BIRKENHEAD, UK / ACCESSWIRE / November 16, 2021 / Alterola Biotech Inc. ("Alterola Biotech" or the "Company") (OTC PINK:ABTI) today announced the agreement to purchase the assets from C2 Wellness Corporation. ("C2"), a Wyoming registered company with an address at 30 North Gould Street, Suite R, Sheridan, WY, 82801 that owns certain platform technologies and associated intellectual property invented and developed by the scientific team of C2.
The purchase is for $12 million US dollars payable to all shareholders (direct and indirect), through C2 Holdings Acquisitions Corp. who has 50% ownership of C2. The purchase price is payable with 24 million common shares in Alterola Biotech. The common shares are valued at $0.50 US dollars per share for the purpose of satisfying the purchase. The implementation of the transaction has been approved by the board of both companies.
The five primary assets relate to:
- Novel cannabinoid molecules and their associated intellectual property;
- Novel cannabinoid pro-drugs, and their associated intellectual property;
- Novel proprietary cannabinoid formulations, designed to target lymphatic delivery, and their associated intellectual property;
- Novel proprietary nano-encapsulated cannabinoid formulations, in self dissolving polymers, and their associated intellectual property; and
- Cannabinoids and cannabinoid pro-drug formulations for topical ocular delivery, and their associated intellectual property.
Along with the technology platforms and associated intellectual property come relationships with universities and several renowned academics.
Tim Rogers, Executive Chairman of Alterola Biotech, commenting on the acquisition said, "We are excited at the opportunity to acquire these assets which we believe complement and augment our existing portfolio of cannabinoid and cannabinoid-like development candidates."
About Alterola Biotech Inc.
Alterola is a UK based pharmaceutical company developing cannabinoid, cannabinoid-like, and
non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs). pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and targeting European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products. If you would like more information about Alterola Biotech Inc., please visit our website https://alterola-abti.com/ or contact our Investor Relations Department at +353 86 838 9812 or [email protected].
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements that reflect Alterola's current expectations regarding future events, including statements regarding financial performance, the timing of preclinical studies and clinical trials, the timing and outcomes of regulatory or intellectual property decisions, the relevance of Alterola's product candidates currently in development. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors, including (inter alia), the success of Alterola's research and development strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, and the potential acceptance of any future product that may (if ever) be approved by the appropriate regulatory authorities by consumer and medical professionals. A further list and description of risks and uncertainties associated with an investment in Alterola can be found in Alterola's filings with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Alterola undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
SOURCE: Cannabis Investor Webcast