VANCOUVER, Nov. 27, 2019 /CNW/ - Absolem Health Corporation ("Absolem" or the "Company") is pleased to announce that its wholly owned subsidiary Absolem Extractions Inc has entered into a definitive agreement with AREV (CSE: AREV) (OTC:AREVF) with the goal to become the leading solution for functional extractions of mushrooms. Further details respecting the terms of the definitive agreement will be announced when it has been finalized. This transaction is subject to the approval of the CSE.
The mushroom market is expected to exceed $50B in the next six years, reports Grand View Research. Food Navigator found that year-on-year sales for food products incorporating medicinal mushrooms have risen between 200-800%, depending on the variety.
Ken Kuiper, CEO of Absolem, commented: "We are excited about the global growing interest in functional mushrooms and believe we could become leaders in commercial extraction. We believe with AREV's expertise in extractions we will be successfully in doing so."
Michael Withrow, CEO of AREV., commented: "We are honored to have been selected to be the extraction company of choice by Absolem. The team at Absolem has identified what we believe to be massive growth in natural medicines and we are delighted to be part of this innovation. This collaboration will hopefully lead to another line of branded ingredients and formulations produced by AREV and build on our revenue stream."
Absolem Health recently completed the acquisition of One Up Pure Energy, a food and beverage line of functional mushroom snacks, teas, powders and development of our mushroom based meat alternative protein product. Absolem is undertaking a non-brokered, best efforts private placement of up to 6,000,000 Units comprised of one common share in the capital of the Company and a full, two-year purchase warrant at $0.50 comprised of one share and one further purchase warrant at $0.65. Participation in the private placement is limited to Canadian residents who are able to acquire the Company's securities pursuant to exemptions under applicable Canadian securities laws.
About Absolem Extractions Inc. A fully owned subsidiary of Absolem Health Corp, Absolem Extractions Inc aims to be a leader in extraction of the fast growing functional foods market-and provide a commercial solution for extractions of functional mushrooms.
About AREV Brands International Ltd. AREV Brands International Ltd. ("AREV") produces and delivers functional compounds and ingredients derived from verified genetics ran through its world-class extraction systems. AREV is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. AREV innovates through extraction to produce extracts from specific selected plant and exude from trees that address 5 areas of health including Anxiety, Pain Management, Insomnia, Central Nervous System Disorders & Libido.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, 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 in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, 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 the applicable laws. This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed. Not for distribution in the US.
SOURCE Absolem Health Corp.
For further information: contact Ken Kuiper, [email protected] +1 (604) 719-5601; www.absolemhealth.com