NEW YORK, NY / ACCESSWIRE / May 16, 2024 / AppYea Inc. (OTCQB:APYP), developer of an innovative wearable monitoring solution to monitor and treat sleep apnea and snoring, today announced the conversion of the majority of debt owed to its Chairman, Boris (Bary) Molchadsky, who converted approximately $140,000 of debt into AppYea warrants with a strike price of $0.07 per share, reflecting a premium of more than 250% over the current market price of the Company's common shares.
AppYea recently entered its commercial phase with the first deliveries of AppySleep to customers in the United States. Additionally, the Company has launched a new direct sales website, AppySleep.com, and a new e-commerce store on Amazon.
Mr. Molchadsky commented on the conversion, stating, "This conversion demonstrates my utmost confidence in the prospects and business, given the fact I am converting debt into warrants with a strike price set at a substantial premium to the current market price. The Company has made tremendous progress and I do not believe the current market price of the Company's common stock reflects the intrinsic value of our business or robust intellectual property. In particular, after years of development, we have started delivering our first product, AppySleep. There is increasing consumer awareness about the significance of healthy sleep, and our goal is to diagnose and alleviate a variety of major sleep disorders."
AppYea's commitment to innovation and user-centric design marks a new era in sleep wellness. AppySleep is a compact, lightweight, and comfortable smart wristband designed for use during sleep. This wristband seamlessly incorporates multiple sensors and interfaces with the AppySleep smartphone app via Bluetooth. The app, utilizing the smartphone's microphone, actively monitors breathing patterns during sleep. When it detects several consecutive snores, the wristband responds with a gentle vibration, prompting the user to adjust their sleeping position and naturally cease snoring. The key to AppySleep's effectiveness lies in its user-friendly design and gradual training approach. Over continuous use spanning several weeks, users typically acclimate to sleeping in a correct and healthy position, significantly reducing, or eliminating snoring.
About AppYea
AppYea is a Healthtech company commercializing innovative wearable technology for the treatment of snoring and developing wearable solutions to diagnose and treat sleep apnea. The Company's solutions are based on its proprietary IP portfolio of AI and sensing technologies for the tracking and analysis of breathing patterns, vital signs, and other physiological parameters during sleep, designed for greater accuracy at lower and affordable cost. For more information on AppYea please go to Appyea.com.
Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of AppYea are subject to many factors including, but not limited to, the sufficiency or working capital and our ability to raise the capital needed to fund our development efforts, the going concern qualification in our financials, timing of product development, customer acceptance of our products in the market, the introduction of competitive products, the effectiveness of our product distribution networks, the impact of any product liability or other adverse litigation, commercialization and technological difficulties, and the other risks identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on April 1, 2024. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.
Contact:
Crescendo Communications, LLC
Tel: (212) 671-1020
Email: APYP@Crescendo-IR.com
SOURCE: APPYEA, Inc.