Greenbank Capital and Pharmakure Mutually Agree to Termination of Exsiting Agreement and Are Discussing Fresh Terms

Rhea-AI Summary

GreenBank Capital announces the termination of its commercial agreement with Pharmakure Limited, focusing on merchant banking services. Both parties agreed to end the agreement without further obligations or funding, with Pharmakure's previous $50,000 CAD payment to GreenBank being non-reimbursable. The companies are currently discussing a new agreement, expressing mutual interest in Pharmakure's advancements in treating Alzheimer's Disease. GreenBank remains committed to exploring future collaborations as they continue to adapt their global merchant banking model.

Positive

• GreenBank shows ongoing interest and support for Pharmakure's work on Alzheimer's Disease.
• Discussions for a new agreement indicate potential future collaboration.

Negative

• Termination of the agreement may lead to uncertainties regarding financial prospects and strategic direction.
• Non-reimbursable payment may affect short-term cash flow.

TORONTO, ON / ACCESSWIRE / November 1, 2021 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank" or "the Company") announces that Pharmakure Limited ("Pharmakure") and the Company have mutually agreed to terminate their previously disclosed commercial agreement ("The Agreement") in which GreenBank was to acquire a shareholding in and provide merchant banking services to Pharmakure and now are currently discussing new terms.

In the meantime both parties agree that there are no further accrued rights, entitlements, obligations, or funding requirements under the Agreement by either Pharmakure or GreenBank, that all costs incurred to date by either company are for their own account, and that the $50,000 CAD sum paid by Pharmakure to GreenBank in May of 2021 is a non-reimbursable payment for work performed. The Confidentiality provisions of the Agreement shall remain in force and effect for a period of two years.

GreenBank remains excited about and interested in Pharmakure' s ambitious aims and goals in respect to treating the symptoms of Alzheimer's Disease and remain impressed with Pharmakure's progress to date as well as the professionalism and competence of their management team. The two companies are currently discussing new ways in which GreenBank can assist Pharmakure's intensive plans and have concluded that such arrangements would necessitate a new agreement.

About GreenBank

GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders. For details of our "6 Key Drivers of Value" please see our latest Investor Presentation:

https://greenbankcapitalinc.com/wp-content/uploads/2020/11/03.11.20_Greenbank-Deck-compressed.pdf

For more information please visit our website www.GreenBankCapitalInc.com or contact

Mark Wettreich at +1 (214) 202-4353 or by email Mark@GreenBankCapitalinc.com

SOURCE: GreenBank Capital Inc.

View source version on accesswire.com:
https://www.accesswire.com/670696/Greenbank-Capital-and-Pharmakure-Mutually-Agree-to-Termination-of-Exsiting-Agreement-and-Are-Discussing-Fresh-Terms

FAQ

What does the termination of the agreement between GreenBank and Pharmakure mean for GRNBF?

The termination indicates a reevaluation of the partnership, which could lead to uncertainties in business strategies for GRNBF temporarily.

Are there any financial implications for GreenBank after terminating the agreement with Pharmakure?

Yes, the non-reimbursable payment of $50,000 CAD may impact GreenBank's cash flow, and the termination introduces uncertainty regarding future financial benefits.

What is GreenBank's future plan with Pharmakure after the agreement termination?

GreenBank is discussing new terms for a potential collaboration with Pharmakure focused on their initiatives in Alzheimer's Disease treatment.

How does this agreement termination affect shareholders of GreenBank (GRNBF)?

Shareholders may experience temporary market volatility due to the uncertainties arising from the terminated agreement and future business direction.