TORONTO, ON / ACCESSWIRE / September 6, 2019 / Eviana Health Corporation (the "Company") (CNSX:EHC)(OTC PINK:EVNNF) is announcing the following:
Strategic Alternatives
The Board is in the process of considering its options for shareholders in connection with various strategic alternatives, including those outlined below, and is in the process of retaining suitable professional advisors in that regard. Further disclosures will be made as this process progresses.
Proposed Hostile Take-over from AgraFlora
On August 9, 2019, Agra Flora Organics International Inc. ("AgraFlora"), having previously communicated to the Board (on July 27, 2019) through a non-binding letter of intent an interest in exploring a business combination with the Company, announced that it intended to make an offer (the "AF Offer") to purchase all of the issued and outstanding common shares of the Company (the "Eviana Shares") at a price of 1.694915 AgraFlora shares (the "AF Shares") for each Eviana share (based on the offer price of $0.50 per Eviana Share and the closing price of AF Shares of $0.295 on August 9, 2019). AgraFlora has yet to formalize the AF Offer.
Proposed Private Placement and Joint Venture from Abrazen-Devolli
On August 26, 2019, Board received the signed letter of intent ("LOI") from Company Abrazen-Devolli ("Abrazen") group from Malta, outlining the intent to collaborate and enter into a proposed joint venture in regard to the production of CBD and THC possibly in Macedonia, production of CBD infused foods and beverages (using the existing facilities of Abrazen located in Kosovo), and other potential products (the "Abrazen LOI"). According to the Abrazen LOI Eviana would allow Abrazen to purchase by way of private placement CAD 4,500,000 of units of EHC at CAD $0.50 per unit consisting of one common share and one common share purchase warrant with each warrant exercisable into one common share for CAD $1.00 for two years. As a term of the investment, Abrazen would acquire the right to appoint a member to Eviana's Board, as well as its CFO and CEO.
About Eviana Health Corporation
The Company was established with the aim of delivering customized consumer health care products using natural hemp strains of cannabis sativa for cannabinoid-based topical creams, products and cosmeceutical and nutraceutical merchandise. The Company's wholly owned subsidiary, Eviana Inc., an Ontario corporation, holds certain assets in Serbia relating to the cultivation of industrial hemp plant oil for the pharmaceutical, nutraceutical and cosmeceutical industry, and has access to a significant grower/supplier of cannabinoids including two subsidiaries, Intiva Plus, d.o.o. and Eviana d.o.o.
FOR FURTHER INFORMATION PLEASE CONTACT:
Avram Adizes , CEO
Tel: (416) 301-9654
Eviana Health Corporation
info@eviana.com
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's publicly filed disclosure. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Eviana Health Corporation
View source version on accesswire.com:
https://www.accesswire.com/558792/Eviana-Provides-Update-on-Details-of-Strategic-Alternatives
