LEXXW - Lexston Life Sciences Corp. Acquires Zenalytic Laboratories Ltd.
(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 21, 2021. Lexston Life Sciences Corp. (CSE:LEXT) (CNSX:LEXT.CN) (the “ Company ” or “Lexston” ) is pleased to announce the acquisition of ZenalyticLaboratories Ltd. (“Zen Labs”), a wholly owned subsidiary of AvantBrands Inc. (“Avant”), which is a publicly listed issuer on theToronto Stock Exchange (TSX: AVNT).
On September 20 th , 2021 theCompany acquired all issued and outstanding shares of Zen Labs. TheCompany paid $50,000 in cash and issued 1,173,709 common shares of theCompany at a deemed price of $0.213 per one common share to GreenTecHoldings Ltd., a wholly owned subsidiary of Avant, resulting in atotal purchase price of CAD $300,000. As a result, Zen Labs is now awholly owned subsidiary of Lexston.
Zen Labs is a fully zoned, operational, and licensedfacility based in Kelowna, British Columbia. Zen is currently licensedfor Analytical Testing under Health Canada’s Cannabis Act and Regulations . Zen Labs provides analytical testing of cannabis,pathogens, and toxins. Previously, Zeb Labs was initially issued aDealer’s License under Health Canada’s Controlled Drugs and SubstancesAct .
Lexston will install existing equipment and contributeadditional equipment that will add molecular capacities to the lab, inparticular qPCR systems that will be used for rapid pathogen detectionof post- harvest pathogens and hop latent viroid, a plant disease thathas caused significant losses in North America commercial cannabisproduction over the past year. Lexston plans to develop Zen Labs intoa full-service laboratory as it looks to further its testing and datacollection business, while creating a suitable environment tofacilitate new business ventures beyond Cannabis with a wider scope onbotanically derived entheogens.
“The acquisition of Zen Labs further strengthens ourability to obtain a Section J Dealer’s License for Controlled Drugsand Substances with Health Canada and expediates our continued growthin the burgeoning world of Psychedelics”, stated Jag Bal, CEO of Lexston. “This facility is ideal for fulfilling our mandate to be a leader in the ever-expandingspace of Health and Wellness”.
All securities issued pursuant to the purchase of ZenLabs will be subject to a statutory hold period lasting four monthsand one day following the closing of the transaction.
About Avant Brands
Avant is a publicly traded corporation listed on theToronto Stock Exchange (TSX: AVNT), and cross-trades on the OTCQX BestMarket (OTCQX: AVTBF) and Frankfurt Stock Exchange (FRA: 1BUP). TheCompany is headquartered in Kelowna, British Columbia and hasoperations in British Columbia, Alberta and Ontario.
About Lexston Life SciencesCorp.
Lexston Life Sciences Corp. is a Canadian biotechnologycompany providing cannabis testing and research services. Lexston isalso in the process of securing licensing under the exemptionsprescribed by section 56 of the Controlled Drugs and Substances Act(Canada) to enable the expansion of its services into the psychedelicindustry with an initial focus on the detection and quantification ofpsychedelic molecules in the lab and point of care. Lexston intends todevelop and validate methods for standardized manufacturing of plantderived psychedelics in support of burgeoning trials in the field ofmental health and wellness.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal Chief Executive Officer
Telephone: (604) 928-8913
Forward Looking Information
All statements in this pressrelease, other than statements of historical fact, are“forward-looking information” with respect to the Company,Zenalytic, and their respective business within the meaning ofapplicable securities laws, including the business plans and prospectsof the Company. The Company provides forward-looking statements forthe purpose of conveying information about current expectations andplans relating to the future and readers are cautioned that suchstatements may not be appropriate for other purposes. By its nature,this information is subject to inherent risks and uncertainties thatmay be general or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions willnot prove to be accurate, that assumptions may not be correct, andthat objectives, strategic goals and priorities will not be achieved.These risks and uncertainties include but are not limited thoseidentified and reported in the Company’s public filings under itsSEDAR profile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaims any intentionor obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor the adequacy or accuracy of this release.
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