Empower Clinics and Inolife R&D Announce Letter of Intent for US Distribution Agreement for Needle-free Treatments
20 October 2018 - 3:02AM
Business Wire
Empower Clinics Inc. (OTC: EPWCF) (CSE: EPW) (FRA: 8EC), a
leading owner and operator of medical cannabis and wellness
clinics in the US, today announced that it has signed a letter of
intent for a national distribution agreement with Inolife R&D,
an emerging specialty medical device company.
Under the agreement, Empower Clinics will make Inolife’s
pioneering needle-free injection devices available to patients at
Empower’s 15 clinics in Oregon, Washington, and Illinois. Inolife
developed its Inojex 30 and Nanojex devices to be easy-to-use,
safe, pain-free, and more efficient in delivering treatment to
patients than is possible with traditional needle-based injections.
The needle-free category has experienced sustained double-digit
growth during the past five years.
"As we continue striving to offer the most efficient and
effective ways to deliver treatment to patients, we’re very pleased
to be working with a proven leader in Inolife,” said Craig Snyder,
Empower CEO. “We are closely aligned with Inolife in terms of
providing quality and results-focused care and look forward to
working with them.”
“With 15 clinics in three states, 25,000 active patients and
120,000 historic patients, Empower has a significant and growing
footprint and we are excited to further our distribution by working
together,” said Michael Wright, President & Chief Executive
Officer of Inolife. “We look forward to providing Empower and its
patients with access to new and very effective methods of
administering treatment.”
Empower also announced that it has granted an aggregate of
450,000 stock options, subject to approval of the Canadian
Securities Exchange. 200,000 of such options vest immediately, are
exercisable at CDN $0.26 per common share, will expire on May 25,
2023 and are otherwise governed by the terms and conditions of the
company's stock option plan. The remaining 250,000 options vest in
62,500 tranches on January 22, 2019, April 22, 2019, July 22, 2019
and October 22, 2019, are exercisable at CDN $0.26 per common
share, will expire on October 22, 2023 and are otherwise governed
by the terms and conditions of the company's stock option plan
Following the grant of the options, the company has a total of
7,600,000 stock options outstanding representing approximately 10%
of the outstanding common shares of the company.
Empower intends to complete a non-brokered private placement
312,903 units (the “Units”) at an issuance price of CDN $0.31 per
Unit for aggregate gross proceeds of CDN $97,000. Each Unit
consists of one common share and one warrant to purchase common
shares at an exercise price of CDN $0.36 for one year from the date
of issuance. The Units issued pursuant to this private placement
will be subject to a hold period of four months and one day from
the date of issuance. Empower will also issue 517,132 Units,
1,204,851 common shares (at a deemed issuance price of $0.2325 per
share) and 423,076 common shares (at a deemed issuance price of
$0.26 per share) to settle $550,442 in outstanding commitments of
the company.
ABOUT INOLIFE R&D INC./INOLIFE SCIENCES
CORPORATION
Inolife R&D Inc. is an emerging specialty medical device
company focused on developing and commercializing novel drug
delivery technologies. Inolife commercializes patented and
FDA-cleared needle-free injection devices. The company was founded
to take advantage of novel techniques of the liquid jet and
ballistics-based epidermal drug injection that improve patients’
quality of life by making medicines easier to administer, work
better, and remove the anxiety and inconvenience associated with
hypodermic needle injections. For more information
about Inolife and its products please
visit www.inolifesciences.com.
ABOUT EMPOWER
Empower is a leading owner and operator of medical cannabis
and wellness clinics, as well as a developer of medical products in
the US, focused on enabling individuals to improve and protect
their health. The company provides treatment solutions through its
physician-staffed clinics that are focused on education, data, and
efficacy. Empower is a recognized leader and the first choice for
patients seeking quality experience and improved health.
For further information about Empower please see the Company’s
website at empowerclinics.com.
Certain statements included in this press release constitute
forward-looking information or statements (collectively,
“forward-looking statements”), including those identified by the
expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”,
“intend”, “may”, “should” and similar expressions to the extent
they relate to the Company or its management. Forward-looking
information contained in this news release includes, but is not
limited to, the issuance and closing of the private placement of
securities and the shares for debt transaction and the future
growth plans of the Company. The forward-looking statements
are not historical facts but reflect current expectations regarding
future results or events and are therefore based on current
expectations and various estimates, factors and assumptions and
involve known and unknown risks, uncertainties and other
factors.
Neither the Canadian Securities Exchange nor the Frankfurt
Stock Exchange accepts responsibility for the adequacy or accuracy
of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20181019005476/en/
Investors:Boom Capital MarketsSteve Low,
647-620-5101steve@boomcapitalmarkets.comorPress:Pointer PR LLCMark
Peterson, 206-390-0204mark@pointerpr.com
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