Business
Novo Integrated Sciences, Inc. and Brands International Corporation Enter into Binding LOI
Novo Integrated Sciences, Inc. and Brands International Corporation Enter into Binding LOI.
About this update from Novo Integrated Sciences, Inc.
[{"type":"text","content":"\n\n BELLEVUE, Wash., Jan. 03, 2018 (GLOBE NEWSWIRE) -- Novo Integrated Sciences, Inc. (OTCQB:NVOS) (“Novo Integrated Sciences”), a provider of multi-disciplinary primary healthcare services and products in Canada, announces it has entered into a Binding Letter of Intent (“LOI”) to acquire 60 percent of all outstanding shares of Brands International Inc. (“Brands”) in exchange for Novo Integrated Sciences arranging or providing secured debt financing of CAD$2,350,000 (the “Acquisition”) primarily targeted for certain Brands growth strategies. Additionally, the LOI provides that Novo Integrated Sciences will provide a buyout structure for Novo Integrated Sciences to acquire the remaining 40 percent of Brands’ shares with a trigger date of 24 months from the closing of the Acquisition.\n Brands is a Canadian Board of Health licensed and FDA-registered manufacturer of health, beauty and household products. Brands manufactured private label and self-branded products are sold in both the U.S. and Canada through value retailers and high exposure vendors. The Acquisition is intended to include Brands’ proprietary formulas for anti-aging topical skin creams, which would allow Novo Integrated Sciences to launch its planned exclusive medical cannabis products platform to include cannabinoid (“CBD”) infused topical therapy product offerings.   Chris David, Novo Integrated Sciences’ President, stated, “We are grateful to the Brands management team and stockholders for all their hard work and commitment to understanding the value this significant acquisition offers both Brands and Novo Integrated Sciences. Adding Brands to our company’s portfolio of assets would fulfill a very important component of our business growth strategy. When considering CBD medical cannabis products, Novo Integrated Sciences has established relationships worldwide with low-cost grow and production entities which, when combined with having ownership and control of the end-product manufacturing process, allows us to provide high-quality, low-cost CBD medical cannabis products. Offering our patients access to non-hallucinogenic and non-addictive natural remedies, under required clinical oversight policies and procedures as they relate to medicinal cannabis and CBD, combined w...