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Institute of Biomedical Research Corp Announces Purchase of Biomedical and Nutraceutical Assets
Institute of Biomedical Research Corp Announces Purchase of Biomedical and Nutraceutical Assets.
About this update from Institute Of Biomedical Research Corp.
[{"type":"text","content":"\n SEATTLE, WA, July 22, 2022 (GLOBE NEWSWIRE) -- Institute of Biomedical Research Corp. (OTC Pink: MRES), a diversified biomedical company, announces the purchase of biomedical and nutraceutical assets from Wuhan General Group (China), Inc in an all-cash transaction (\"Purchase''). \"This purchase is a perfect match to our business model and supports both our strategy in this sector and our direction to continue to create a path for success for our shareholders,\" said Kim Halvorson, Director of the Board of Institute of Biomedical Research Corp. As part of the Purchase, the Institute of Biomedical Research Corp in an all-cash transaction will assume current liabilities related to the assets which include the following four companies (\"Assets''): M2Bio Sciences Food and Beverage Proprietary Limited has a range of nutritional food and beverage products that are stocked by more than 100 stores in South Africa.  M2Bio Sciences also conducts research into sustainable products using primarily hemp and mycelium and is developing various cosmetics and complementary medicines using plant-based active ingredients. Neurai Life Sciences Proprietary Limited focuses on research into the application of plant-based and other non-invasive therapies to treat depression, addiction, and other major afflictions of the 21st century. Tsime Pharmaceutical and Medical Supplies (Proprietary) Limited has a license to cultivate, process, and export cannabis for medicinal, scientific and any other legal use. MJMedtech Inc is registered in Canada and currently dormant. \"It was important to identify a dynamic group of companies that complement the mission of the Institute of Biomedical Research Corp. The management team coming across with the acquired companies has a solid history of achievement and credentials to take the Institute of Biomedical Research Corp. to success,'' said Kim Halvorson. Ms. Kim Halvorson has stepped down as Chief Executive Officer and appointed Mr. Jeff Robinson as the new Chief Executive Officer, and a Director of the company. All current management and employees of Wuhan operating companies will be retained. The Company will adhere to OTC Markets and SEC guidelines for Best Practices for Disclosure and Transparency. \"We are delighted to move forward with our research and technology under the Institute of Biomedical Researc...