TORRANCE, Calif., July 1, 2013 – Emmaus Life Sciences, Inc., a company dedicated to the discovery, development and commercialization of innovative and cost effective treatment and therapies for rare diseases, today announced that it has canceled 2,504,249 shares of its common stock previously held by AFH Holding & Advisory, LLC (“AFH”), Griffin Ventures, Ltd. and The Amir & Kathy Heshmatpour Family Foundation. The cancellation was pursuant to an order of the Superior Court of Delaware issued to implement the previously announced judgment in Emmaus’s lawsuit against AFH and Amir Heshmatpour.
The court’s order, issued on June 27, 2013, also provides that the letter of intent between Emmaus and AFH pursuant to which the canceled shares were issued was properly terminated by Emmaus as of July 19, 2012.