PENTICTON, BC / ACCESSWIRE / August 25, 2021 / EastWest Bioscience Inc. ("EastWest" or "Company") (TSXV:EAST), reports that it will not be proceeding with the business combination agreement with 2747524 Ontario Inc. o/a Cylix Data Group ("Cylix Data"). The definitive agreement dated March 24th, 2021 that would have constituted a reverse takeover of a wholly-owned subsidiary of the Company, being 1264136 B.C. Ltd. ("SpinCo"), by Cylix Data (the "Transaction"), has been terminated in accordance with the conditions precedent to the closing of the agreement. As a result of this termination the business combination will not proceed.
The Transaction was described in a news release on April 12, 2021 and was conditional on, and would have been effected after, EastWest effected a strategic reorganization, whereby the Company would spin out its interest in SpinCo to the Company's shareholders by way of a statutory plan of arrangement (the "Spin-Out") pursuant to the Business Corporations Act (British Columbia). The strategic reorganization has not completed and therefore SpinCo has not yet been created.
EastWest will provide further details in respect of the strategic reorganization in due course by way of press releases. EastWest will make available all information including financial information as required by applicable regulatory authorities and will provide, in a press release to be disseminated at a later date, any required disclosure.
Investors are cautioned that any information released or received with respect to the Transaction in this news release may not be complete and should not be relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About EastWest Bioscience Group
EastWest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. We source our raw material, process, manufacture, test, brand, market, and distribute our products to our customers in Canada, the United States, and beyond. The Company owns and operates retail and manufacturing subsidiaries.
The Company's retail subsidiary is the award winning, Canadian, natural health retail franchise - the Sangster's Health Centre's - with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the Company's manufacturing arm that is certified with a Health Canada Site License and has GMP Certified NHP Manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operate out of the 34,000 sq Health Canada licensed facility in Penticton, British Columbia that is owned by EastWest Bioscience and is the Head Office for all its Canadian operations.
ON BEHALF OF THE BOARD OF DIRECTORS OF
EASTWEST BIOSCIENCE INC.
"Rodney Gelineau"
Co-Founder, Chief Executive Officer and Director
For Further Information:
Company Website: www.eastwestbioscience.com
Contact: Rodney Gelineau on 1-800-409-1930 or investors@eastwestscience.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the matters disclosed herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: EastWest Bioscience Inc.
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https://www.accesswire.com/661385/EastWest-Bioscience-Reports-that-it-Will-Not-Proceed-with-the-Business-Combination-Agreement-Distributed-on-April-12-2021
