The company intends to spin off LifeHealthCare (LHC) by authorizing the issuance of one share of common stock of LHC for every share of common stock each stockholder owns in the company post the one for 150 reverse split, for no consideration.
Cable currently owns LHC. LHC is a startup company which intends to develop and commercialize innovative over-the-counter, non-prescriptive dental care products.