Pivot Pharma enters into binding Letter of Intent to acquire a controlling interest in iAmHealth CBD UG, an online nutraceutical sales platform serving Europe
Sep 05, 2019, 09:00 ET
VANCOUVER, Sept. 5, 2019 /PRNewswire/ - Pivot Pharmaceuticals Inc. (CSE: PVOT/OTCQB: PVOTF/ FRA: NPAT) is pleased to announce that it has entered into a binding letter of intent to acquire 51% of iAmHealth, an online nutraceutical distribution and sales platform serving the EU market.
The strategic acquisition of iAmHealth (https://www.iam.health) will provide Pivot with an immediate online store and virtual footprint for its product portfolio of water soluble, shelf stable and advanced bioavailable CBD formulations. Pivot and iAmHealth will together focus on CBD related products and on products using micelle technology for vitamin supplements, power drinks, other nutraceutical products, and products supporting cancer patients during radiation and chemo therapy, tapping into the fast-growing nutraceutical market in key European markets. iAmHealth products have been tested and used in associated doctor and physiotherapist practices prior to commercial launch.
Key Highlights :
- Initial Pivot presence in three key European markets – Germany, Czech Republic and Slovakia.
- Pivot's CBD products to be introduced as key addition to the retailer's nutraceutical products category, to support sales and brand awareness.
- Accelerates Pivot's multi-channel brand distribution strategy targeting the European CBD, nutraceutical and wellness markets.
Dr. Toni Rinow, CEO of Pivot Pharmaceuticals comments: "Pivot will be put on a path of accelerated revenue growth and global expansion in key cannabis markets in Canada, United States, and the European Union to become a cannabis leader in the pharmaceutical, OTC, nutraceutical and wellness markets."
The transaction closing is subject to the execution of a definitive agreement by not later than December 31, 2019.
About iAmHealth :
Please find more information at https://www.iam.health
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. is a science-based, consumer packaged goods cannabis company engaged in the development and commercialization of health and wellness products using innovative, patent-protected drug delivery technologies. Upon receipt of Standard Processor and Medical Sales licenses (pending) from Health Canada, Pivot's premium, bioavailable, stable and effective products will be manufactured at its 50,000-sq. ft. cGMP facility located in Montreal, Quebec. Pivot's wholly-owned U.S. subsidiary, Pivot Naturals, LLC, based in Costa Mesa, California, was granted a Provisional Annual Manufacturing License Type N: Infusion License by the California Department of Public Health in May 2019 and a Provisional Adult-Use and Medicinal – Distributor-Transport License by the Bureau of Cannabis Control in June 2019. Pivot's product line will include infused beverages, vegan capsules, dissolvable tablets, topical creams and gels, intimate lubricants, roll-on pain relievers, stick packs, and bulk powder for the edibles market.
For more information please visit pivotpharma.com
Cautionary Note Regarding Forward-Looking Statements
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as anticipate, believe, estimate, expect, intend, and similar expressions, as they relate to Pivot Pharmaceuticals Inc., Pivot Green Stream Health Solutions Inc., Pivot Naturals, LLC, or its management or the completion of the private placement, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of Pivot's products, statements with respect to internal expectations, the competitive environment within the industry, the ability of Pivot to continue to expand its operations, the level of costs incurred in connection with Pivot's expansion efforts, economic conditions in the industry, and the financial strength of Pivot's customers and suppliers. Pivot does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
SOURCE Pivot Pharmaceuticals Inc.
Share this article