Softlab9 Signs Letter of Intent to Purchase Kosan Medical - Supplier and Maker of PPE Products
Softlab9 Technologies Inc. (CSE:SOFT)(OTC PINK:SOFSF) has signed a letter of intent to acquire Kosan Medical Company Ltd., a provider of medical-grade PPE. Kosan Medical operates with a network of global suppliers and produces items like N95 masks and hand sanitizers in Vancouver. The acquisition includes existing inventory and a website for selling PPE products. Softlab9 has provided a secured loan of $50,000 to Kosan and aims to finalize the agreement by the end of October 2020, expanding its capabilities in the PPE market amidst ongoing pandemic demands.
- Acquisition of Kosan Medical will enhance Softlab9's product offerings in the PPE sector.
- Access to inventory and a reliable supply chain through Kosan Medical.
- Kosan's existing FDA-certified products meet stringent quality standards.
- The acquisition is contingent upon due diligence and necessary approvals, presenting uncertainties.
- A $50,000 loan to Kosan Medical indicates initial financial risk until the acquisition is completed.
VANCOUVER, BC / ACCESSWIRE / October 19, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(OTC PINK:SOFSF)(FSE:APO2) ("SOFT" or the "Company"), is pleased to announce it has signed a letter of intent ("LOI") for the arm's length acquisition of Kosan Medical Company Ltd. ("Kosan Medical"), a provider of medical grade, protective apparel and gear (PPE).
Kosan Medical, a wholly owned subsidiary of Kosan Travel Co., has an established network of global suppliers and manufacturing partners of medical grade PPE, as well as producing their own masks and gowns in Vancouver, BC. In addition, SOFT will also acquire Kosan's existing website Masks & Equipment, which will provide a platform where businesses and consumers alike can purchase high quality, medical grade PPE gear. Many of the products are produced in facilities that are FDA certified, and all products undergo stringent testing to ensure the quality of the goods. Kosan Medical intends to apply for Health Canada approval for all of its products.
Examples of items in stock and ready for distribution include:
- N95 Surgical Masks
- Face Shields
- Disinfectant Wipes
- Hand Sanitizers
- Reusable Protective Masks
Rahim Mohamed, CEO of SOFT states, "Through this potential acquisition, we are adding three critical elements to the Company: tested and available PPE inventory, a strong, reliable new supply chain and Canadian based production capabilities of PPE products. With the ongoing pandemic, this will help communities to source the PPE they need."
The LOI stipulates that Softlab9 will have access to any current production and inventory, as well as new products or services that Kosan Medical develops during final negotiations.
In conjunction with the LOI, the Company has provided a secured
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.
For further information please contact:
Rahim Mohamed
Chief Executive Officer
Phone: (403) 605-9429
RM@softlab9.com
www.softlab9.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 completion of due diligence, the Company's plans to complete the acquisition of Kosan Medical and the prospects for Kosan Medical'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 acquire Kosan Medical 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 Kosan Medical. 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
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