TORONTO, Feb. 22, 2018 /CNW/ - Nuuvera Inc. (the
"Company" or "Nuuvera") (TSXV: NUU), is pleased
to announce that further to its press release on February 20, 2018, Nuuvera, through its
subsidiaries, has entered into a definitive share purchase
agreement (the "Agreement") to acquire the remaining 49%
minority interest of ARA-Avanti Rx Analytics Inc.
("Avanti"), a subsidiary of the Company, from a single
minority shareholder. As part of the acquisition, Avanti has been
granted an option, exercisable for 60 days following the closing of
the share purchase, to purchase Avanti's facility (the
"Facility") at 135 Devon Road, Brampton, Ontario (together, the "Avanti
Transaction"). Total consideration for the Avanti Transaction
is expected to be approximately $43
million.
Pursuant to the Agreement, the purchase price for the 49%
interest of Avanti is $35 million,
$3.5 million of which was paid as a
deposit upon the signing of the Agreement. The remaining
$31.5 million, plus approximately
$8 million for the purchase of the
Facility, will be paid upon closing of the Avanti Transaction,
which is expected to occur on or before March 1, 2018.
About Nuuvera
Nuuvera is a global cannabis company founded on Canadian
principles, and built with the whole world in mind. Nuuvera is
currently working with partners in Germany, Israel and Italy, and is exploring opportunities in
several other countries, to develop commercial production and
global distribution of medical grade cannabis in legalized markets.
Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon
Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the
Narcotic Control Regulations and Office of Controlled Substances.
Nuuvera is currently in the final stages of the Health Canada
review process to become a Licensed Producer of medical marijuana
under the ACMPR, and has recently received its "letter to build"
approval.
For more information on Nuuvera, please visit:
www.nuuvera.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding
Nuuvera and its business. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of the management of Nuuvera. The
forward-looking events and circumstances discussed in this release
may not occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Nuuvera, including risks regarding the
cannabis industry, failure to obtain regulatory approvals, economic
factors, the equity markets generally and risks associated with
growth and competition. Although Nuuvera has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made Nuuvera undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. The TSX Venture Exchange has in no way
passed upon the merits of the transaction and has neither approved
nor disapproved the content of this press release.
SOURCE Nuuvera Inc.