(TheNewswire)
VANCOUVER, BC – TheNewswire - March 27, 2023 - AREV Life Sciences GlobalCorp. (CSE:AREV) (OTC:AREVF) (“AREV” or the “Company”) AREV Life Sciences Global Corporation announcesit has terminated the term sheet to acquire Fiberlab, Inc, A NevadaCorporation with operations in downtown Los Angeles and Europe. Thecompany also announces that it has terminated the previously announcedPrivate Placement.
The company has terminated the Term Sheet with FiberlabInc. Information was learned during the due diligence process thatsuggests it would be in the best interest of Arev shareholders to lookat alternative approaches to the Fiberlab transaction. Management iscontinuing discussions with the management of Fiberlab to come up witha solution that works for both companies and is not as dilutive toArev shareholders. As a result the company will also terminate theaccompanying private placement.
The company would also like to correct statements madein a news release issued by Arev on March 15th where in the body ofthe release and a quote from Mr. Kleager as they relate to KATZEN weremisquoted. Sr. Management of Katzen has confirmed “there is noexisting (or pending) agreement between Fiberlab and KATZEN by whichKATZEN would participate in the development or engineering of any suchprocess without careful evaluation.” Furthermore, KATZEN has notcompleted design and engineering for any “closed-loop, fullyautomated process” – under the Cannap?r name or any other – toperform the functions as represented by Fiberlab.
“Although we believed the Fiberlab technology wouldbe an excellent fit for AREV’s current systems. We believe there isa better way to structure the transaction. The system we havedeveloped produces superb functional compounds for use in Food andBeverage Consumer Packaged Goods. If we can not come to a lower riskagreement, we will find another solution to the pharma aspect of theplan until such time we either develop or acquire the appropriatetechnology.”, stated Mike Withrow CEO of AREV. He went on to say,“We will continue on our existing path while assessing otherstrategic opportunities we put on hold while we were focused on theFiberlab transaction.”
For further information, contact Mike Withrow,arevlifesciences@gmail.com 778-896-6536. For more information visitwww.arevlifesciences.com.
On behalf of the Board,
Michael C. Withrow
CEO & Director
About AREV Life Sciences GlobalCorp.
The Company is a fully integrated enterprise withcompetencies in: 1) extraction of compounds for consumption andtopical use. 2) Clinical Nutrition and 3) A technology platform calledMedicine Merchant. The Company produces ingredients and formulatesexclusive therapeutic interventions with plans to deliver innovationin clinical nutrition, proprietary supplements, topicals and rationaldrug design, based on science. The Company’s business modelleverages its core competency of extraction to produce ingredients andcompounds for its pipeline of products. The Company continues in theproduct development and pre-commercialization stage.
AREV is dedicated to designing and deliveringinnovation in rational drug design, driven by presenting globalepidemiological characteristics of multiple challenges tointernational human and animal health. AREV is a member of bothBIOTECanada and The Biotechnology Innovation Organization (BIO).
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITSREGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITYFOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Neither the Canadian Securities Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe CSE) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may include forward-looking statements thatare subject to risks and uncertainties. All statements within, otherthan statements of historical fact, are to be considered forwardlooking. Although the Company believes the expectations expressed insuch forward looking statements are based on reasonable assumptions,such statements are not guarantees of future performance and actualresults or developments may differ materially from those inforward-looking statements. Factors that could cause actual results todiffer materially from those in forward-looking statements includemarket prices, exploitation and exploration successes, and continuedavailability of capital and financing, and general economic, market orbusiness conditions. There can be no assurances that such statementswill prove accurate and, therefore, readers are advised to rely ontheir own evaluation of such uncertainties. We do not assume anyobligation to update any forward-looking statements except as requiredunder the applicable laws. This press release contains forward-lookingstatements. The use of any of the words "anticipate","continue", "estimate", "expect","may", "will", "project","should", "believe" and similar expressions areintended to identify forward-looking statements. Although theCompany believes that the expectations and assumptions on which theforward-looking statements are based are reasonable, undue relianceshould not be placed on the forward-looking statements because theCompany 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 currentlyanticipated due to a number of factors and risks various risk factorsdiscussed in the Company’ sManagement ’s Discussion and Analysis under theCompany’s profile on www.sedar.com.
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