VANCOUVER, BC / ACCESSWIRE / April 4, 2019 / HemaGenetics Technologies Corp. (the "Company" or "HemaGenetics") announces that it has signed a Share Purchase and Sale Agreement (the "SPSA") to acquire the HemaGenetic Research Group ("HRG") owned and operated by Dr. Haixing Chen. The Company anticipates closing on the SPSA on or before Friday, April 12, 2019.
HRG is a private research group that has developed patented gene technology for the delivery of therapeutic proteins through patients' bone marrow via stem cell in vitro with 100% delivery upon rupture of red blood cells at their end of life cycle (the "IP"). The IP is targeted towards the $150+ billion global therapeutic protein market that is anticipated to reach $217.6 billion by 20231.
Pursuant to the SPSA, the Company is to issue a total 50,000,000 common shares with a fair market value of $25,000,000 (the "Purchase Price") to Dr. Chen and HRG to acquire 100% ownership interest in HRG and the IP subject to completion of due diligence and the following key conditions:
The Company must;
- raise $4,000,000 in working capital on or before May 31, 2019;
- raise an additional $4,000,000 in working capital on or before September 30, 2019; and
- complete current and planned transactions under the Company's plans of arrangement.
The Purchase Price will be held in escrow by the Company until the aforementioned conditions are met to close on the transfer of IP. A 1,000,000 common share finder's fee will also be issued and paid in conjunction with closing of this acquisition.
HemaGenetics Technologies Corp.
On behalf of the Board of Directors
Ron Ozols, V.P. Communications
1Allied Market Research
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of HEMAGENETICS. Forward-looking information is based on certain key expectations and assumptions made by the management of HEMAGENETICS. Although HEMAGENETICS believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because HEMAGENETICS can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. HEMAGENETICS disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: HemaGenetics Technologies Corp.
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