(Image Credit: Cannevert Therapeutics via Screengrab)
April 21, 2017 / TheNewswire / Vancouver, B.C. - Veritas Pharma Inc. ("VRT" or the "Company") (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) announces that, further to its December 21, 2015 and October 5, 2016 news releases, it has paid the final installment for its acquisition of 80% of the issued and outstanding shares in Cannevert Therapeutics Ltd. ("CTL" or "Cannevert"), and the Company will enter into a second amending agreement (the "Second Amending Agreement") with respect to the existing share purchase agreement with Cannevert.
Pursuant to the Second Amending Agreement, the Company and Cannevert will engage an independent business valuator within 90 days to report on the value of Cannevert. The Company will provide a future update once a valuator has been appointed.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging-stage pharmaceutical and IP development company, who, through Cannevert Therapeutics Ltd. (CTL), is advancing the science behind medical cannabis. It is the Company aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL's unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas' investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company's commercial mission is to patent protect CTL's IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique group of chemists, pharmacologists, and other medical professionals. With offices located on the campus of the University of British Columbia, CTL has obtained permission from Health Canada to conduct research on cannabis strains. Veritas has advanced $1.5 million to CTL and holds an 80% ownership interest in CTL. CTL has also entered a licensing agreement with Veritas, licensing Veritas to market all products developed by CTL.
Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: www.veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
"Dr. Lui Franciosi"
Dr. Lui Franciosi
Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.
Forward Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts including statements about the above-description acquisition, the appointment of an independent business valuator, and ongoing plans regarding the combined operations of the Company and Cannevert. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties.