VANCOUVER, May 2, 2019 /CNW/ - Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) ("Pivot" or the "Company") announces that it filed a protective lawsuit on April 23, 2019 in the Supreme Court of British Columbia (Vancouver Registry - #S-194744) against two former employees of its wholly-owned subsidiary, Pivot Naturals, LLC.
Pivot's Costa Mesa facility, associated intellectual property and related cannabis licenses are secure and in the control of Pivot's management team. As previously announced, Pivot has retained Harris Bricken LLC to manage the cannabis licensing process with the State of California. Pivot has been engaging in constructive discussions with the two former employees to satisfy the terms of their employment contracts and has retained Freeman, Freeman and Smiley, LLP to assist in this matter.
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a science-based consumer packaged goods cannabis company engaged in the development and commercialization of health and wellness products using innovative, patent-protected drug delivery technologies. Upon receipt of a Standard Processor license (pending) from Health Canada, Pivot's premium, bioavailable, stable and effective products will be manufactured at its 50,000-sq. ft. cGMP facility located in Montreal, Quebec. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, was granted a Temporary Manufacturing Type N: Infusion License by the California Department of Public Health in November 2018. Pivot's product line includes infused beverages, vegan capsules, dissolvable tablets, topical creams and gels, intimate lubricants, roll-on pain relievers, stick packs, and bulk powder for the edibles market. For more information please visit pivotpharma.com
Cautionary Note Regarding Forward-Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC., or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, statements with respect to internal expectations, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Pivot Pharmaceuticals Inc.
For further information: Pivot Pharmaceuticals Inc., Patrick Frankham, PhD, MBA, Chief Executive Officer, Email: Info@PivotPharma.com; Virtus Advisory Group, Shareholder Inquiries, Email: Pivot@virtusadvisory.com, Phone: 416-644-5081