(TheNewswire)
Edmonton, Al berta - TheNewswire - August 25, 2023 - InnovotechInc. (TSXV:IOT) (the “ Company ”) has closed on its agreement toearn a 60 undivided equity interest in Nou Life Sciences Inc. (“NouLife”) following its $100,000 investment in developing Nou Life’spatented skin treatment technology.
“We have successfully demonstrated the Nou Lifetechnology linking two potent skincare antioxidants, alpha lipoic acidand L-carnitine, into one molecule. As part of our biotechnologyportfolio, Innovotech will continue developing the technology forskincare product manufacturers seeking methods that may allow suchantioxidant benefits to penetrate more deeply to subdermal cells,”said Innovotech CEO Craig Milne.
“Innovotech has proven itself to be the right partnerat this stage of Nou Life’s development. Both parties are pleasedwith the progress of our joint technology development and believelinking these antioxidants will demonstrate enhanced efficacy inskincare treatments,” said David Tam, Director of Nou Life.
As David Tam is a common director of both the Companyand Nou Life, this transaction is considered to be a related partytransaction within the meaning of Policy 5.9 of the TSX VentureExchange that incorporates Multilateral Instrument 61-101 (“MI61-101”)"); however, this transaction is otherwise exempt fromthe formal valuation and minority approval requirements of MI61-101.
The Company received TSX Venture Exchange approval forthe transaction in January2021 and mutually agreed to extendthe original two-year timeline.
About Innovotech
Innovotech is a Canadian biotechnology company owningproprietary intellectual property, conducting contract research, andowning and providing proprietary devices for testing in multipleapplications in microbiology. Innovotech can be found online at www.innovotech.ca .
Craig Milne, CEO & Director, Innovotech Inc.1-604-239-1819 craig.milne@innovotech.ca
This document maycontain forward-looking statements that are predictive in nature andsubject to risks and uncertainties that cannot be predicted orquantified; consequently, actual results may differ materially frompast results and those expressed or implied by any forward-lookingstatements. Factors that could cause or contribute to such risks oruncertainties include, but are not limited to: the regulatoryenvironment including the difficulty of predicting regulatoryoutcomes; changes in the value of the Canadian dollar; the Company’sreliance on a small number of customers including governmentorganizations; fluctuations in operating results; government policiesor actions; progress and cost of clinical trials; reliance on keystrategic relationships; uncertainty related to intellectual propertyprotection and potential costs associated with its defense; theCompany’s exposure to lawsuits and other matters beyond the controlof management. Should known or unknown risks or uncertaintiesmaterialize, or should management’s assumptions prove inaccurate,actual results could vary materially from those anticipated. TheCompany undertakes no obligation to publicly make or update anyforward- looking statements, except as required by applicablelaw.
Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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