Core One Labs to Rescind Share Exchange with Plant-Based Investment Corp.
Core One Labs Inc. (OTC PINK:CLABF) announced the rescission of a share exchange transaction with Plant-Based Investment Corp. (PBIC), which involved the acquisition of 3,149,606 PBIC shares in exchange for 5,333,333 Core One shares. This agreement, effective March 16, 2020, allows both companies to refocus on their core business objectives by canceling all securities issued during the transaction. Core One is dedicated to advancing psychedelic medicines through innovative delivery systems and has a database of over 275,000 patients across its medical clinics.
- Rescinding the share exchange allows Core One to concentrate on its core business objectives.
- Core One is advancing psychedelic medicines, with a focus on developing a patent-pending oral strip technology.
- No immediate financial benefits from the rescinded share exchange.
- Core One’s focus on psychedelic compounds may face regulatory scrutiny due to legal constraints.
VANCOUVER, BC / ACCESSWIRE / April 14, 2021 / Core One Labs Inc. (CSE:COOL)(OTC PINK:CLABF)(FRA:LD62)(WKN:A2P8K3) (the "Company" or "Core One") announces that it has reached an agreement with Plant-Based Investment Corp. (formerly, Cannabis Growth Opportunity Corporation) (PBIC) ("PBIC") to rescind the share exchange transaction previously completed between the parties (the "Share Exchange").
Effective March 16, 2020, the Company subscribed for and acquired 3,149,606 common shares of PBIC, and in consideration issued 5,333,333 common shares to PBIC (or 2,666,667 common shares after giving effect to the share consolidation completed by the Company on July 8, 2020). The Company and PBIC have agreed to rescind the Share Exchange and return to treasury and cancel all securities of the Company and PBIC issued in connection with the transaction.
Rescission of the Share Exchange concludes the relationship between the Company and PBIC and allows both companies to focus on execution of their core business objectives.
About Core One Labs Inc.
Core One is a biotechnology research and technology life sciences enterprise focused on bringing psychedelic medicines to market through novel delivery systems and psychedelic assisted psychotherapy. Core One has developed a patent pending thin film oral strip (the "technology") which dissolves instantly when placed in the mouth and delivers organic molecules in precise quantities to the bloodstream, maintaining excellent bioavailability. The Company intends to further develop and apply the technology to psychedelic compounds, such as psilocybin. Core One also holds an interest in medical clinics which maintain a combined database of over 275,000 patients. Through these clinics, the integration of its intellectual property, R&D related to psychedelic treatments and novel drug therapies, the Company intends to obtain regulatory research approval for the advancement of psychedelic-derived treatments for mental health disorders.
Core One Labs Inc.
Joel Shacker
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
info@core1labs.com
1-866-347-5058
Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with strict regulatory regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and it is a criminal offence to possess substances under the Controlled Drugs and Substances Act (Canada) without a prescription or authorization. Health Canada has not approved psilocybin as a drug for any indication. Core One does not have any direct or indirect involvement with illegal selling, production, or distribution of psychedelic substances in jurisdictions in which it operates. While Core One believes psychedelic substances can be used to treat certain medical conditions, it does not advocate for the legalization of psychedelics substances for recreational use. Core One does not deal with psychedelic substances, except within laboratory and clinical trial settings conducted within approved regulatory frameworks.
SOURCE: Core One Labs Inc.
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https://www.accesswire.com/640510/Core-One-Labs-to-Rescind-Share-Exchange-with-Plant-Based-Investment-Corp
FAQ
What was the agreement between Core One Labs and Plant-Based Investment Corp on April 14, 2021?
How does the rescission of the share exchange affect CLABF shareholders?
What are the future plans for Core One Labs after rescinding the share exchange?
What is the significance of the 275,000 patient database for Core One Labs?
