SANTA MONICA, Calif., March 22, 2017 /PRNewswire/ -- Parallax Health Sciences, Inc. ("Parallax" or the "Company") (PRLX), the owner of RoxSan Pharmacy, Inc., is pleased to announce that on March 17, 2017, in Melamed v. Parallax Health Sciences, Inc., Los Angeles Superior Court Case No. SC124873, (the "Matter"), a Ruling was issued in favor of Defendant, Parallax Health Sciences, Inc. ("the Company"). In the Matter, Plaintiff, Shahla Melamed, sought rescission of the August 13, 2015, Agreement pursuant to which Parallax acquired 100% of the Issued and Outstanding Shares of RoxSan Pharmacy, Inc. and Its Assets and Inventory (the "Purchase Agreement"). Rescission was sought on the basis that in order to acquire RoxSan Pharmacy, Inc., the Defendant and its principals had allegedly defrauded Plaintiff, there had allegedly been a complete failure of consideration, and there had allegedly been a unilateral mistake by Plaintiff.
The Court ruled that no fraud on the part of Defendant or its principals had been demonstrated. The Court further ruled that there had been no failure of consideration, and that Plaintiff's entry into the Agreement was not a result of a unilateral mistake on her part. Therefore, the Court ruled that the Plaintiff is not entitled to rescission of the Purchase Agreement.
"Litigation was never our preferred course of action in our dispute with the former owner. However, we were always confident in the merits of our case and are very pleased with the court's decision," stated J. Michael Redmond, President/CEO of Parallax. "The Company has spent countless hours and significant expense defending the Company in this matter. We are looking forward to being able to focus our efforts on growing the RoxSan business and executing our overall Company strategy for the remainder of 2017."
Parallax was represented by Arthur Lensky, Esq of Lensky Law Firm, Los Angeles, CA and Ronald G. Rosenberg of Rosenberg & Koffman, Los Angeles, CA.
ABOUT PARALLAX HEALTH SCIENCES, INC.
Parallax Health Sciences, Inc. (PRLX), with offices in Santa Monica, CA, is a fully reporting Nevada corporation. Parallax is focused on personalized patient healthcare through its Pharmacy and Infertility business, and through Parallax Health Management and Parallax Diagnostics. Please visit www.parallaxhealthsciences.com.
ABOUT ROXSAN PHARMACY, INC.
RoxSan Pharmacy, Inc. a wholly owned subsidiary of Parallax Health Sciences, Inc., is a 60 year old Beverly Hills, CA based Pharmacy specializing in compound prescriptions and infertility treatments. RoxSan Pharmacy is licensed in 42 States in the US. Please visit www.roxsan.com
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The Court ruled that no fraud on the part of Defendant or its principals had been demonstrated. The Court further ruled that there had been no failure of consideration, and that Plaintiff's entry into the Agreement was not a result of a unilateral mistake on her part. Therefore, the Court ruled that the Plaintiff is not entitled to rescission of the Purchase Agreement.
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"Litigation was never our preferred course of action in our dispute with the former owner. However, we were always confident in the merits of our case and are very pleased with the court's decision," stated J. Michael Redmond, President/CEO of Parallax. "The Company has spent countless hours and significant expense defending the Company in this matter. We are looking forward to being able to focus our efforts on growing the RoxSan business and executing our overall Company strategy for the remainder of 2017."
Parallax was represented by Arthur Lensky, Esq of Lensky Law Firm, Los Angeles, CA and Ronald G. Rosenberg of Rosenberg & Koffman, Los Angeles, CA.
ABOUT PARALLAX HEALTH SCIENCES, INC.
Parallax Health Sciences, Inc. (PRLX), with offices in Santa Monica, CA, is a fully reporting Nevada corporation. Parallax is focused on personalized patient healthcare through its Pharmacy and Infertility business, and through Parallax Health Management and Parallax Diagnostics. Please visit www.parallaxhealthsciences.com.
ABOUT ROXSAN PHARMACY, INC.
RoxSan Pharmacy, Inc. a wholly owned subsidiary of Parallax Health Sciences, Inc., is a 60 year old Beverly Hills, CA based Pharmacy specializing in compound prescriptions and infertility treatments. RoxSan Pharmacy is licensed in 42 States in the US. Please visit www.roxsan.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parallax-health-sciences-inc-receives-favorable-judgment-in-legal-case-with-previous-owner-of-roxsan-pharmacy-300427549.html
SOURCE Parallax Health Sciences, Inc.
