TORONTO, Feb. 22, 2018 /CNW/ - Nuuvera Inc. (the "Company" or "Nuuvera") (TSXV: NUU), is pleased to announce that further to its press release on February 20, 2018, Nuuvera, through its subsidiaries, has entered into a definitive share purchase agreement (the "Agreement") to acquire the remaining 49% minority interest of ARA-Avanti Rx Analytics Inc. ("Avanti"), a subsidiary of the Company, from a single minority shareholder. As part of the acquisition, Avanti has been granted an option, exercisable for 60 days following the closing of the share purchase, to purchase Avanti's facility (the "Facility") at 135 Devon Road, Brampton, Ontario (together, the "Avanti Transaction"). Total consideration for the Avanti Transaction is expected to be approximately $43 million.
Pursuant to the Agreement, the purchase price for the 49% interest of Avanti is $35 million, $3.5 million of which was paid as a deposit upon the signing of the Agreement. The remaining $31.5 million, plus approximately $8 million for the purchase of the Facility, will be paid upon closing of the Avanti Transaction, which is expected to occur on or before March 1, 2018.
Nuuvera is a global cannabis company founded on Canadian principles, and built with the whole world in mind. Nuuvera is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalized markets. Through its subsidiaries, ARA – Avanti Rx Analytics Inc. and Avalon Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the Narcotic Control Regulations and Office of Controlled Substances. Nuuvera is currently in the final stages of the Health Canada review process to become a Licensed Producer of medical marijuana under the ACMPR, and has recently received its "letter to build" approval.
For more information on Nuuvera, please visit: www.nuuvera.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Nuuvera and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Nuuvera. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Nuuvera, including risks regarding the cannabis industry, failure to obtain regulatory approvals, economic factors, the equity markets generally and risks associated with growth and competition. Although Nuuvera has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made Nuuvera undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the content of this press release.
SOURCE Nuuvera Inc.
For further information: Jordan Greenberg, CFO, Nuuvera Inc., [email protected]