Roadman Investments Provides Corporate Update
VANCOUVER, British Columbia - TheNewswire - June 25, 2020 - Roadman Investments Corp. (TSXV:LITT) (FWB:1QD) (OTC: RMANF) ("Roadman" or the "Company") is pleased to announce that it has the following updates:
Further to the Company's news release dated May 19, 2020, the Company advises that it has not received any further communications from the Securities and Exchange Commission.
BCSC Continuous Disclosure Review Update
Further to the Company's news release dated May 19, 2020, the Company advises that the British Columbia Securities Commission's continuous disclosure review is still ongoing. The Company has responded to two comment letters and is actively cooperating with the BCSC. The BCSC has required the Company to issue an update on the status of the cedar leaf oil vapor research program, which is provided in this press release under the heading "University of British Columbia Research Program". At this time, the Company is not aware of any additional required updates to its continuous disclosure record. However, the BCSC review is still in progress. The Company has implemented a trading blackout for all insiders while the BCSC continuous disclosure review is underway. The Company is currently seeking the resumption of trading of the Company's securities on the TSX Venture Exchange.
University of British Columbia Research Program
CLOV Biopharma (CBP), a wholly owned subsidiary of the Company, recently commenced and completed its initial research program at UBC on cedar leaf oil vapour (CLOV). The research program took longer than anticipated because of COVID-19 pandemic closures at the lab. However, Dr. Hudson and Dr. Selvarani obtained the required exemptions to allow them to conduct the research. CBP is not permitted to acquire the authentic SARS CoV-2 coronavirus (associated with COVID-19). CBP obtained surrogate coronaviruses 229E and OC43 for testing in substitution of the SARS CoV-2 coronavirus (the "Test Viruses") which are commonly used for testing purposes for SARS virus research. In a controlled lab setting, glass slides containing dried specimens of the OC43 Test Virus were dried in a biosafety cabinet for 10 minutes and exposed to vapor from 2mL of undiluted cedar leaf oil for various time periods (5, 10, 15 and 30 minutes) at 22 degrees Celsius. The OC43 Test Virus was partially inactivated after 15 minutes of exposure and fully inactivated after 30 minutes of exposure to CLOV. The Company cautions that this is still under early stage research and development and is not making any express or implied claims that CLOV can eliminate the SARS CoV-2 coronavirus.
CBP will require significant financing to conduct advanced research and apply for regulatory approvals to reach a stage where it could commercialize a consumer product. There is no assurance that commencement of advanced research, product testing or regulatory approvals will occur in a timely fashion or at all.
"Although we are pleased with these initial results, material developments towards commercialization of a product that could be marketed as a treatment or solution to prevent COVID-19 are not expected in the near term. As a result, the Company will no longer be actively reporting on the status of CBP or its research program until there has been a material development that would warrant further disclosure" stated Luke Montaine, CEO.
Dr. Selvarani has reviewed and approved the technical disclosure regarding the research program contained in this news release.
Roadman Investments Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Examples of forward-looking statements include, among others, statements we make about the Company, its subsidiaries or other Company's that the Company has invested in or is otherwise affiliated with, regarding planned research and development activities, financing arrangements, investment strategies, returns on investments, contractual obligations including but not limited to obligations to purchase materials or meet sales milestones, strategy for customer retention, growth, product development, market position, financial results and reserves, other statements relating to the financial and business prospects, management's ability it identify and evaluate investments, management's ability to obtain the necessary specimens and obtain the necessary licenses and approvals to operate, specifically, the necessary licenses and approvals to conduct research on Coronavirus and develop and sell products derived from this research, potential positive outcomes or effects with cedar leaf oil vapor, planned research and development activities to be conducted, sourcing or manufacturing an appropriate diffuser and other matters.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, continued volatility in the capital or credit markets the adequacy of our cash flow to fund the operations of the Company or its affiliates, strategic actions, including acquisitions and dispositions and our success in evaluating acquired businesses and our success in developing the businesses underlying these acquisitions, the occurrence of hostilities, political instability or catastrophic events, changes in customer demand, the extent to which we are successful in gaining new long-term relationships with customers or retaining existing ones and the level of service failures that could lead customers to use competitors' services, developments and changes in laws and regulations, including increased regulation of the medical, health and wellness industries through legislative action and revised rules and standards applied by the international medical, pharmaceutical, health and wellness regulatory bodies, changes in the price of inventory and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in contracted service provider costs and labor difficulties, including stoppages affecting either our operations or our service providers abilities to conduct research and develop and produce products, management's ability to operate our business models, availability of financing to provide sufficient working capital maintain the business as a going concern, availability of financing to fund the Company's or it is subsidiaries business operations, including but not limited to, the CBP's planned research and development activities and product development and sales commitments. the ability of third party researchers to achieve intended results, failures to obtain the necessary funding, materials, licenses and approvals to acquire a specimen of the COVID-19 novel coronavirus, conduct research on Coronavirus and develop and sell products derived from this early stage research and such other factors as discussed in the Company's filings with Canadian securities regulators, which are available at www.sedar.com.
Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news is not for dissemination in the United States of America.