We were incorporated as Plandel Resources, Inc. under the laws of the State of
Nevada on March 19, 2010. On March 24, 2014, we changed our name to Sports Asylum,
Inc. and on September 30, 2014, we changed our name to Cell MedX Corp. to reflect
our new business direction.
On November 25, 2014, we completed the acquisition of a proprietary method
for the application of bioelectric signaling to treat diabetes and related ailments.
With our acquisition of the eBalance Technology, we have shifted our business
direction to the discovery, development and commercialization of therapeutic
and non-therapeutic products that promote general wellness and alleviate complications
associated with medical conditions including, but not limited to, diabetes,
Parkinson’s disease, and high blood pressure.
We acquired our proprietary technology for the use of microcurrents for the
treatment of diabetes and related ailments, which we call eBalance Technology,
on November 25, 2014, when we entered into a Technology Purchase Agreement with
Jean Arnett and Bradley Hargreaves (the “Purchase Agreement”).
Pursuant to the Purchase Agreement, Ms. Arnett and Mr. Hargreaves sold to us
all of their respective rights, title and interests in and to the eBalance Technology.
In consideration for the sale of the eBalance Technology, we paid to Ms. Arnett
and Mr. Hargreaves a total of $100,000 and issued to each of Ms. Arnett and
Mr. Hargreaves options for the purchase of up to 10,000,000 shares (20,000,000
shares in total) of our common stock at an initial exercise price of $0.05 per
share (the “Options”) of which Options to acquire up to 2,500,000
shares of our common stock vested on August 26, 2015.
On September 26, 2016, we entered into a letter agreement (the “Letter
Agreement”) with Ms. Arnett and Mr. Hargreaves to, among other things,
cancel Options to acquire up to 17,500,000 shares of our Common stock, representing
unvested portion of the Options granted to Ms. Arnett and Mr. Hargreaves as
at September 26, 2016.
eBalance Technology is based on the science of bioelectric signals, their affect
on epigenetic events within human body, and ability to modify and affect the
behavior of cells, tissue, and organs. Based on this technology Cell MedX is
developing a radically different and very promising family of devices whose
core technology demarcates it from the approaches currently in use and those
in the “future advances” pipeline as reflected in current medical
literature.
Microcurrent delivery devices used for the treatment of diabetic neuropathy
and poor wound healing in diabetics have been in the marketplace for decades.
However, the eBalance Technology can be distinguished from those devices, which
have a limited utility and are not designed to treat diabetes at its core -
the underlying metabolic disorder that leads to hyperglycemia and its sequelae.
It is hoped that devices incorporating the eBalance Technology will effect changes
much further “upstream” in the pathophysiology or natural history
of diabetes. Not a “me too” device, nor an incremental improvement
in an established realm, devices based on the eBalance Technology could, if
proven through diligent research and development, open a new category of diabetes
care.
The eBalance Technology is intended to expand the traditional healthcare model
of diabetes management by enabling patients to manage their symptoms using a
biosignal generating device that is simple to use, causes no discomfort, and
can easily be incorporated into any lifestyle.
It is expected that the eBalance Technology, currently in the research and
development stage, will form the basis for a product line that will be available
to aid in the management of diabetes mellitus (both Type 1 and Type 2) and its
complications, both as a professional clinic-based device and as a home use
device.
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