Business
Innovotech Closes Majority Stake in Nou Life Skincare Technology
(TheNewswire) Edmonton, Al berta - TheNewswire - August 25, 2023 - ...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Closes Majority Stake in Nou Life Skincare Technology \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton, Al\n \n \n berta - TheNewswire -\n \n \n August\n \n \n 25,\n \n \n 2023 -\n \n \n \n \n Innovotech\nInc.\n \n \n \n \n (TSXV:IOT)\n \n \n (the “\n \n \n Company\n \n \n ”) has closed on its agreement to\nearn a 60 undivided equity interest in Nou Life Sciences Inc. (“Nou\nLife”) following its $100,000 investment in developing Nou Life’s\npatented skin treatment technology.\n \n \n \n \n “We have successfully demonstrated the Nou Life\ntechnology linking two potent skincare antioxidants, alpha lipoic acid\nand L-carnitine, into one molecule. As part of our biotechnology\nportfolio, Innovotech will continue developing the technology for\nskincare product manufacturers seeking methods that may allow such\nantioxidant benefits to penetrate more deeply to subdermal cells,”\nsaid Innovotech CEO Craig Milne.\n \n \n \n \n “Innovotech has proven itself to be the right partner\nat this stage of Nou Life’s development. Both parties are pleased\nwith the progress of our joint technology development and believe\nlinking these antioxidants will demonstrate enhanced efficacy in\nskincare treatments,” said David Tam, Director of Nou Life.\n \n \n \n \n As David Tam is a common director of both the Company\nand Nou Life, this transaction is considered to be a related party\ntransaction within the meaning of Policy 5.9 of the TSX Venture\nExchange that incorporates Multilateral Instrument 61-101 (“MI\n61-101”)\"); however, this transaction is otherwise exempt from\nthe formal valuation and minority approval requirements of MI\n61-101.\n \n \n \n \n The Company received TSX Venture Exchange approval for\nthe transaction in\n \n \n \n \n January\n2021\n \n \n \n \n and mutually agreed to extend\nthe original two-year timeline.\n \n \n \n \n About Innovotech\n \n \n \n \n Innovotech is a Canadian biotechnology company owning\nproprietary intellectual property, conducting contract research, and\nowning and providing proprietary devices for testing in multiple\napplications in microbiology. Innovotech can be found online at\n \n \n \n \n www.innovotech.ca\n \n \n \n \n .\n \n \n \n \n \n Craig Milne, CEO &a...