Softlab9 Provides Shareholders With a Corporate Update
Softlab9 Technologies (CSE:SOFT, OTC PINK:SOFSF) has provided a corporate update regarding its acquisition of Clean Go Green Go Inc. The due diligence process is ongoing and has faced delays due to market conditions and developments at CleanGo GreenGo. The company expects to finalize a definitive agreement soon. Softlab9 has shipped over 6000 liters of concentrate, producing 102,000 bottles of cleaners. Agreements for distributing Covid-19 test kits and PPE are in progress. Additionally, 51,546 shares were issued to settle $50,000 of debt.
- Progress in acquisition of Clean Go Green Go, expected to finalize soon.
- Over 6000 liters of concentrate shipped, yielding 102,000 bottles of cleaners.
- Distribution agreements in progress for Covid-19 test kits and PPE.
- Delays in due diligence process impacting acquisition timeline.
- Definitive agreements with Emergence Technology and HEG not yet signed.
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VANCOUVER, BC / ACCESSWIRE / October 16, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(OTC PINK:SOFSF) (FSE:APO2) ("Softlab9" or the "Company"), provides shareholders with a corporate update.
Softlab9 continues to perform its due diligence process on its acquisition (the "Transaction") of Clean Go Green Go Inc. ("CleanGo GreenGo"). This process has taken more time than expected due to the changing market conditions and latest developments at CleanGo GreenGo and its partners. The Company expects to complete a definitive agreement in the near future as it awaits the completion of CleanGo GreenGo audits. Once completed, Softlab9 expects the transaction to close quickly. The Transaction is subject to all required regulatory approval, including approval of the Canadian Securities Exchange.
Softlab9 Target Acquisition CleanGo GreenGo and CBIO Brand Distribution International Inc. to supply bulk concentrate material for CBIO's SaniGenix Naturals line of hard surface disinfectants and sanitizers.
Since the news release dated August 18, 2020, SoftLab9 is pleased to announce that CleanGo GreenGo has shipped over 6000 liters of CleanGo GreenGo concentrate, which is then diluted to make 102,000 bottles of CBIO's line of cleaners. The frequency of shipments is expected to continue into the new year.
Distribution Agreement with Australia-based Emergence Technology to Distribute Covid-19 Rapid Test Kits
Since the news release dated August 24, 2020, SoftLab9 has made progress to complete the transaction. The parties currently have signed a letter of intent is in place but a definitive agreement with Emergence Technology PTY LTD. ("Emergence Technology") has not yet been signed. Softlab9 is awaiting a shipment of 1000 Orient Gene Antigen Test kits it has purchased to clear Canadian customs in order to perform its due diligence before moving to a definitive agreement.
Distribution Agreement with Mexico-based HEG, S. de C.V. (HEG) to distribute PPE.
Since the news release dated August 26, 2020, Softlab9 has been working to receive approval from Health Canada to begin sales of Class 1 medical products. Softlab9 is pleased to report it has reached an agreement with a partner and now has the ability to import and sell its products to customers. Softlab9 is finalizing a definitive agreement with HEG and expects to complete it within the next while.
Shares for Debt
The Company has issued 51,546 common shares of Softlab9 to settle
Disclaimer
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.
About "Clean Go Green Go"
CleanGo GreenGo is an FDA and Health Canada approved Manufacturer of Green, Non-Toxic, and Biodegradable suite of cleaning products for industrial, commercial and consumer markets.
CleanGo GreenGo, also manufactures hand sanitizer gel which is sold throughout the USA and Canada.
CleanGo's products have been tested in 2015 in the USA to kill the human coronavirus. CleanGo's products are sold on various online platforms, including Amazon, as well as through distribution in retail, wholesale, and government agencies. CleanGo GreenGo utilizes a Patent Pending IP. The Patent was filed with the United States Patent and Trademark Office in February 2020 and currently holds a Patent Pending Status.
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 these unprecedented international public health crises.
Cautionary Note:
The Company is not making any express or implied claims that CleanGo GreenGo or any other product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time. Do not drink or consume any of the products at any time. Follow the instructions on the bottles. The products mentioned are meant to be used on surfaces and hands to sanitize to protect against bacteria and Viruses. Clean Go Green is not a cure, nor does it imply to be a cure for COVID-19.
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 frequency of shipments of CleanGo GreenGo concentrate to CBIO Brand Distribution International Inc., due diligence on Orient Gene Antigen Test kits, definitive agreements with Emergence Technology and HEG and the Company's prospect of success in executing its proposed plans, including its plans to complete the acquisition of CleanGo GreenGo and the prospects for CleanGo GreenGo's business. 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 regarding the Company, including, without limitation, the Company's ability to enter definitive agreements with HEG and Emergence Technology, acquire CleanGo GreenGo and obtain required regulatory approvals and the timing thereof. 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. The Company can provide no guarantee that it will be successful in completing the acquisition of CleanGo GreenGo. 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.
For further information please visit our website at www.softlab9.com or contact:
Paul Searle
Corporate Communications
Citygate Capital Corp
Phone: (778) 240-772
psearle@citygatecap.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Softlab9 Technologies Inc
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FAQ
What is the latest update on Softlab9's acquisition of Clean Go Green Go Inc. (SOFSF)?
How much concentrate has CleanGo GreenGo shipped to Softlab9?
What agreements has Softlab9 established for Covid-19 test kits and PPE?
What recent financial activity has Softlab9 undertaken?
