Blackhawk Granted Rights to Distribute Emergency Use Authorized PCR Test Kit and Additional Emergency Use Authorized Covid-19 Antibody Test 09/03/2020 08:31 AM ET
Blackhawk Granted Rights to Distribute Emergency Use Authorized PCR Test Kit and Additional Emergency Use Authorized Covid-19 Antibody Test
September 03, 2020 -- (Blackhawk Growth Corp.) --
(TheNewswire)Vancouver, British Columbia - TheNewswire - September 3, 2020 - Blackhawk Growth Corp. (CSE:BLR) (CNSX:BLR.CN) (OTC:BLRZF) (the "Corporation" or "Blackhawk"), is pleased to announce that it has entered into a definitive distribution agreement (the "Distribution Agreement"), dated effective August 31, 2020, with Medigen Biotechnology Corporation ("MBC")its affiliate company, TBG Biotechnology Corp. ("TBG") and a local agent, Boshic Advanced Materials Co., Ltd. ("Boshic") to distribute certain diagnostic products, including an ExProbe SARS-CoV-2 Testing Kit and a SARS-CoV-2 IgG/IgM Rapid Test Kit (collectively, the "Test Kits") used in the detection of antibodies associated with COVID-19. The Distribution Agreement replaces the memorandum of understanding entered into between Blackhawk, MBC and TBG, dated effective August 3, 2020.
About the ExProbe SARS-CoV-2 Testing Kit Click Image To View Full Size
About the SARS-CoV-2 IgG/IgM Rapid Test Kit Click Image To View Full Size
*taken from TBG's corporate presentation
The Distribution Agreement grants Blackhawk the non-exclusive right to distribute the Test Kits in North and South America, including Canada and the United States. The ExProbe SARS-CoV-2 Testing Kit has received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for use in the United States by authorized laboratories, as of June 10, 2020, and the SARS-CoV-2 IgG/IgM Rapid Test Kit has received Emergency Use Authorization from the FDA on August 31st, 2020.
While sale of both the ExProbe SARS-CoV-2 Testing Kit as well as the SARS-CoV-2 IgG/IgM Rapid Test Kit are permitted in the United States, neither of the Test Kits have been approved by Health Canada. Blackhawk intends to submit the Test Kits for Health Canada approval. Both MBC and TBG have committed to supporting Blackhawk's efforts to obtain and maintain all necessary certifications and approvals for the sale and marketing of the Test Kits in Canada by granting access to all necessary documentation and studies concerning the Test Kits. Once Health Canada approval is granted, Blackhawk would be the exclusive and sole distributor in Canada provided minimum order and sales levels are maintained.
There can be no guarantee that Health Canada approval will be received once an application is completed.
In consideration for the ongoing rights to distribute the Test Kits, Blackhawk will use its best efforts to achieve certifications and licenses for the distribution of the Test Kits in Canada and South America and has agreed not to distribute any other COVID-19 rapid antibody test products in North and South America. Blackhawk is also required to maintain certain minimum sales levels in order to retain rights under the Distribution Agreement, which include purchasing at least 50,000 Test Kits within the initial three months of the Distribution Agreement and purchasing at least 200,000 Test Kits within six months. Failure to achieve minimum sales levels could result in the termination of the Distribution Agreement, and the loss of all rights to distribute the Test Kits. No cash will be paid, or securities issued, in consideration for the grant of the distribution rights.
The Corporation is at arm's length from both MBC, TBG and Boshic. The grant of the distribution rights to the Test Kits neither constitutes a fundamental change or change of business for the Corporation, nor will it result in a change of control of the Corporation within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. No securities of the Corporation will be issued in connection with the transactions contemplated by the Distribution Agreement.
Readers are cautioned that the Corporation has not independently verified testing statistics and data provided by MBC and TBG. The Corporation has not received any assurances as to the timeline for the manufacturing and distribution of the Test Kits in North and South American, or as to the capacity of MBC and TBG to produce a sufficient volume of the Test Kits to make distribution economically feasible.
"I am excited to announce the closing of this deal" says Frederick Pels, CEO of Blackhawk. "We wanted to negotiate more than just a deal, but a true partnership and I am certain we achieved that here. I look forward to working with TBG, Medigen and Boshic to provide an extremely needed and superior quality product. We combed through every detail to ensure a harmonious and effective deal that separates us from the pack and I anticipate the relationship to grow substantially over the coming months and look forward to updating our shareholders with our upcoming initiatives."
"We are pleased indeed to collaborate with such a motivated and committed company as Blackhawk" says Stanley Chang, Chairman of Medigen and TBG. "We are engaged in the business of in vitro diagnostic test for the past 20 years, and facing COVID-19 pandemic, we provided comprehensive testing solutions and products of high quality. Joining our strength together with Blackhawk and Boshic, we expected to see the business of our Test Kits flourishing in North and South America and help more people fighting against COVID-19 pandemic."