VANCOUVER, March 3, 2017 /CNW/ - Alternate Health Corp. (the "Company" or AHC) is pleased to announce the finalization and closing of its transaction with EFT Global Holdings, d.b.a Sentar Pharmaceuticals ("Sentar"); on March 2, 2017; an exclusive agreement for non-pharmaceutical sublingual delivery of CBD and THC. The transaction was previously announced in the Company's news release disseminated on January 19, 2017. The Company wishes to note a correction to the January 19, 2017 news release pertaining to the issuance of 2,118,500 common shares in various consulting fees. Pursuant to the stipulation in the agreement, the accurate amount is 2,118,506 common shares in consulting fees.
Under to the terms of the agreement, AHC entered into a 10-year renewable license agreement with Sentar, whereby Sentar has agreed to grant AHC a 10 year worldwide license rights to its patented Sublingual Delivery Systems to administer CBD and THC nutraceuticals in tablet form ("Technology"). Consideration paid to Sentar by AHC for the license consists of 850,000 AHC common shares at a deemed price of $1.00 per share plus a royalty on future sales or profits; and 2,118,506 AHC common shares at a deemed price of $1.00 per share for various consulting fees for services rendered in assistance with obtaining the license, the ongoing development and commercialization of the Technology, and assistance in obtaining regulatory approvals and permits for related products. All parties to the license and consulting agreements are at arm's length to the Company.
The Sentar share issuance totalling 2,968,506 is subject to a four month hold.
On behalf of the Board of Directors of
ALTERNATE HEALTH CORP.
CEO and Chairman
About Alternate Health Corp.
Alternate Health is a diversified healthcare company that uses its expertise in technology to revolutionize patient care and service delivery in both traditional and complementary medical fields. With investments in research, education and cutting edge technology, Alternate Health Corp. is a leader in software applications and processing systems for the medical industry using proprietary technology platforms. Through its subsidiaries, Alternate Health Corp. offers services ranging from medical practice and controlled substance management software to blood analysis and toxicology labs, to clinical research and continuing education programs. Alternate Health Corp.'s goal is to continue to lead the medical industry with data-driven results in patient care and product development.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements.
SOURCE Alternate Health Corp.
For further information: please contact Thomas F. Bartlett at 1.214.906.0684.