VANCOUVER, British Columbia, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) is pleased to announce that the Company has entered into a Non-Binding Letter of Intent (“LOI”) to sell all of the issued and outstanding common shares of Sechelt Organic Marijuana Inc. (“Sechelt”) to Leis Industries Limited (“Leis”).
Under the terms of the LOI, Leis will pay $350,000 CDN in cash or $350,000 CDN in common shares at a deemed price of the lessor of market price and $0.40 per share to acquire 100% of the outstanding shares of Sechelt. Both parties have agreed to conduct due diligence prior to the execution of a definitive agreement which must be executed by no later than October 31, 2018.
There are no assurances that a definitive agreement with respect to the proposed transaction will be entered into. Veritas will issue a further news release outlining additional information with respect to the transaction once a definitive agreement is entered into by the parties.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. (“CTL“), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas’ investment in CTL is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion-dollar markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Investor and Public Relations Contact
Veritas Pharma Inc.
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