(TheNewswire)
Vancouver, B.C., Canada - TheNewswire – December 4, 2020 – COVERTECHNOLOGIES INC. (previously Mag One Products) (the “Company” or“COVER”) ( CSE:COVE ) ( Frankfurt:304 ) ,Equity ( OTCMGPRF ) (CNSX:COVE.CN) announces today it has signed anon-binding Letter of Intent (the “ LOI ”) with COVEXSOLUTIONS Inc. (“ COVEX ”) to enter into a 50/50 Joint Ventureagreement. The definitive agreement is expected to be completedwithin 45 days or sooner from the signing of the LOI.
The agreement will be a combination of both shares andequity to earn 50% of COVEX. Investment considerations are currentlyunder discussion and will be released once formalized in thedefinitive agreement.
On March 11, 2020 the World Health Organization(“ WHO ”) declared a global pandemic (“ Covid-19 pandemic ”)due to the contagiousness of the novel coronavirus and the severerespiratory disease, Covid?19, that could be developed aftercontracting the virus. The Covid-19 pandemic is creating anunprecedented opportunity to enter into an established surfacedisinfectant market. As per a January 2019 Grand View Research report,the global market for antiseptics and disinfectants was USD 16.75billion in 2018 and is expected to grow at a CAGR of 8.4% to 2026.
The COVER and COVEX joint venture will create solutionsto address this growing market.
COVEX has developed, and is continuing to develop, anumber of science backed, trade-secret formulations that are ready forcommercialization and in accordance with Health Canada’s monographfor hard surface disinfectants. We believe these novel disinfectantformulations are effective against a broad spectrum of pathogenicorganisms and viruses, and which may provide residual antibacterialand antiviral activity on surfaces to which it has been applied. COVEXformulations making disinfectant claims have been submitted to HealthCanada and US EPA licensing bodies for approval. COVEX has securedmanufacturing agreements with site licensed facilities in both Canadaand the USA with capacity in excess of 2 million liters per month.
Bacteria, molds, fungi and viruses pose serious healthchallenges to humans and animals. Disinfectants are used to killmicroorganisms and/or inactivate viruses. No single product can meetall needs with respect to cleaning, disinfection and antisepsis.Ideally, disinfectants should be fast acting, effective against targetpathogens, long-lasting if applied to surfaces, and degrade in anenvironmentally friendly manner.
New disinfecting chemicals and chemical formulationsare needed to combat widespread threats such as antibiotic resistantbacteria and viral infections in hospitals, which can spread via humancontact and infected surfaces. COVEX is moving forward with its noveldisinfectant chemical formulations, natural formulations andapplication strategies to help meet these needs.
The COVEX disinfectant formulations have been designedas powerful, natural cleaners, with surface protection anddisinfection capabilities. Applications include spraying on surfacessuch as floors, walls, workspaces, door handles, handrails andupholstery as a general disinfectant for home, office, healthcaresettings, commercial settings, and industrial use. It can also beadded to cloths and wipes to provide additional bactericidal,virucidal, and other similar advantages in the cleaning wipes marketsegment. The disinfectant is not intended for internal use as anantibacterial or antiviral agent that would inhibit proliferation ofpathogens within the body.
Tony Louie, President and CEO of COVER TECHNOLOGIESINC., said the following: “We are extremely excited to partner withCOVEX to develop and to commercialize its disinfectant IP. There is amassive need in the marketplace at the moment with this ongoingCOVID-19 Pandemic and focus on disinfectant protocols.”
Peter Field, CEO of COVEX Solutions Inc., said thefollowing: “The times we are in present a unique opportunity toenter an established industry with incredible upside. Companies likeours that push for innovation and approach cleaning and disinfectionwith ethics, intelligence and thoughtfulness are set to do well. Weaim to create brands that consumers will trust because we provideproducts that work.”
On behalf of the Board, “ Tony Louie ”, President & CEO, COVER TECHNOLOGIES INC.
Neither theCanadian Securities Exchange nor its Regulation Services Provideraccepts responsibility for the adequacy or accuracy of this newsrelease.
About COVER TECHNOLOGIES INC.
COVER TECHNOLOGIESINC. is an industrial products andsolutions company. COVER TECHNOLOGIES INC has expanded its lines ofbusiness to include consumer and industrial disinfectant and cleaningsolutions in addition to its magnesium technology. Using itsgame-changing technologies, COVER aims to be the most environmentallyfriendly & sustainable producer of magnesium(Mg) metal, ultrapure Mg compounds, by-products and verticallyintegrated co-products. For further information or questionsrespecting the Company kindly contact the Company via emailat: info@MagOneProducts.com . Additional information can be found on the Company’swebsite at www.MagOneProducts.com or by viewing the Company’s filings at www.sedar.com .
About COVEX Solutions
COVEX Solutions Inc. is the innovator of safe disinfection technology that killsbacteria, viruses and molds with scientifically proven ingredients,multiple methods of disinfection, long-lasting results, and ongoingprotection. Covex Solutions’ products are effective solutions thatclean, protect, disinfect, and deodorize a wide variety ofsurfaces.
COVEX formulations combine the power of List N approveddisinfectants with environmentally friendly, non-toxic cleaningtechnology. The solutions can be provided in diluted ready-to useform, or as concentrates. Compounds in the COVEX formulation areproven against a wide range of bacteria, molds and viruses. Havingmore than one disinfectant in a formulation means that the targetbacteria, virus or mold can be hit twice or three times, and indifferent ways. This approach has been designed to make Covex'sdisinfectants not only amongst the readiest to fend off the challengesof today, but also to face down the new challenges of tomorrow. AllCOVEX products are biodegradable and contain no harmful chemicals orhazardous ingredients and require no protective equipment touse.
Forward-LookingInformation
Information set forth in this press release may involveforward-looking statements, including statements relating to thesecurities of the Company trading on the CSE. Forward-lookingstatements are statements that relate to future, not past, events. In this context, forward-looking statements often address acompany’s expected future business and financial performance, andoften contain words such as “anticipate”, “believe”,“plan”, “estimate”, “expect”, and “intend”, statementsthat an action or event “may”, “might”, “could”,“should”, or “will” be taken or occur, or other similarexpressions. By their nature, forward-looking statements involve knownand unknown risks, uncertainties and other factors which may cause ouractual results, performance or achievements, or other future events,to be materially different from any future results, performance orachievements expressed or implied by such forward-looking statements.Such factors include, among others, the following risks: risksassociated with marketing and sale of securities; the need foradditional financing; reliance on key personnel; the potential forconflicts of interest among certain officers or directors with certainother projects; and the volatility of common share price and volume. In this case, disclosure about proposed the Name and Symbol Changeand the Share Consolidation are forward-looking statements, and thereis a risk that neither the Name and Symbol Change nor the ShareConsolidation may occur or occur as planned, and there is a risk thatsuch event(s) occurring or not occurring (whether at all or asplanned) may have adverse unforeseen impact on the Company, its marketfor securities, and/or its future business prospects (which includefundraising and operational matters). Forward-looking statements aremade based on management’s beliefs, estimates and opinions on thedate that statements are made and except as required by law, theCompany undertakes no obligation to update forward-looking statementsif these beliefs, estimates and opinions or other circumstances shouldchange. Investors are cautioned against attributing undue certainty toforward-looking statements. For furtherinformation on risk, investors are advised to see the Company’sMD&A and other disclosure filings with the CSE regulators whichare found at www.sedar.com.
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