Tampa, FL, June 16, 2022 (GLOBE NEWSWIRE) -- RemSleep Holdings Inc (OTC PINK: RMSL), a medical device manufacturer dedicated to forever changing the level of treatment provided to obstructive sleep apnea patients, would like to address shareholders regarding the S-1 filing from June 15th, 2022.
First and foremost, we want to be clear, we did not file the S-1 out of necessity. This was set up as a precautionary safety net given the current global and U.S. economic dynamics, and the challenges they are imposing not only now, but in the future as well. With the historic rate of rising inflation and the impact it is having on interest rates, cost of materials, labor rates, and overall cost of conducting business, we felt that it may be in the best interest of the company, for the long term, to have access to a line of credit that could be used on an emergency use basis. The cost involved now is potentially far less than it could be in the future, and we thought weâ??d rather have it and not need it, than the other way around. The intent was not to exercise the S-1 unless we absolutely had to, and because of our current robust financial state, that would be well in the future, if ever. In hindsight, the decision to have a line of credit via an S-1 filing was a miscalculation on our behalf. We want to be clear on this as well, our intent is to:
- Continue to generate revenues and profits from our CPAP machine distribution agreement.
- To successfully up list to OTCQB® status.
- To obtain FDA approval on our 510k for the patented DeltaWave Nasal Pillow Mask as soon as possible.
- Upon FDA approval, to have a successful sales/marketing campaign and launch for the patented DeltaWave Nasal Pillow Mask.
- To proceed with the filing of the 510k for our 2nd CPAP mask to broaden and strengthen our product line up.
We have absolute belief in our ability to execute these objectives, and we have made the decision to terminate the S-1 filing effective immediately. We have no intent to raise capital, or our authorized share count and/or our outstanding shares count, unless it is absolutely necessary to meet our above-mentioned goals as a company. As of right now, there is no necessity for an S-1 filing. We value and appreciate the continued support from our shareholders, and further updates on developments within our current objectives will be forthcoming.
