/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
VANCOUVER, Nov. 27, 2019 /CNW/ - HempNova Lifetech Corporation, (the "Company" or "HempNova"). The Company announces that it has terminated the Share Exchange Agreement dated September 18, 2018 (the "Aibeida Agreement") made among the Company, Aibeida Lifetech Ltd. ("Aibeida"), Hang Zhou Aibeida Technologies Co. Ltd. ("HZAT"), Clever Splendor Limited ("Clever Splendor") and H.K. Gimaras Industrial Co. Ltd. ("Gimaras") pursuant to which the Company was to acquire all of the issued and outstanding shares of Aibeida from Clever Splendor and Gimaras. The termination is the result of material breaches by Aibedia, Clever Splendor and Gimaras of their obligations under the Aibeida Agreement.
The Company is seeking to recover damages from Aibeida, Clever Splendor and Gimaras resulting from the breaches including but not limited to fees for: accounting and auditing, legal, business valuation, consulting, expenses for shareholders' meetings and news releases, expenses for compliance and CSE listing fees incurred by the Company in connection with the transactions contemplated under the Aibeida Agreement. The Company is also seeking repayment of a loan made to Aibeida in the amount of $200,000.
The Company is continuing with the development of its commercial hemp processing business in Oregon, USA.
ON BEHALF OF THE BOARD
"Jennifer Trevitt", Corporate Secretary
SOURCE HempNova Lifetech Corporation
For further information: For additional information on the Company, please contact Jennifer Trevitt at 604-688-8002