Gaia Grow Enters Into Letter of Intent to Acquire Canadian Licensed Extraction Laboratory - TRU Extracts and Patented IP Holder Canna Stream
Vancouver, British Columbia - TheNewswire - May 6th, 2021 - Gaia Grow Corp. (the “Company” or “Gaia”) (CNSX:GAIA.CN) (Frankfurt:GG0) has entered into a letter of intent (the “TRU LOI”) with TRU Extracts (Calgary) Inc. (“TRU”), an arm's-length party, to acquire 100% of the issued and outstanding shares of TRU. Pursuant to the terms of the TRU LOI, it is contemplated that the Company would acquire all of the outstanding share capital of TRU in consideration for $3,000,000 CDN which would be satisfied through the issuance of common shares of the Company to the existing shareholders of TRU at a deemed price of $0.10 per share. The shareholders of TRU will also be entitled to receive an additional bonus payment based upon future revenue generated by TRU.
In addition, Gaia entered into a letter of intent (the “CSS LOI”) with Canna Stream Solutions Ltd. (“CSS”), an arm's-length party, to acquire 100% of the issued and outstanding shares of the CSS. Pursuant to the terms of the CSS LOI, it is contemplated that the Company would acquire all of the issued and outstanding share capital of CSS in consideration for $1,250,000 CDN which would be satisfied through the issuance of common shares of the Company at a deemed price of $0.10 per share.
TruExtracts Laboratories was created for high-capacity extraction to meet global demand. TRU is one of Western Canada’s largest cannabis and hemp processors, with a 12,500 square foot state of the art facility in Calgary. The facility is also Health Canada licensed and fully operational and has an expansion capability of an additional 6,000 to 12,000 additional square feet. Services include toll processing, THC, CBD extractions and isolates, as well as white label service and cannabis THC and CBD products.
For more Information, please visit their website at https://truextractslabs.com/
CSS is developing critical technologies for storing, transportation and processing of cannabis waste (physical and chemical). Most notably, they have filed a US provisional patent application in the chemical extraction and fractionation of Cannabinoids and monoterpenes from cannabis flower and biomass utilizing their solvent system that is significantly more efficient than ethanol. This gives CSS the ability to significantly manage costs of high throughput processing and extraction of cannabis and Hemp biomass.
Dr. Behzad Ahvazi, is a chemist with over 25 years of experience with expertise in added value processing in plant materials. Dr Behzad Ahvazi has focused on green technologies for converting and processing biomass components from sustainable, renewable agricultural and forestry resources into creating value-added, novel bioproducts. He has held numerous positions in R&D departments for private and government research facilities and holds an Adjunct Professor position at the University of Alberta.
“This is an industry breakthrough” said Frederick Pels, CEO of Gaia Grow Corp. “Closing the loop on value added Biomass as well as added value in the extraction process gives Gaia and Tru a significant competitive advantage with the implementation of CSS’ patent pending process. I look forward to working with both teams and revolutionizing the Cannabis industry.”
The company has posted a video to its YouTube page and will continue to diligently post updates on its channel over the coming months. A link to Gaia’s official YouTube page can be found here: https://www.youtube.com/channel/UC7tbvsY5gl2CrlsESYkbbgw
Please join the conversation on our GAIA group supporter’s telegram group at https://t.me/gaiagrow and visit us online at https://www.gaiagrow.com/
Completion of the acquisitions of TRU and CSS remains subject to a number of conditions, including: the satisfactory completion of due diligence, the receipt of any required regulatory approvals and the negotiation of definitive documentation.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect", “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could", "might", “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the hemp industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.