Benzinga | Jul 16, 2020 08:02AM EDT

MYOS RENS Technology Inc. Announces Settlement Of Litigation With RENS Technology Inc.

CEDAR KNOLLS, N.J., July 16, 2020 /PRNewswire/ -- MYOS RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ:MYOS), an advanced nutrition company and the owner of Fortetropin(r), a proprietary bioactive composition derived from fertilized egg yolk that helps build lean muscle, announced that it has settled its pending litigation with RENS Technology Inc. and its president, Ren Ren (collectively, "RENS").

As part of the settlement, the parties have agreed to dismiss the pending litigation between them and have exchanged mutual releases. In addition, RENS has agreed to vote all of its shares of common stock of MYOS in favor of the proposed merger between MYOS and MedAvail, Inc. ("MedAvail") pursuant to the Agreement and Plan of Merger and Reorganization entered into between such parties on June 30, 2020 (the "Merger"). RENS has also waived its right to receive an ownership interest in the new private company focused on muscle health that will be spun-out from the Company upon the closing of the Merger. Further, RENS has agreed that, upon the closing of the Merger, it will deliver its outstanding warrant to purchase 375,000 shares of common stock to the Company for cancellation or, if the warrant is lost, misplaced or otherwise cannot be located, execute documents necessary to ensure that the warrant is cancelled. In addition, Mr. Ren agreed to resign as MYOS' Global Chairman and as a member of MYOS' board of directors, which he did effective July 13, 2020.

"This settlement is a very positive outcome for the shareholders of MYOS as it will free MYOS to pursue exciting opportunities and increase stockholder support for the Merger," said Joseph Mannello, CEO of MYOS. "We believe we have many exciting opportunities based on our recently published research studies on Fortetropin(r). Putting this litigation behind us will enable us to focus on developing our business and leveraging the world-class research that we have done in muscle health, especially following the Merger and our transition to a private company."