KNBIF - Kane Biotech Receives Offer for its Interest in STEM Animal Health | Benzinga
WINNIPEG, Manitoba, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSXV:KNE, OTCQB:KNBIF) (the "Company", "Kane" or "Kane Biotech") announces today that on December 19, 2023, it signed a non-binding offer for the sale of its interest in STEM Animal Health Inc. ("STEM").
"In 2018, when I joined as CEO, Kane made the strategic decision to continue to build Kane's animal health portfolio, while expanding into advanced wound care" said Marc Edwards, Chief Executive Officer of Kane Biotech. "Since that time, we have created STEM in partnership with Animalcare, received VOHC Seal of Acceptance for our pet oral care water additive, and signed licensing and distribution agreements with Animalcare and Skout's Honor Pet Supply Company. These actions have created real value within STEM."
The terms of the offer remain confidential but specify that Kane will sell its ownership of STEM. In addition, pursuant to the terms of the offer, Kane will receive a deposit in the amount of US $625,000 which will be applied towards the sale price of Kane's interest in STEM. The parties have agreed to collaborate using their best efforts to enter into a binding share purchase agreement with respect to the sale of STEM within 90 days.
"We are pleased to receive an offer that reflects the full value we see in STEM," said Philip Renaud, Chairman of the Board of Kane. "This opportunity allows Kane to ...