Business
Jenex Announces Non-Binding Letter of Intent with Quinsam Capital Corp. for $250,000 Investment to Develop CBD and THC Related Thermal Therapy Technology for Pain Relief and Other Pain Related Applications
Toronto, Ontario--(Newsfile Corp. - February 1, 2018) - The Jenex Corporation (TSXV: JEN) ("Je...
About this update from Therma Bright Inc.
[{"type":"text","content":"Jenex Announces Non-Binding Letter of Intent with Quinsam Capital Corp. for $250,000 Investment to Develop CBD and THC Related Thermal Therapy Technology for Pain Relief and Other Pain Related ApplicationsToronto, Ontario--(Newsfile Corp. - February 1, 2018) - The Jenex Corporation (TSXV: JEN) (\"Jenex\" or the \"Company\"), a progressive medical device technology company, today is pleased to announce it has entered into a non-binding letter of intent (the \"LOI\") with Quinsam Capital Corp. Inc. to collaborate on the development of a commercial trademarked product that will combine Jenex's thermal therapy technology with CBD or THC creams, lotions and/or oils (the \"CBD/THC Thermal Device(s)\"). Jenex and Quinsam propose to collaborate to develop a trademarked thermal therapy device or devices for pain relief, back pain and/or arthritis pain utilizing CBD or THC.Quinsam has expertise in merchant banking based in Canada that is focused on cannabis-related investments. Quinsam's merchant banking business encompasses a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Specifically, in the medical marijuana/cannabis industry, Quinsam has a wide range of experts at its disposal that can advise Jenex on developing THC/CBD products to be combined with Jenex's thermal therapy technology. In addition, Quinsam has experts that can be referred to that have established relationships with research and development/scientific experts specializing in the advancement of cannabis and/or CBD health care products and treatments.The LOI contemplates the following terms to be finalized through a definitive agreement by March 15, 2018:Jenex will advance the research and development of the CBD/THC Thermal Device(s) for commercial resale including prototype, final design, quality management, intellectual property and trademark registration.Prior to or concurrent with the execution of the definitive agreement, Quinsam will advance $250,000 (the \"Investment\").Quinsam will be entitled to receive 5% royalty on the sale of all CBD/THC Thermal Device(s), in accordance with the terms of a definitive agreement to be negotiated by the parties on or before March 15, 2018.The Investment will not be repayable to Quinsam in the event that Quinsam receives a minimum aggregate amount of $250,000 in royalty ...