BioLife Sciences Inc. (OTC: BLFE) Announces Letter of Intent for Exclusive Licensing Deal with Canadian Firm
BioLife Sciences (OTCPK: BLFE) has entered a non-binding letter of intent with Canadian company Work In Motion to develop and commercialize custom-designed copper-infused bamboo gardening gloves. This transaction is classified as an arm's length agreement, with BioLife Sciences set to take full responsibility for the product's development. Completion depends on several conditions, including executing a definitive agreement, satisfactory due diligence, and sourcing necessary equipment. BioLife focuses on bringing innovative products to market, while Work In Motion specializes in product distribution, connecting manufacturers and international supply chains.
- Entering a partnership with Work In Motion for innovative product development.
- Plans to commercialize unique gardening gloves which could expand market reach.
- The agreement is non-binding, which may introduce uncertainty.
- Completion of the transaction depends on several conditions, presenting risks.
HENDERSON, NV, Feb. 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioLife Sciences (OTCPK: BLFE) is pleased to announce that it has entered into a non-binding letter of intent (“LOI”) dated February 01, 2023 with Canadian Company–Work In Motion pursuant to which the parties will complete an exclusive licensing agreement for the development and commercialization of custom designed copper infused bamboo gardening gloves.
Transaction
The final structure of the Transaction will be determined by the parties following corporate and securities law advice. The Transaction is an arm’s length transaction and pursuant to the terms of the LOI the parties intend to sign a definitive agreement (the “Definitive Agreement”) in respect of the Transaction; BioLife Sciences is intended to assume sole responsibility for the development and commercialization of private label copper infused bamboo gardening gloves.
Completion of the Transaction is subject to a number of conditions, including but not limited to the following key conditions:
- execution of the Definitive Agreement.
- completion of mutually satisfactory due diligence; and
- successful sourcing of required equipment and design specifications.
About BioLife Sciences Inc.
BioLife Sciences Inc. specializes in moving innovative products from the lab or small-scale production into wider market adoption. Its core business develops, licenses and distributes antimicrobial products and disruptive technology. One of BioLife Sciences’ core building block strategies is to develop, partner and assist innovative companies with the commercialization of leading-edge technologies.
About Work In Motion
Work In Motion is a leading products distributor, headquartered in Canada working in alliance with industry leading manufacturers sourcing multidisciplinary products connecting international distribution chains alongside custom product development and private label services.
Disclaimer
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Corporation to complete a qualifying transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Contact Information:
www.biolifesciences.com
ir@biolifesciences.com
US & Canada: 1 (833) 919-1037
FAQ
What is the recent development for BioLife Sciences (BLFE) as of February 2023?
What will BioLife Sciences be responsible for after the LOI with Work In Motion?
What are the conditions for completing the agreement between BioLife Sciences and Work In Motion?
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