Vancouver, British Columbia--(Newsfile Corp. - June 27, 2022) - Global Wellness Strategies Inc. (CSE: GWS) (FSE: O3X4) (OTCQB: GWSFF) ("Global" or the "Company") provides quarter corporate highlights.
The Company quarter corporate highlights included announcing:
May 12th that Global Wellness' Shanti Therapeutics was preparing for their first clinical trial with iNGENü a subsidiary of Australian leader Cannvalate. Shanti' s product suite of MDMA could be the global market winner finding a solution to the chronic puzzle of pain.iNGENü is engaged as the CRO (clinical research organization) by the Company to conduct clinical trials for Shanti Therapeutics. The protocol is a single center, randomized crossover study to investigate the efficacy of MDMA vs placebo in a model of experimental pain in healthy adults. Shanti has a targeted research pathway to clinical success, with strong proprietary protection under its already submitted patent providing a method for the treatment or prevention of pain. Plus May 9ththe Company announced the additional appointment to our advisory team of a chief medical advisor to assist with the Shanti Therapeutics acquisition.
April 12th that the Global Wellness brand KaleidoMyco introduced their first ever effervescent tablets combining functional mushrooms and hemp extract. KaleidoMyco is focused on working with doctors and integrative medical practitioners in a collaborative effort in the discovery of products combining mycology formulas with hemp extract derived cannabinoids focused on health and wellness. Hemp infused medicinal mushroom products aka functional mushrooms are increasingly relevant, because of their ancient healing powers on an array of modern-day ailments. Taking these two powerful plant medicines together enables one to experience enhanced effects.
"Global Wellness will be focused this coming quarter on beginning the Shanti clinical trials and introducing new KaleidoMyco consumer product goods with a wider distribution network and revenues. Clearing our balance sheet of long-term debt and moving to a strong revenue model is key for us this quarter. The Company also recently announced our annual general meeting to be held August 18, 2022,'' stated Meris Kott, CEO Global Wellness Strategies Inc.
Debt Settlement Updates:
The Company has issued a total of 1,850,000 common shares without par value in its capital (each, a "Share") to one non-arm's length creditor and an arm's length creditor of the Company at a deemed issuance price of $0.25 per Share.
The Company entered into a shares for debt settlement agreement with a current officer, pursuant to which the Company agreed to issue 850,000 common shares at a price of $0.25 per share in full settlement of accrued and outstanding indebtedness in the amount of $212,500 for the officer's fees owing. The insider settlement shares will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the Canadian Securities Exchange. The Company also entered into a debt settlement agreement with an arms-length consultant for the settlement of $250,000 in debt for professional and consulting services provided by the consultant to the Company. In settlement and full satisfaction of the debt the Company will issue 1,000,000 common shares at a deemed price of $0.25 per Share.
The issuance of the settlement shares to the officer, also a director of the Company will be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. Protection of minority security holders in special transactions ("MI 61-101"); however, the issuances are exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
About Global Wellness Strategies
Global Wellness Strategies is a prospect generator that provides high growth companies with financial, operational, and management assistance in the fast-growing market for wellness consumer products. The focus of the Company is on global wellness, psychedelics, mycology, hemp and CBD, healthcare-related target companies.
For further information visit websites:
www.globalwellnessstrategies.com
Or Contact Meris Kott CEO 604.484.0355 or email to info@globalwellnessstrategies.com
Further information about the Company is available on www.SEDAR.com under the Company's profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, its financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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