Business
Citrine Global (OTCQB: TECR) Signed Two Additional Agreements with Intelicanna (TASE: INTL) – a Services Agreement and a Loan Agreement - following the Agreement dated May 2020 for Acquisition of Intelicanna Shares
Citrine Global (OTCQB: TECR) Signed Two Additional Agreements with Intelicanna (TASE: INTL) – a Services Agreement and a Loan Agreement - following the Agreement dated May 2020 for Acquisition of Intelicanna Shares.
About this update from Citrine Global Corp.
[{"type":"text","content":"\n Citrine Global is currently trading as TechCare Corp. (TECR). Its name change to \"Citrine Global Corp.\" is expected to take effect soon. Tel Aviv, Israel, June 30, 2020 (GLOBE NEWSWIRE) -- On June 25, 2020, as part of its multi-strategy solutions for growth-stage technology companies, Citrine Global (OTCQB: TECR) with its wholly-owned Israeli subsidiary signed a Services Agreement and a Loan Agreement with Intelicanna, a publicly-traded, Israeli, medical cannabis company listed on the Tel Aviv Stock Exchange. The Services Agreement provides a framework under which Citrine Global is to provide business development and consulting services to Intelicanna, including assistance with raising financing, during a period of 18-months for an amount of up to NIS15M ($4.45M).The Loan Agreement provides Intelicanna with NIS1M ($300K) in direct financing for working capital purposes for Intelicanna's sales. This is the next step in Citrine Global's support of Intelicanna, following the share acquisition agreement signed 31 May, 2020, to support Intelicanna's growth stage. The solutions provided to Intelicanna are an example of Citrine Global's multi-strategy solutions to support growth stage technology companies' expansion plans by providing a unique mix of ongoing financing support and business development services. Citrine Global tailors its services in accordance with each company's business strategy. The various services include: equity financing, expanding operations, finding business partners, acquiring assets, mergers and acquisitions, and public and private offerings. As mentioned, Citrine Global focuses as its first step on the Israeli market, via its fully-owned subsidiary CTGL - Citrine Global Israel Ltd., which targets Israeli technology companies in the fields of healthcare, wellness, food tech and medical cannabis. This focus comes as a result of the constraints imposed by COVID-19 and since the company’s management is based in Israel and already has a strong presence in the Israeli market. Intelicanna is a publicly traded medical cannabis company based in Israel. It has obtained all regulatory approvals needed to operate in Israel, including from the Medical Cannabis Unit in the Israeli Ministry of Health. It is active in plant genetics, agro technologies, downstream processing and product development. It develops hi...