Health Logic Interactive signs non-binding letter of intent with US medical device manufacturer to sell a wholly-owned operating subsidiary
CALGARY, AB, August 9, 2021 / PRNewswire / – Health Logic Interactive Inc. (“Health logic” or the “company“) (TSXV: CHIP.H) (OTCPK: CHYPF) is pleased to announce that it has signed August 1, 2021, a non-binding letter of intent to sell its wholly owned operating subsidiary My Health Logic Inc. (“My health logic“) to Marizyme, Inc. (“Marizyme“), on Nevada Medical device company that is publicly traded in the OTCQB (the “transaction“).
The transaction is subject to close scrutiny, approval by the TSX Venture Exchange, negotiation of final documentation, and approval by the company’s shareholders. The transaction takes place on arm’s length basis and it is currently expected that consideration for all shares issued and outstanding in My Health Logic will be common stock in the capital of Marizyme.
Marizyme has a robust IP portfolio for its medical device platform technologies. Its leading technology, DuraGraft®, is currently approved by the US Food and Drug Administration (“FDA“). Durgraft is approved in 34 countries and has its first commercial sales in Europe and Asia. Marizyme intends to list on the NASDAQ Stock Market (“NASDAQ“) within the next twelve months.
The proposed terms, which may change depending on the progress of due diligence and negotiation, include:
- The company will receive 4,600,000 shares of Marizyme in consideration for the Health Logic asset. The number of shares has been negotiated between the parties of Marizyme and Health Logic, and the price per share is a variable number that will be set in the final agreement.
- After the transaction, Marizyme plans to raise the necessary working capital for the combined companies, from there registration and anticipated funding for a listing on the Nasdaq.
- My Health Logic becomes a wholly owned subsidiary of Marizyme;
- The company has the right to nominate two candidates to Marizyme’s board of directors; It is expected that Marizyme’s management will change upon completion of the transaction.
- My Health Logic employees and consultants will continue to serve in the same capacity as they did prior to the transaction; and
- The transaction is subject to negotiation and execution of final documentation, satisfaction of any closing conditions, and approval of the TSXV and shareholders.
The company continues to act as a public entity on the TSXV’s NEX Board and intends to pursue funding to begin its search for new assets to develop as part of the company’s portfolio. The company plans to continue its application to the TSXV for reactivation to Tier 2 of the TSXV through the NEX board of directors. Reactivation depends on finding a new acquisition target and meeting all requirements for ongoing listing on TSXV Tier 2.
The company will host a conference call to discuss the transaction in more detail. The conference call should take place on August 16, 2021, at 1:30 p.m. PST / 4:30 p.m. EST. Please dial toll-free at 1-866-248-8441 or internationally at 1-323-289-6581.
Quote from CEO, David Barthel:
“As we have demonstrated over the past eight months, the team is able to meet its milestones as we continue to achieve our initial goals in the clinical development of our lab-on-chip technology. These accomplishments have been achieved with several aroused great interest. ” potential strategic partner. Our team is excited about this transaction which, when completed, will provide My Health Logic with the resources it needs to further develop its lab-on-chip technology. Marizyme also has a very attractive medical device pipeline. which is already on an FDA path, is a US public company and is backed by a US full-service investment bank, Univest Securities. We quickly assessed this transaction and completed an initial due diligence and look forward to the prospects at hand ”.
about the company
Health Logic Interactive, through its wholly owned operating subsidiary My Health Logic, develops and markets consumer-oriented, portable point-of-care diagnostic devices that connect to patient smartphones and digital platforms for continuous care. The company plans to use its patent-pending lab-on-chip technology to deliver quick results and facilitate the transfer of that data from the diagnostic device to the patient’s smartphone. The company expects that this data collection will enable it to better assess patient risk profiles and achieve better patient outcomes. Our mission is to give people the ability to get early detection with actionable digital management for chronic kidney disease anytime, anywhere. For more information, visit us at: www.healthlogicinteractive.com
About Marizyme, Inc.
Marizyme is an integrated life science company dedicated to the procurement, development and commercialization of therapies that minimize acute mortality and costs. The company’s flagship product, DuraGraft®, is an intraoperative vascular graft storage solution that inhibits endothelial damage and improves clinical outcomes by reducing the incidence of complications associated with vein graft failure during bypass surgery. DuraGraft® Improves coronary artery bypass graft (CABG) surgical outcomes by significantly reducing serious adverse cardiac events such as repeated revascularization and myocardial infarction. DuraGraft® is approved for use in the EU and several Asian countries, but not yet for use in the United States® Platform. Krillase® is not approved for use.
Additional information on Health Logic Interactive Inc. and its disclosure documents is available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain statements in this press release are “forward-looking statements”. All statements contained in this press release that are not historical facts, including, but not limited to, the execution of a definitive agreement for the transaction and its terms, the completion of the transaction and the anticipated benefits, the financing to be provided by Marizyme, the listing of the Marizyme Shares in NASDAQ, the Company’s funding sought, the Company’s reactivation to the TSXV and the Company’s strategy, plans, goals, objectives and objectives, and any statements preceded by or preceded by the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “can”, “would”, “foresee”, “estimate”, “forecast”, “forecast”, “project.” “,” Search, “” should “or similar expressions, or the negative thereof, are forward-looking statements. These statements are not historical facts, but merely represent the company’s expectations, estimates and projections of future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. As a result, actual results could differ materially from what is expressed, implied or projected in such forward-looking statements. Other factors that could cause actual results, performance or success to differ materially include the risk factors discussed in the management’s discussion and analysis for the fiscal year ended December 31, 2020, which provide investors with useful information considering their investment objectives and caution investors not to place undue reliance on forward-looking information. As a result, all forward-looking statements in this press release are limited by these cautionary statements and other warnings or factors contained herein, and no assurance can be given that actual results or developments will be realized or, even if they will materialize, those anticipated Will have consequences for the company. These forward-looking statements speak as of the date of this press release and the company undertakes no obligation to update or revise them to reflect future information, events or circumstances or otherwise, except as required by law.
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SOURCE Health Logic Interactive Inc.