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Shell Summary for May 8, 2020

2020-05-08 20:42 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.87 points to 492.09 Friday, ending the week up 19.00 points. Stephen Davis's first capital pool shell, Israel Capital Canada Corp. (IL), has completed its $200,000 initial public offering at 10 cents. The IPO agent was Canaccord Genuity Corp. The shell will begin trading on Tuesday.

Mr. Davis, 62, lives near Victoria, B.C. He runs a company called Wave Force Electronics Inc., the maker of a medical device called Wave 1. This device is worn on the wrist like a watch, and it emits light and vibrations at specifically programmed frequencies, supposedly targeting the cells in the wearer's body so that he can "fight" or "manage" Lyme disease. Wave Force also claims that Wave 1 can help improve sleep, reduce mood swings, improve mental acuity and cognitive function, and boost energy.

Previously, Mr. Davis was a co-founder and the chief executive officer of Valentus Health Clinics Inc. This company offered "brainwave optimization" treatments, consisting of nine sessions, during which electrodes would be placed on a person's head. The treatments were purported to help improve brain function for those with concussions, brain injuries, anxiety, depression, sleep problems, learning challenges, headaches, fogginess, inability to focus, lack of motivation, fatigue, addictions and anger problems. In 2015, Valentus had clinics in Victoria, Vancouver and Calgary. In 2016, it went out of business.

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