AREV Terminates Private Placement and Term Sheet with Fiberlab, Inc.
VANCOUVER, BC – TheNewswire - March 27, 2023 - AREV Life Sciences Global Corp. (CSE:AREV) (OTC:AREVF) (“AREV” or the “Company”) AREV Life Sciences Global Corporation announces it has terminated the term sheet to acquire Fiberlab, Inc, A Nevada Corporation with operations in downtown Los Angeles and Europe. The company also announces that it has terminated the previously announced Private Placement.
The company has terminated the Term Sheet with Fiberlab Inc. Information was learned during the due diligence process that suggests it would be in the best interest of Arev shareholders to look at alternative approaches to the Fiberlab transaction. Management is continuing discussions with the management of Fiberlab to come up with a solution that works for both companies and is not as dilutive to Arev shareholders. As a result the company will also terminate the accompanying private placement.
The company would also like to correct statements made in a news release issued by Arev on March 15th where in the body of the release and a quote from Mr. Kleager as they relate to KATZEN were misquoted. Sr. Management of Katzen has confirmed “there is no existing (or pending) agreement between Fiberlab and KATZEN by which KATZEN would participate in the development or engineering of any such process without careful evaluation.” Furthermore, KATZEN has not completed design and engineering for any “closed-loop, fully automated process” – under the Cannapūr name or any other – to perform the functions as represented by Fiberlab.
“Although we believed the Fiberlab technology would be an excellent fit for AREV’s current systems. We believe there is a better way to structure the transaction. The system we have developed produces superb functional compounds for use in Food and Beverage Consumer Packaged Goods. If we can not come to a lower risk agreement, we will find another solution to the pharma aspect of the plan until such time we either develop or acquire the appropriate technology.”, stated Mike Withrow CEO of AREV. He went on to say, “We will continue on our existing path while assessing other strategic opportunities we put on hold while we were focused on the Fiberlab transaction.”
For further information, contact Mike Withrow, firstname.lastname@example.org 778-896-6536. For more information visit www.arevlifesciences.com.
On behalf of the Board,
Michael C. Withrow
CEO & Director
About AREV Life Sciences Global Corp.
The Company is a fully integrated enterprise with competencies in: 1) extraction of compounds for consumption and topical use. 2) Clinical Nutrition and 3) A technology platform called Medicine Merchant. The Company produces ingredients and formulates exclusive therapeutic interventions with plans to deliver innovation in clinical nutrition, proprietary supplements, topicals and rational drug design, based on science. The Company’s business model leverages its core competency of extraction to produce ingredients and compounds for its pipeline of products. The Company continues in the product development and pre-commercialization stage.
AREV is dedicated to designing and delivering innovation in rational drug design, driven by presenting global epidemiological characteristics of multiple challenges to international human and animal health. AREV is a member of both BIOTECanada and The Biotechnology Innovation Organization (BIO).
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws. This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com.