Redwood Scientific Technologies Inc. (RSCI. OTC. PK) Issues Correction Regarding Agreement with Silk Road Ent., Inc.

Rhea-AI Summary

Redwood Scientific Technologies Inc. corrects a previous press release, clarifying that the arrangement with Silk Road Ent., Inc. was a 'Marketing Consulting Agreement' and not a partnership. Redwood has canceled the agreement and prohibited Silk Road from marketing or selling its premarket development products. CEO Jason Cardiff expresses confidence in regulatory compliance and establishing beneficial partnerships.

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Redwood Scientific Technologies Inc. wishes to correct a previous press release issued on July 19th. Contrary to the previous statement, the arrangement between Redwood Scientific Technologies Inc. and Silk Road Ent., Inc. was not a partnership agreement. Rather, it was accurately termed a "Marketing Consulting Agreement."

Effective immediately, Redwood Scientific Technologies Inc. has formally notified Silk Road Ent., Inc. of the cancellation of the aforementioned "agreement." Furthermore, Silk Road Ent., Inc. has been informed that they are and have been prohibited from engaging in any marketing, promotion, or sale of Redwood Scientific Technologies Inc.'s products that are currently in the premarket development stage.

Jason Cardiff, CEO of Redwood Scientific Technologies Inc., commented on the cancellation, stating, "Redwood maintains its unwavering confidence in its ability to adhere to all regulatory requirements set forth by relevant agencies in the process of bringing our products to market. This includes ensuring the establishment of the most advantageous partnerships for the benefit of our valued shareholders."

For further information, please contact:
Email: Info@redwoodsci.co
Phone: 646-503-7884

 

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SOURCE Redwood Scientific Technologies Inc.

FAQ

What is the correction made by Redwood Scientific Technologies Inc.?

Redwood clarified that the arrangement with Silk Road Ent., Inc. was a 'Marketing Consulting Agreement' and not a partnership.

What actions has Redwood taken regarding the agreement with Silk Road?

Redwood has canceled the agreement and prohibited Silk Road from marketing, promoting, or selling its premarket development products.

Who commented on the cancellation?

CEO Jason Cardiff of Redwood Scientific Technologies Inc. commented on the cancellation.

What is the CEO's statement regarding regulatory requirements and partnerships?

Jason Cardiff expressed confidence in adhering to regulatory requirements and establishing advantageous partnerships for the benefit of shareholders.

How can I contact Redwood Scientific Technologies Inc. for further information?

You can contact Redwood via email at Info@redwoodsci.co or by phone at 646-503-7884.