RE:NEWS
Roadman Investments Closes Acquistion of CLOV Biopharma Corp. V.LITT| 31 minutes ago (via TheNewswire) March 9, 2020 -TheNewswire -VANCOUVER, British Columbia - Roadman Investments Corp. (TSXV:LITT)(FWB:1QD)(OTC:RMANF) ("Roadman Investments" or the "Company") is pleased to announce that it has received final acceptance from the TSX Venture Exchange and has now closed its previously contemplated Definitive Agreement (the "Agreement") whereby it has acquired all of the issued and outstanding shares of CLOV Biopharma Corp. ("CBP"). CLOV Biopharma Corp.is focused on conducting further research and development of cedar leaf oil vapour ("CLOV") for the purposes of preventing the spread of Coronavirus and other similar potentially pathogenic respiratory viruses, for example, influenza and para-influenza viruses, and respiratory syncytial viruses. CBP is working in partnership with Dr. James Hudson, Ph.D, who is widely considered to be one of the foremost virologists in Canada, in an effort to expand upon and potentially commercialize his many years of study and scientific analysis involving the antimicrobial and antiviral properties of cedar leaf (Thuja plicata) oil.Previous studies by Dr. Hudson have shown that most of the human respiratory viruses tested so far have been found vulnerable to cedar leaf oil and cedar leaf oil vapour. It is expected that corona viruses, including COVID-19, will be similarly vulnerable. In general, the respiratory viruses not only can kill susceptible cells and multiply and spread, but they can also induce the production of excessive amounts of inflammatory cytokines, which can result in chronic inflammation of the lungs, as in bronchitis. Previous tests have shown that cedar leaf oil can inhibit this process in a model cell culture system. Previously published manuscripts authored by Dr. Hudson have concluded that, in a laboratory setting, CLOV was effective in killing (inactivating) several human respiratory viruses, including Influenza virus, Rhinovirus, Adenovirus, as well as Herpes simplex virus. It was also shown that short-term exposure to CLOV had no adverse effect on cultured lung epithelial cells, thus confirming it is not cytotoxic. Further, it was shown that CLOV also partly reversed the pro-inflammatory effect caused by Rhinovirus infection, which means that it acts as a multifunctional therapeutic agent. Luke Montaine, CEO of Roadman Investments commented, "The formal closure of our transaction with CLOV Biopharma Corp. further solidifies our corporate mandate of supporting promising high growth organizations in the medical and health and wellness space." He continued, "The CLOV Biopharma team brings significant expertise along with over 10 years experience in utilizing cedar leaf oil vapour in a variety of both clinical laboratory and real world commercial scenarios in studying and combatting the spread of numerous viruses and toxic mold. We have the privilege to be working closely with Dr. James Hudson, a leading virologist and professor emeritus from the University of British Columbia, to further study and potentially bring products to market that may help combat an array of viruses. With the World Health Organization now reporting 95,265 global cases of COVID-19 with 3,281 deaths, we are eager to expedite the R&D efforts and corporate mandate of CBP." Under the terms of the Agreement,Roadman has acquired all of the issued and outstanding common shares of CBP in exchange for 13,000,000 common shares of the Company. The 13,000,000 consideration shares are being held in escrow pursuant to asurplus security escrow agreement (the "SurplusEscrowedSecurities"), whereby 5% of the Surplus Escrowed Securities will become eligible forrelease from escrow on the issuance of the Final Exchange Bulletin (the "Initial Release"), an additional 5% of the escrowed securities six months following the Initial Release, an additional 10% of the Surplus Escrowed Securities will be released 12 months following the Initial Release, an additional 10% of the Surplus Escrowed Securities will be released 18 months following the Initial Release, an additional 15% of the Surplus Escrowed Securities will be released 24 months following the Initial Release, an additional 15% of the Surplus Escrowed Securities will be released 30 months following the Initial Release, and the remaining 40% of the Surplus Escrowed Securities will be released 36 months following the Initial Release. About Roadman Investments Roadman Investments is a Canadian Venture Capital and Advisory Firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements. For further information please contact: Luke Montaine, CEO