|By Marketwired .||
|May 16, 2014 03:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/16/14 -- Meridex Software Corp. ("Meridex") (TSX VENTURE: MSC.H) is pleased to announce that it has entered into a binding Share Purchase Agreement to acquire Biogen Sciences Inc. ("BSI"), a privately held B.C. biopharmaceutical company focused on drug discovery and development of the therapeutic science of cannabinoids.
Under the terms of the agreement Meridex will purchase 100% of the outstanding equity of BSI by issuing 4,000,000 million shares and, upon completion of the transaction, Biogen will become a wholly owned subsidiary of Meridex.
"This is a compelling strategic opportunity for Meridex," said Craig Schneider, President & CEO. "By acquiring BSI we are positioning our company to capitalize not only on the surge of investor interest in the medical marihuana space but also the continuing strong growth in the life-science sector. With nearly $3 billion dollars being raised for Canadian companies in 2013 within the life science sector we are confident being a part of this space will allow us to accelerate our shareholder growth and create value.
"To reflect the company's new direction and reflect our new business strategy we have changed our name to 'Cannabis Technologies Inc.'." Additional information can be found on the company at www.cannabis-tech.com.
BSI is a private biopharmaceutical drug discovery and development company uniquely focused on the therapeutic potential of cannabinoids. The company consists of two divisions:
Drug Discovery & Development - BSI is utilizing its proprietary "Cannabinoid Drug Design Platform" to identify new bioactive compounds within the marijuana plant that interact with certain gene responsible for specific diseases. BSI's extensive research and intellectual properties will initially be focused on the development of several new cannabinoid based treatments for glaucoma, cancer & angiogenesis, Inflammation and pain.
Cultivation & Breeding - BSI's botanical research division has begun the research & development into the individual strains and clones that will produce the raw material bases for future pharmaceutical research. To comply with the demands of the Pharmaceutical industry, a phytopharmaceutical feedstock must meet high expectations regarding the minimum and maximum content of a range of compounds. Cultivation techniques and pharmaceutical levels of exacting chemical consistency are critical for all applications to regulatory authorities.
ON BEHALF OF THE BOARD
Craig Schneider, President and CEO
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Additionally, there are known and unknown risk factors which could cause Meridex Software's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and Meridex Software disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
These risks and uncertainties include, among others, the possibility that clinical trials will not be successful, or be completed, or confirm earlier clinical trial results, risks associated with obtaining funding from third parties, risks related to the timing and costs of clinical trials and the receipt of regulatory approvals
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Meridex Software Corp.
President and CEO