TORONTO, April 20, 2018 /PRNewswire/ -- PharmaCielo Ltd.
(the "Company") announces that it has reached an agreement to
acquire Colombia's only
established provider of TeleMed services - Ubiquo
Telemedicina, enabling expanded access to medicinal cannabis
expertise among the Colombian medical community.
"Ubiquo Telemedicina provides a unique opportunity for
PharmaCielo to continue our leadership in the Colombian
marketplace, and to support the expansion of medical cannabis
expertise throughout the country," said Anthony Wile, CEO. "With over 400 medical
practitioners currently engaging this interactive platform in
support of a wide range of specialties, including areas of critical
care, the facilitation of knowledge from within the medical
community about cannabis formulations and medically appropriate
treatment options is unparalleled."
The operating mandate of Ubiquo Telemedicina is to create fair
and equal access for all Colombians to medical care and
expertise. By enabling the Colombian medical community to
provide increased access to highly specialized practitioner
knowledge and consultation, Ubiquo Telemedicina facilitates
continuing medical education and treatment focused communication
among practitioners. As part of the operating agreement,
knowledge about the possible uses, benefits and risks of medical
cannabis will be enabled among medical practitioners associated
with the platform to help them make educated and informed decisions
about products and monitoring, in addition to the current broad
range of consultative supports currently provide by the
platform.
Following execution, the two organizations are jointly working
to conclude definitive agreements for working together to meet the
needs of current medical practitioners associated with Ubiquo
Telemedicina as well as confirm strategies for expansion throughout
the country.
Acquisition Terms
Pursuant to the agreement, the Company intends to acquire all of
the shares of Ubiquo Telemedicina, which will become a wholly-owned
subsidiary of the Company in exchange for a combination of cash and
shareholdings in PharmaCielo Ltd. valued at approximately
$1.5-million CDN. The
acquisition is arms-length and remains subject to due diligence,
applicable approvals and a definitive purchase and sale agreement,
which will include customary conditions, including obtaining all
necessary corporate and applicable regulatory approvals. The
acquisition is anticipated to be completed in 60 days or less.
About PharmaCielo
PharmaCielo Ltd. is a global company privately held and
headquartered in Canada, with a
focus on processing and supplying all natural, medicinal-grade
cannabis oil extracts and related products to large channel
distributors. PharmaCielo's principal (and wholly-owned) subsidiary
is PharmaCielo Colombia Holdings S.A.S., headquartered at its
nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo
and PharmaCielo Colombia Holdings S.A.S. are comprised of a
diversely talented group of international business executives and
specialists with relevant and varied expertise. PharmaCielo
recognized the significant role that Colombia's ideal location will play in
building a sustainable business in the medical cannabis industry,
and the Company, together with its directors and executives, has
built a compelling business plan focused on supplying the
international marketplace.
For further information:
www.PharmaCielo.com
Media Relations:
David Gordon, Tel: +1 647 259
3258, david.gordon@cohnwolfe.ca
(Colombia) Juan Manuel Cuellar, Tel: +57 310
3298776, juan.m.cuellar@sprgroup.biz
Investor Inquiries:
investors@pharmacielo.com
Forward Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as "intends", "anticipates", or variations of such words and
phrases or state that certain actions, events or results "may" or
"will" be taken, occur or be achieved. These forward-looking
statements are based on assumptions, including the ability for the
Company and Ubiquo Telemedicina consummating the acquisition and
executing their business plans, that management believes are
reasonable in the circumstances, but the actual results,
performance or achievements may be materially different from any
future results, performance or achievements expressed or implied by
any forward-looking statements. Forward-looking statements can be
affected by known and unknown risks, uncertainties and other
factors, including, but not limited to, risks associated with
closing the acquisition of Ubiquo Telemedicina including failure to
obtain necessary approvals, risks associated with early stage
companies, risks associated with the regulation of cannabis and
cannabinoid derivatives, and risks associated with operating
in Colombia. Accordingly, readers should not place undue
reliance on forward-looking statements.
Except as required by law, PharmaCielo undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
However, any further disclosures made on related subjects in
subsequent reports should be consulted.
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SOURCE PharmaCielo