VANCOUVER, BC / ACCESSWIRE / December 14, 2020 / EGF Theramed Health Corp. (CSE:TMED)(OTCQB:EVAHF)(FSE:AUHP) (the "Company") is pleased to announce that the Company has entered into a letter of intent dated as of December 14, 2020 to acquire all of the issued and outstanding shares of Seedadelic Med Corp. ("Seedadelic"), a private Ontario corporation) in exchange for the issuance of 15,000,000 common shares of the Company at a deemed price of $0.115 per common share to Seedadelic shareholders (the "Proposed Transaction"). The Company has also agreed to pay a finder's fee on the closing of the Proposed Transaction.)
The Proposed Transaction will provide the Company with ownership of Seedadelic, a seedbank holding consisting of LSA and psychedelic properties. LSA is a legal alternative to LSD consisting of similar properties and effects of D-lysergic acid diethylamide but with less side effects. Seedbank will allow the Company to market and commercialize in a legal and rapid pace.
"We are incredibly pleased to be on the forefront of psychedelic technology. LSA is an underutilized and very rarely recognized compared to its alternative LSD. We feel there is a significant gap in the market that we can fill with LSA products and its properties," stated Jatinder Dhaliwal - Chief Executive Officer of the Company.
Readers are cautioned that the final terms and structure for the Proposed Transaction have not yet been determined. Completion of the Proposed Transaction remains subject to the negotiation of definitive documentation, completion of customary due diligence and receipt of any required regulatory approvals. The Proposed Transaction cannot be completed until these conditions are satisfied. The Company will provide additional information regarding the Proposed Transaction as soon as it becomes available.
FOR MORE INFORMATION PLEASE CONTACT:
EGF THERAMED HEALTH CORP.
Email: [email protected]
Telephone: (778) 331-8505
Disclaimer and Forward-Looking Statements
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under applicable laws.
SOURCE: EGF Theramed Health Corp