LAS VEGAS, Nov. 2, 2020 /PRNewswire/ -- Onassis Holding Corp, (OTC: ONSS), a wellness holding company has signed a binding acquisition agreement to buy its MGC Nutraceuticals subsidiary which develops CBD and hemp Neutraceuticals including food supplement and derma products in Europe
Under the agreement, MGC Pharma will receive US$6 million in shares of Onassis Holdings common stock as consideration for the sale of the nutraceuticals business.
Onassis signed an exclusive supply agreement for the provision of MGC pharma CBD, raw materials and will get the proprietary production intellectual property to Onassis for the future production and manufacturing of nutraceuticals products.
"Commercialising MGC Pharma products"
MGC Pharma co-founder and CEO Roby Zomer said: "We are very pleased that MGC Nutraceuticals will have the opportunity to further develop and grow under the expertise of the Onassis team.
"MGC Pharma will not only continue to benefit from the growth of nutraceuticals but importantly, will be able to further dedicate the team's focus and resources on developing and commercialising our phytocannabinoid derived products for growing global markets."
Onassis is a Diversified wellness holding company,With its main headquarter in NYC, Onassis operates in the wellness, CBD and Hemp oil areas, food supplement, cosmetics, R&D of new technologies ,and developing new strains of hemp. The Company provides these products and services to businesses in the United States and Europe.
This acquisition will cement Onassis as a diversified wellness holding company publicly traded on the OTC for the US consumer market and retail investors.
It is part of Onassis' strategy of completing the acquisition of US-focused hemp businesses with direct product focus to the US retail and consumer market.
Onassis is led by highly experienced entrepreneurs who has decades of capital markets experience and commercializing businesses.
Onassis is set to initiate a Reg A+ capital raising offering with the aim to raise around US $8.5 million, of which US$2.5 million will be allocated to the commercial roll-out, expansion and growth of nutraceuticals in the US and other strategically important regions.
Landmark commercial transaction
This is a landmark commercial transaction for Onassis and for the MGC Nutraceuticals division as it will be developed by a leading team of market experts through to its next phase of mass-market distribution and strong sales growth.
MGC Pharmaceuticals Ltd (ASX:MXC) is a European based bio-pharma company developing and supplying affordable standardised phytocannabinoid derived medicines.
The closing of the acquisition is subject to several conditions to closing including Onassis' Regulation A Offering Statement being qualified by the U.S. Securities and Exchange Commission and Onassis raising a minimum of $2.5 million in its planned Regulation A Offering.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "should," "intends," "will," or "plans" to be uncertain and forward-looking.
SOURCE Onassis Holdings Corp