ICC Labs Enters Into Letter of Intent With Eurofarma Uruguay S.A., a Member of the Brazilian-Owned Multinational Eurofarma Gr...
April 19 2018 - 7:30AM
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce that one of its Uruguayan
subsidiaries has entered into a letter of intent with Eurofarma
Uruguay S.A. (“Eurofarma”), a member of the Eurofarma group of
companies. The Eurofarma group is a Brazilian-owned multinational
pharmaceutical enterprise with 12 manufacturing plants
strategically located in the Latin American market.
Pursuant to the letter of intent, the parties
have agreed to negotiate definitive commercial agreements pursuant
to which Eurofarma will blend, bottle and package, in accordance
with Good Manufacturing Practices (“GMP”), for sale by ICC Labs,
various products derived from ICC Labs’ CBD extractions that will
be used for medicinal purposes.
“We intend for this letter of intent to just be
a first step in our relationship with Eurofarma. We believe that
this relationship will enable us to benefit from Eurofarma’s depth
of pharmaceutical experience and market expertise, while providing
Eurofarma with exposure to cannabinoid products. Further, both of
us have located our production operations in Latin America, a
low-cost market containing more than 630 million people,” said
Alejandro Antalich, Chief Executive Officer of ICC Labs.
The transactions contemplated by the letter of
intent are subject to applicable regulatory approvals.
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and
distributor of medicinal cannabinoid extracts, recreational
cannabis and industrial hemp products in Uruguay as well as a fully
licensed producer of medicinal cannabis in Colombia. The Company
has active operations in Uruguay, and is focused on becoming the
worldwide leading producer of cannabinoids extracts, giving support
and promoting the responsible use for medicinal purposes, backed by
scientific research and innovation, while following strict
compliance and the highest standards for quality and safety.
For more information, please visit
www.icclabs.com.
Contact:ICC Labs Inc.Alejandro Antalich, Chief
Executive Officer t: 598-2900-0000e: ir@icclabs.com
Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this
release.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s future
production and sales, results of operations, strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words “believe”, “expect”, “aim”,
“intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements.
Additional factors that could cause actual
results, performance or achievements to differ materially include,
but are not limited to: receipt of the requisite regulatory
approvals required and ICC’s ability to complete the construction
of its extraction laboratory and successfully cultivate sufficient
hemp feedstock. Additional information identifying risks and
uncertainties is contained in the Company’s filings with Canadian
securities regulators, and available at www.sedar.com. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.