REPEAT - Nabis Holdings Announces Acquisition of 49% of Cannova Medical, A Creator of Innovative Solutions for Cannabis Consu...
03 June 2019 - 5:30PM
Nabis Holdings Inc. (CSE:NAB) (OTC: INNPF) (FRA: 71P) (“Nabis” or
the “Company”), a leading Canadian investment company with
specialty investments in assets across multiple divisions of the
cannabis sector, today announced that it has entered into an
agreement to purchase 2,260,500 common shares, representing a 49%
interest, of Cannova Medical Ltd. (“Cannova”), a provider of
innovative solutions for cannabis consumption, and to acquire the
remaining 51% interest at the option of Nabis (the “Transaction”).
Cannova, based in Israel, has developed an
alternative solution for cannabis consumption using a sublingual
strip infused with a variety of active cannabis substances. The
product has proven qualities that allow producers to more
effectively control dosage quantities, combine the Cannabis with
other natural active ingredients to create a set of products for a
variety of needs and lifestyles. In connection with the
Transaction, Nabis will have Exclusive Distribution rights in North
America.
“Cannova’s line of sublingual strips disrupts
traditional thinking on consumption. Their team has developed an
innovative solution that largely appeals to consumers looking for
convenience compared to current forms of consumption such as
smoking, evaporation and ingestion of oil,” said Shay Shnet, CEO
& Director of Nabis. “While we remain focused on our strategic
plan for rapid expansion into limited-license states, we also pay
close attention to companies that have the potential to disrupt the
legal cannabis space. Cannova’s patent protected solution allows
the user to get a customized, personal combination of THC, CBD, and
other active ingredients that meet their personal, unique
requirements in real time, and thus changing the way Cannabis is
consumed. Their cutting-edge platform designed for home use looks
similar to a countertop espresso/coffee machine, however, it
possesses next generation ability to combine various active
ingredients. With the acquisition of Cannova’s unique technology,
we will be well positioned to capitalize on the growth in
popularity of consumable cannabis.”
“We’re excited to team up with Nabis to provide
Cannabis users a safe, accurate and discrete way to consume
Cannabis. The Nabis team, their experience and established network
of Cannabis related portfolio will help boost Cannova to become a
cutting-edge leader in the space,” said Omri Schanin, Cannova
founder & CEO.
In consideration for the 49% interest, Nabis
will pay Cannova US$1,000,000 and will issue to Cannova an
aggregate of 5,911,111 common shares of Nabis (“Common
Shares”). To exercise its option to acquire the remaining
51% interest, Nabis must make a nominal cash payment and issue to
the Cannova shareholders 7,388,888 Common shares, which will be
held in escrow and released subject to Cannova achieving certain
performance milestones.
The securities issued pursuant to the
Transaction will be subject to resale restrictions as required by
applicable securities laws.
Closing the Transaction remains subject to
certain customary closing conditions, including obtaining all
necessary approvals.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, and these securities were not offered or sold in
any jurisdiction in which their offer or sale would be unlawful.
The securities have not been and will not be registered under the
U.S. Securities Act of 1933, as amended, (the
“Act”) or any state securities laws of the United
States. Accordingly, these securities were not offered or sold to
persons within the United States unless an exemption from the
registration requirements of the Act and applicable state
securities laws is available.
About Cannova MedicalCannova is
a biotechnology company focused on development of innovative,
patent protected, delivery technology platform for Cannabis
substances together with other natural ingredients. The platform, a
sublingual film, can effectively bind various active substances,
including cannabinoid and natural substances to, or via, oral
mucosal membranes (under the tongue) and by doing so, greatly
improve bioavailability of cannabinoid molecules. Cannova’s
controlled release solution is an oral thin film that leads to
dosing accuracy, higher bioavailability, enhanced efficacy, and
safety in the delivery of cannabinoids.
For more information, please visit
https://cannova-medical.com/.
About Nabis Holdings Inc.Nabis
Holdings is a Canadian investment issuer that invests in high
quality cash flowing assets across multiple industries, including
real property, securities, cryptocurrency, and all aspects of the
U.S. and international cannabis sector. Led by two of the
co-founders of MPX Bioceutical, one of the largest takeovers in the
U.S. Cannabis space to date, the company has a proven track record
in emerging markets to create significant shareholder value. The
Company is focused on investing across the entire vertically
integrated aspects of the space with a focus on revenue generation,
EBITDA and growth.
For more information, please visit
https://www.nabisholdings.com/.
Forward-Looking StatementsAll
statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
The risks are without limitations: that the acquisitions will be
completed by the Company or completed upon the terms disclosed; the
price for cannabis and related products will remain consistent and
the consumer demand remains strong; availability of financing to
the Company to develop the retail locations; retention of key
employees and management; changes in State and/or municipal
regulations of retail operations and changes in government
regulations generally. Important factors that could cause actual
results to differ, materially from the Company’s expectations are
disclosed in the Company’s documents filed from time to time with
the Canadian Securities Exchange, the British Columbia Securities
Commission, the Ontario Securities Commission and the Alberta
Securities Commission.
The CSE does not accept responsibility for the adequacy
or accuracy of this release.
For inquiries, please contact:
Investor Contact:Allison SossKCSA Strategic
Communications PH:
212-896-1267Nabis@kcsa.com
Company Contact:Shay Shnet, CEO and DirectorPH:
604-687-7130info@nabisholdings.com
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