Business
CB Scientific, Inc. (CBSC) Announces Completion of Asset Purchase Agreement and Commencement of Its ECG Monitoring Business
CB Scientific, Inc. (CBSC) Announces Completion of Asset Purchase Agreement and Commencement of Its ECG Monitoring Business.
About this update from Cardiac Biotech Solutions Inc.
[{"type":"text","content":"\n ESCONDIDO, Calif., Sept. 22, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- CB Scientific, Inc. (OTC: CBSC) (“CBSC” or the “Company”), a provider of innovative products and services for the ambulatory noninvasive cardiac monitoring space, announces recent disclosures regarding its acquisition of the operating business assets of Prevent Health Care International Corp. (PHCIC) and the disposition of CBSC’s former business assets related to cannabis testing products and services. CB Scientific, Inc. announces that it has concluded the acquisition of business assets, pursuant to an agreement with certain secured investors and controlling shareholders of Prevent Health Care International Corp., a private British Columbia, Canada, corporation. The agreement enabled CBSC to acquire all of the ownership interests in all of the assets of PHCIC, including its medical technology products developed to date; its intellectual property; manufacturing know-how; any and all patents; and all related information and knowledge necessary to promote, market and sell its product line in all global markets, excluding Australia. The acquired products and services are available in the U.S. and through PHCIC’s international subsidiaries using proprietary FDA and CE-cleared EKG devices, interactive cloud-based acquisition software, and smartphone apps for both iOS and Android platforms. The combination of devices and software provides improved compliance for patients at risk of abnormal heart rhythms, as well as more accurate information for physicians. The disclosures also provide information on changes in the Company’s key executive management as well as details of these individuals’ previous experience. CBSC has committed to provide updates and further details on the progress of the business as key milestones are met. In connection with this, CBSC has acquired ownership and taken control of the subsidiaries of PHCIC, including My-Cardia USA Inc. and related businesses. CBSC has assembled a core management team including key personnel from PHCIC, as well as new additions to the team, to continue the previous activities of PHCIC and its subsidiaries. This includes ongoing sales and support for physicians and patients, in addition to relationships with contracted suppliers, subcontractors, distribution partne...