Apollon Formularies Plc Update on Global Hemp Group
August 02 2023 - 7:19AM
UK Regulatory
TIDMAPOL
02 August 2023
Apollon Formularies Plc
Update on Global Hemp Group
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK based
international pharmaceutical company trading on the AQSE Growth Market, that is
licenced to research, develop, process, and sell medical cannabis therapeutic
products that include legal medical cannabis to treat various illnesses under
medical supervision, announces that the Company will not be proceeding with
proposed deal with Global Hemp Group Inc. ("GHG") under the binding letter of
intent ("LOI") released on the 12th of January 2023
As announced on 12 January 2023, under the terms of the binding LOI dated
January 9, 2023, GHG acquired the exclusive perpetual license for North America
(specifically, the United States, Canada. and Mexico) to certain Apollon
Intellectual Property and proprietary technology, for US$250,000 and 10,000,000
common shares in GHG. On April 4, 2023 GHG announced that it completed its
contractual payment obligations relating to the Exclusive Licensing Agreement
for the patents and Intellectual Property ("IP") of Apollon. On March 21, 2023,
GHG announced that the Company added additional exclusive licenses from Apollon
for the countries of Israel, and the European Union (with extension to Morocco).
Apollon expects to benefit from the Licensing Fee revenues which shall equal 10%
of gross sublicensing fees received by GHG. During the term of this License
Agreement, GHG shall pay a quarterly licensing fee to Apollon, the payment of
which shall be triggered when revenues are first generated from sublicensing
activities. Payment of the Licensing Fee shall commence in the subsequent
quarter as agreed to in the License Agreement dated January 19, 2023, emanating
from all gross sublicensing fees received by GHG in North America (the United
States, Canada, and Mexico), the European Union with extension to Morocco and
Israel. In addition, under the LOI, a due diligence period was allowed and if
both the Company and GHG were satisfied, GHG would have the exclusive option to
acquire all the assets of Apollon, other than cash, cash equivalents, and
receivables, for a payment of 771,191,266 GHG common shares at a deemed price
of$0.015per GHG common share, for a total consideration ofC$11,567,869
("Disposal"). The Disposal has been terminated by mutual consent.
Dr Stephen D Barnhill, CEO and Chairman of Apollon Formularies, commented:
"Whilst the Disposal to GHG has now been terminated, the Company continues to
retain all of its Assets and the Company is well placed to continue to grow its
business globally. We are extremely pleased with our recent Exclusive License
Agreement withPureCann Pty Ltd, as announced 24 July 2023. PureCann has
already reached impressive commercial milestones allowing us to immediately
expand the "Apollon" Brand with our full medical product portfolio for multiple
medical conditions into South Africa through their network of dispensaries as
well as in their proposed treatment facilities." Dr Barnhill continued: "The
Company is currently in discussions with additional companies in multiple
countries also looking to license the Apollon intellectual property and
products. We look forward to continuing to expand the Apollon brand into
additional markets globally."
The Directors of the Company accept responsibility for the contents of this
announcement.
For additional information, please visitwww.apollon.org.ukor contact:
Apollon Formularies
Tel: +44 771 198 0221
Stene Jacobsstene@apollon.org.uk
Peterhouse Capital Limited(Corporate Adviser)
Tel: +44 207 220 9795
Guy Miller gm@peterhousecapital.com
BlytheRay (Financial PR/IR-London)
Tel: +44 207 138 3204
Tim Blythe/Megan Ray apollon@blytheray.com
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/apollon-formularies-plc/r/update-on-global-hemp-group,c3812667
END
(END) Dow Jones Newswires
August 02, 2023 07:19 ET (11:19 GMT)
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