CALGARY, AB / ACCESSWIRE / March 19, 2020 / Asia Cannabis Corp. (“ACC” or the “Company”) (CSE:
ACC is pleased to announce that it has entered an agreement with Swysh Inc., an Alberta company (“Swysh”) focused on the conduct of specific cannabinoid-based research and development activities and that owns proprietary technology and related intellectual property aimed at providing the basis for creation of topical treatments for a variety of external and internal conditions and ailments, including a number of anti-viral and preventative health-care applications. This agreement grants a license to ACC to deploy the technology for the purpose of completing further research, development, testing and additional validation and establishment of practical applications with a view to commercialization of the technology in the greater region of
The agreement with Swysh functions in part as a supplement and expansion of the activities commenced by the Company developed through its license agreement with InPlanta Biotechnology Inc. under which ACC has begun the development, evaluation, testing, application and, ultimately, supply to the market of hemp-oriented proprietary organic hybridization technology and certain products derived from that technology. The Swysh agreement provides, among other things, that ACC will participate in research and development activities based on Swysh’s intellectual property and associated rights and will ultimately be in a position to control and market health, skin care and a variety of other products successfully derived from those activities. In so doing, the Company has committed to a budget of $100,000 to affect research activities directed by Swysh, and will pay Swysh a royalty based on actual sales of products derived from that research. In addition, the Company has agreed to immediately issue to Swysh a total of 400,000 common treasury shares.
Igor Kovalchuk, a director of ACC, is also the chief executive, a director and controlling shareholder of Swysh. In commenting on this development, Dr. Kovalchuk stated: “Through the InPlanta license agreement, we have seen ACC expand its business activities in
David Pinkman, CEO of ACC, stated: “We are very excited and pleased to have added a new dimension to the business activities we have been developing with Dr. Kovalchuk. He and his team are conducting research into a variety of health and wellness issues of great relevance, and ACC is most fortunate to have been invited to expand its relationship with them and to participate directly in these potentially ground-breaking scientific studies.”
The Company also announced today it intends to complete a debt settlement (the “Debt Settlement”) consisting of the issuance of 415,000 common shares (the “Shares”) of the Company to various creditors at a price of $0.05 per Share for the purpose of settling debts owed by the Company to those creditors. The securities issued pursuant to the Debt Settlement will be subject to a four month hold period. The Issue is scheduled to close as soon as possible and remains subject to regulatory approval.
Finally, at the Special and Annual General Meeting of Shareholders held by the Company on June 26, 2019, shareholders approved a special resolution authorizing the Board of Directors of the Company to complete a change of name to such name as may be determined by the directors. The Board of Directors has decided to proceed with a name change, and has determined to change the name of the Company to “Asia Green Biotechnology Corp.”. This action remains subject to regulatory approval, and further announcements will be made as and when the change is effective.
ACC is an early stage international agri-technology company focused on the development, evaluation, testing, application and, ultimately, supply to the market of proprietary organic hybridization technology and certain products derived from that technology. The core approach of the business is centred on the planting, growth and harvesting of new and valuable strains of hemp and related crops in commercial quantities under the terms of a license agreement with InPlanta Biotechnologies Inc.
In conjunction with InPlanta, the Company is developing varieties of hemp with superior growth and production characteristics in the various environments found in the licensed territories. With the data and associated knowledge gained from these activities, the Company intends to leverage the technology to develop a portfolio of strategic hemp investments to take advantage of both the changing social climate relative to hemp use and the historic acceptance of the use of these products and their derivatives in certain of the jurisdictions granted under the License Agreement.
For further information, contact:
Chief Executive Officer
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SOURCE: Asia Cannabis Corp.
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