PENTICTON, BC / ACCESSWIRE / September 3, 2021 / EastWest Bioscience Inc. ("EastWest" or "Company") (TSXV:EAST), reports that it is adding self-storage to its already diverse revenue streams through a new subsidiary, 1290185 B.C. LTD, ("185"), which is an early stage company intending to build high-quality self-storage facilities across Western Canada.
EastWest recognizes that its Penticton facility is currently grossly under utilized and believes that, due to increasing demand in the BC interior, self-storage will be an efficient use for the facility. Further, the Company recognizes that it does not have the in-house expertise to operate a self-storage facility and it is therefore obtaining the required resources to carry out its plan to monetize its existing facility. EastWest will provide further details as the self-storage facility is completed, anticipated for Q4 2021.
Rodney Gelineau, President and CEO of EastWest commented, "We are excited to enter into this growing and lucrative line of business. Self storage demand has increased substantially over the past decade and we feel we are ideally positioned to add this diversified business line to our growing offering of consumer-driven businesses."
About EastWest Bioscience Group
EastWest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. We source our raw material, process, manufacture, test, brand, market, and distribute our products to our customers in Canada, the United States, and beyond. The Company owns and operates retail and manufacturing subsidiaries.
The Company's retail subsidiary is the award winning, Canadian, natural health retail franchise - the Sangster's Health Centre's - with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the Company's manufacturing arm that is certified with a Health Canada Site License and has GMP Certified NHP Manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operate out of the 34,000 sq Health Canada licensed facility in Penticton, British Columbia that is owned by EastWest Bioscience and is the Head Office for all its Canadian operations.
ON BEHALF OF THE BOARD OF DIRECTORS OF
EASTWEST BIOSCIENCE INC.
"Rodney Gelineau"
Co-Founder, Chief Executive Officer and Director
For Further Information:
Company Website: www.eastwestbioscience.com
Contact: Rodney Gelineau on 1-800-409-1930 or [email protected]
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the matters disclosed herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: EastWest Bioscience Inc.