IRVINE, Calif., July 1, 2008 /PRNewswire via COMTEX/ -- ChromaDex, Inc. ("ChromaDex"), today announced that effective June 20, 2008, it completed its merger with CDI Acquisition, Inc. ("CDI"), the wholly-owned subsidiary of Cody Resources, Inc. ("Cody") (CDYE) . The transaction enables ChromaDex to be wholly owned by a company whose shares are publicly traded, which will help it be better positioned to meet the ongoing needs of a rapidly growing marketplace. The business and operations of ChromaDex prior to the merger continue unchanged after the merger, and ChromaDex should continue to meet demand for analytical tools, products, and services that help customers comply with regulatory, quality, efficacy and safety standards for their products.
The merger was completed pursuant to an Agreement and Plan of Merger dated May 21, 2008, by and among ChromaDex, Cody and CDI. As a result of the merger, ChromaDex became a wholly owned subsidiary of Cody, each outstanding share of ChromaDex common stock automatically converted into the right to receive one share of common stock of Cody and ChromaDex shareholders own or have the right to own, in the aggregate, approximately 23,522,122 shares, or 84% of the outstanding common stock of Cody. Also in connection with the Merger, Cody changed its state of incorporation from Nevada to Delaware and changed its name to ChromaDex Corporation.
"We are pleased to have completed this reverse merger as a means of achieving public ownership for ChromaDex," said Frank Jaksch, CEO and co-founder of ChromaDex. "This merger into the public arena affords ChromaDex benefits of public ownership, including the ability to enhance our visibility with customers and prospective customers, additional liquidity for existing and future equity investors, and access to potential additional avenues for capital formation to help us grow and expand to meet the needs of the sizable natural product chemistry, dietary supplement, functional food, cosmetic and pharmaceutical marketplaces with our unique skill set and value proposition. We believe this merger provides ChromaDex with a foundation for new opportunities to better meet the needs of the customer as well as the benefits of an ongoing public market valuation."
ChromaDex is a world leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable, "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools, products, and services to meet the regulatory, quality, efficacy and safety standards for their products.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.