailment specific product formulations for the Cannabis market. Just as important, it positions the Company to attract growth capital at a fixed price which I believe will unlock the true value of the enterprise."

"With almost $9 million having been invested to date and a review of our peer companies that are trading at extraordinary valuations, we believe our stakeholders are well positioned for the tremendous growth in our market," added Yazbeck.

As of today, the remaining principle balance owed by the Company pursuant to its convertible promissory notes is $35,000, eligible for payoff and not convertible into equity prior to May 13, 2017.

As the Company continues to develop, it will focus on monetizing its unique data set, leveraging the liquidity from its current capitalization structure for strategic acquisitions and on continued global sales and market penetration of the MyDx analyzer and related consumable products.

"We believe it makes the most sense to take advantage of where we are today and selectively target other technology focused companies in the Cannabis sector that provides us the potential to catapult farther ahead than we ever imagined," concluded Mr. Yazbeck.

For more information, please refer to the Current Report on Form 8-K filed on March 16, 2017: http://ir.cdxlife.com/all-sec-filings