Softlab9 Announces Ability to Sell North American Made Gowns and Coveralls in Canada Through Strategic Partnership with Kosan Medical
Softlab9 Technologies Inc. (CSE:SOFT)(OTC:SOFSF) announced on October 16, 2020, that it has signed a letter of intent to acquire Kosan Medical Company Ltd. This acquisition will enable Softlab9 to distribute personal protective equipment (PPE) in Canada, including isolation gowns and coveralls, through Kosan Medical's existing medical device establishment license registered with Health Canada. Softlab9 has completed due diligence on the products and believes they meet industry standards. The company is also preparing its application for a proprietary medical device establishment license.
- Secured exclusive rights to distribute PPE in Canada.
- Products manufactured locally in Vancouver, ensuring compliance and quality.
- Established partnership with Kosan Medical enhances market entry.
- Dependence on regulatory approvals to finalize the acquisition.
- Market conditions may affect future demand for PPE products.
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VANCOUVER, BC / ACCESSWIRE / October 22, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(Frankfurt:APO2)(OTC PINK:SOFSF) ("SOFT" or the "Company"), is pleased to announce that it has finished negotiations and on October 16, 2020, it entered into a letter of intent ("LOI") for the acquisition of Kosan Medical Company Ltd. ("Kosan Medical"). In conjunction with the signing of the LOI, the Company, in partnership with Kosan Medical now intends to begin sales of personal protective gowns and coveralls in Canada. Please refer to the Company's press release of October 19, 2020 for details on the proposed acquisition of Kosan Medical.
As a result of the LOI, the Company has secured
The Company is currently preparing its own application for a proprietary medical device establishment license but is pleased to be able to enter the market earlier than expected.
Rahim Mohamed, CEO of SOFT said, "Partnering with Kosan Medical has allowed us to enter the PPE market in time to supply both federal and local customers with PPE in time for the winter and flu seasons. We anticipate the need for gowns to continue in the coming months and are equipped to supply a large portion of this demand with our existing supply agreements with our partners."
About SoftLab9
SoftLab9 Technologies Inc. is an international publicly traded company that specializes in the development of early staged companies. We provide access to capital, executive management and industry experience to grow our portfolio of companies.
SoftLab9's experienced team bring new ideas and innovation based on science to find solutions to the current world we live in. Customers rely on quality, nontoxic products to keep their homes clean and their loved ones safe, now more than ever during this unprecedented international public health crisis.
About Kosan Medical
At Kosan Medical, your protection is our priority. We provide medical grade, protective apparel and gear that will keep you and your team protected when you need it most. Our team has an incredible wealth of knowledge and experience in the technical apparel industry. We have fostered and established a strong network of global suppliers and manufacturing partners. With proven experience developing a wide range of technical performance products, Kosan Medical prides itself on offering high quality products built to perform and last. Our products are sold on www.masksandequipment.com
For further information please contact:
Rahim Mohamed
Chief Executive Officer
Phone: (403) 605-9429
RM@softlab9.com
https://www.soft-lab9.com/
Paul Searle
Corporate Communications
Citygate Capital Corp
Phone: (778) 240-7724
psearle@citygatecap.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to the Company's confidence that Kosan Medical's products meet and exceed all standards required at a competitive price point for bulk sales, the Company beginning sales of personal protective gowns and coveralls in Canada, preparing its application for a proprietary medical device establishment license, entry into the medical device product market earlier than anticipated and the continued demand for isolation gowns. Forward-looking statements can often be identified by words such as "will", "plans", "expects", "may", "intends", "anticipates", "believes", proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions by management of the Company, including, without limitation, the market demand for PPE products, that the PPE products are priced competitively for bulk sales, the early entry of the Company into the PPE market and finalizing exclusive distribution rights for Kosan Medical PPE. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's operations may also adversely affect the future results or performance of the Company. Investors are cautioned that forward looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
SOURCE: Softlab9 Technologies Inc
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FAQ
What is the significance of Softlab9's acquisition of Kosan Medical?
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