Doug Sommerville is a VISIONARYI read the reports filed on Sedar and I concentrated on news that occurred from April 21, 2020 and afterwards, that is the date in which Doug Sommerville was namde as CEO.
Previously the company was all over the place, making investments in different fields, and it lacked a proper vision.
But that has changed with Doug and he has done MEGA DEALS.
On June 22, 2020, the Company acquired 30% of the issued and outstanding shares of Glenco Medical Corp. (“Glenco Medical”) by issuing 12,000,000 of the Company’s common shares. At the closing date of the transaction, the Company’s common shares were trading at a price of $0.185 per common share. As a result, the estimated fair value of the consideration paid to acquire the investment in Glenco Medical is $2,220,000. Glenco Medical is an injury treatment company providing effective remedies to alleviate musculoskeletal and inflammatory pain using wearable therapeutic technologies.
On May 29, 2020, the Company entered into a loan agreement with Sulliden Mining Capital Inc., whereby Sulliden agreed to lend the Company $503,403. Interest is accrued and calculated at 12% per annum and is due and payable on demand by the Company. The total amount owed to Sulliden, including principal and accrued interest, is $507,882 at June 30, 2020. Deborah Battiston, CFO of the Company, is the CFO of Sulliden, and Stan Bharti, a former director of the Company, is CEO and a director of Sulliden.
On April 21, 2020, the Company issued a promissory note in the amount of USD$7,700,000 ($10,493,560) to an arm’s length, third party lender. No interest is payable under the terms of the note. As additional consideration, the Company paid an origination fee of US$1,300,000 ($1,771,640) and issued 6,000,000 of the Company’s common shares to the lender, with an estimated fair value of $2,790,000 ($0.465 per share) based on the closing price of the shares on the date of issuance. These amounts are shown as financing costs on the statement of operations. The origination fee forms part of the principal owing under the note, consequently USD$9,000,000 ($12,265,200) is due at maturity. The note provides for security over all the assets of the Company and was due within 60 days from the date of issuance. On June 21, 2020, the Lender granted the Company a 60-day extension on the note. The note was secured as part of the profit sharing agreement with MTJR in order to finance the purchase of 1 million COVID-19 antibody testing kits from South Korean diagnostic testing company PCL Inc., to be distributed in the North and South American markets. See Note 5.
On July 28, 2020, the Company entered into a binding agreement with Latin-Pharma Inc. (Canada) to acquire a 28% indirect equity interest in Sanaty IPS S.A.S (“Sanaty”), a full-service medical clinic in Columbia. The Company issued 12,000,000 of the Company’s common shares as part of the acquisition.
On August 4, 2020, the Company entered into an arms-length agreement to acquire a 40% equity interest in Spectral Analytics Inc. (“Spectral”) by issuing 10,000,000 of the Company’s common shares and $470,000 USD. The transaction is conditional upon Spectral receiving Institutional Review Board (IRB) approval for human trials and the completion of a successful in-vitro study of a combination of two FDA drugs to treat COVID-19
On August 25, 2020, the Company closed it previously announced agreement to acquire 100% of Las Vegas-based Collection Sites, LLC for 20,000,000 of the Company’s common shares.
Then, you have news, Simon shopping malls, Brixor, gas stations,......2000 cubes
Does anyone doubt that this guy Doug Sommerville is SERIOUS, there is a reason why he ran a $ 1.3 billion company
MPO