New Corporate Name Reflects Company’s Expanded Business Strategy, Corporate Restructuring, and Other Corporate Changes
CLEVELAND, OHIO – (October 12, 2021) – Vitality Biopharma, Inc. has changed its name to
MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (pronounced “mal-a-kite”) following
corporate restructuring intended to reflect the Company’s expanded business strategy and corporate
rebranding. The Company also announced other corporate changes in support of the Company’s new
strategic plan to create long-term sustainable value for its shareholders.
Malachite has charted a dual, interconnected strategy to improve the health and wellness of people and our
planet through the formation and operation of two new business units, Graphium Biosciences, Inc. and
Daedalus Ecosciences, Inc.
Graphium Biosciences, the newly-formed operating subsidiary dedicated to improving the health and
wellness of people, will advance our broad portfolio of over 100 novel cannabinoid-glycoside compounds
created using our proprietary enzymatic bioprocessing technologies to develop safe and effective novel
treatments for chronic and debilitating conditions, with an initial focus on inflammatory bowel disease.
Effective September 30, 2021, all of the Company’s drug development operations will be conducted
through Graphium Biosciences.
Daedalus Ecosciences, the newly-formed operating subsidiary dedicated to improving the health and
wellness of our planet, will seek to identify, invest in and reposition challenging environmental situations
with a particular focus on technological innovations and eco-friendly solutions deployed in economically
challenged communities. Effective September 30, 2021, all of the Company’s environmental operations
will be conducted through Daedalus Ecosciences.
Malachite will serve as the publicly-traded holding company and oversee all strategic, financial and
operational aspects of its wholly-owned subsidiaries, Graphium Biosciences and Daedalus Ecosciences.
The Company’s Board of Directors approved this name change in furtherance of our expanded strategy and
to mark the rebirth of our Company as we transition to the value creation phase of our strategic plan after
successfully executing our multi-year restructuring plan. Our new corporate name is derived from the
malachite butterfly whose brilliant green wings and rebirth imagery symbolize powerful transformation,
good fortune and future prosperity for those who innovate and change.
Effective October 12, 2021, FINRA has approved a change in the Company’s trading symbol from VBIO
In connection with this name change, Malachite has launched a new website to provide our shareholders
and the financial community with detailed information about our corporate philosophy, innovations, team
and investor resources. Our new website can be found at: www.malachiteinnovations.com.
Other Corporate Changes
Effective September 30, 2021, our Board of Directors approved a change in the Company’s fiscal year from
the twelve months ending March 31 to the twelve months ending December 31. The Company will file a
transition report on Form 10-K for the period ended December 31, 2021. The synchronization of the
Company’s fiscal year with the calendar year is intended to better align the Company’s financial reporting
schedule with other publicly-traded companies.
We also have moved our corporate headquarters from Los Angeles, California to Cleveland, Ohio where
many of the Company’s directors, officers and advisors are located. Additionally, our new corporate
headquarters is intended to provide the Company with an attractive physical location to expand our
organization in support of the anticipated growth of our Graphium Biosciences and Daedalus Ecosciences
About Malachite Innovations, Inc.
Headquartered in Cleveland, Ohio, Malachite Innovations, Inc. is an innovative socially-conscious
company dedicated to improving the health and wellness of people and our planet. Malachite deploys this
dual, interconnected strategy through two wholly-owned operating subsidiaries. Graphium Biosciences, our
operating subsidiary dedicated to improving the health and wellness of people, seeks to advance our broad
portfolio of over 100 novel cannabinoid-glycoside compounds created using our proprietary enzymatic
bioprocessing technologies to develop safe and effective novel treatments for chronic and debilitating
conditions, with an initial focus on inflammatory bowel disease. Daedalus Ecosciences, our operating unit
dedicated to improving the health and wellness of our planet, seeks to identify, invest in and reposition
challenging environmental situations with a particular focus on technological innovations and eco-friendly
solutions deployed in economically challenged communities.
Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in Section 27(a) of the
Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical are forward-looking statements and include
any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe
that these statements are based on reasonable assumptions, they are subject to numerous factors that could
cause actual outcomes and results to be materially different from those indicated in such statements. Such
factors include, among others, the inherent uncertainties associated with new projects and development
stage companies, timing of clinical trials and product development, business strategy and new lines of
business. These forward-looking statements are made as of the date of this press release, and we assume no
obligation to update the forward-looking statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although we believe that any beliefs, plans,
expectations and intentions contained in this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also refer to the risk factors disclosure outlined in our annual
report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange Commission.
Malachite Innovations, Inc.
P: +1 (216) 304-6556