Digipath, Inc. Signs Agreement to Sell the Assets of Its Lab Subsidiary
May 05 2023 - 8:46AM
InvestorsHub NewsWire
Arizona's Delta Verde Signs Deal
'Pending CCB Approval' With Digipath, Inc. to Purchase
Digipath Labs' Assets and Remain Operating in Las Vegas Under the
Digipath Labs Brand
LAS VEGAS, NV -- May 5, 2023 -- InvestorsHub NewsWire
-- Digipath, Inc. (OTCQB:
DIGP) ("Digipath" or the "Company"), a
service-oriented independent analytical testing laboratory and data
analytics firm, is pleased to announce that it has signed an
agreement with DPL Nevada, LLC to sell the assets of Digipath Labs,
Inc., its testing subsidiary. DPL's owners currently own Delta
Verde Labs of Arizona. Both independent cannabis and hemp testing
laboratories are highly dedicated to best-in-class compliance
testing and white glove customer service.
Over the past eighteen months, the leadership teams of both labs
have been evaluating one another's technical capabilities and
verifying the testing methodologies the other uses. "Digipath Labs
has operated with the same professional standards and dedication to
truth in testing that we have at Delta Verde Labs, which makes this
relationship a natural fit and combines over two decades of
technical knowledge and cannabis matrix expertise," said Nate
Allen, owner of Delta Verde Labs.
"Nothing at Digipath Labs will change for our customers
including my role and the role of our scientific staff once the
sale is complete," said Todd Denkin, President of Digipath Labs.
"More good news is that our lab operation will now have a larger
brain-trust of scientists to share ideas and information with,
which will benefit customers in both Nevada and Arizona."
The sale is subject to approval from the Nevada Cannabis Control
Board (CCB) and other customary conditions.
Once the CCB approves the transaction and the sale is completed,
Digipath, Inc., the public holding company, will change its name
and will actively seek to acquire a new business while Digipath
Labs will continue to operate as usual.
About Digipath, Inc. (OTCQB:
DIGP)
Digipath, Inc., the publicly traded holding
company, supports the cannabis industry's best practices for
reliable testing, data acquisition, formulations, and new
canna-tech to the cannabis industry.
Digipath Labs provides pharmaceutical-grade
analysis and testing to the cannabis industry to ensure producers,
consumers and patients know exactly what is in the cannabis they
ingest and to help maximize the quality of its clients' products
through analysis, research, development, and standardization.
About Delta Verde Labs
Since its founding in 2014, Delta Verde
Laboratory has become a highly specialized and ISO/IEC
17025:2017 accredited analytical and microbiology lab that is
dedicated to the fast, accurate, and affordable compliance testing
of cannabis and cannabis infused products.
Information about Forward-Looking
Statements
This press release contains "forward-looking statements" that
include information relating to future events. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which that performance or those results will be
achieved. Forward-looking statements are based on information
available at the time they are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed
in, or suggested by, the forward-looking statements. Important
factors that could cause these differences include, but are not
limited to: the Company's inability to consummate the closing of
the Steep Hill acquisition, need for additional funding, the demand
for the Company's products, governmental regulation of the cannabis
industry, the Company's ability to maintain customer and strategic
business relationships, the impact of competitive products and
pricing, growth in targeted markets, the adequacy of the Company's
liquidity and financial strength to support its growth, and other
risks that may be detailed from time-to-time in the Company's
filings with the United States Securities and Exchange Commission.
For a more detailed description of the risk factors and
uncertainties affecting Digipath, please refer to the Company's
recent Securities and Exchange Commission filings, which are
available at www.sec.gov. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Corporate Contact:
Digipath, Inc.
(702) 209-2429
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