NetworkNewsBreaks – EVIO, Inc. (EVIO) Subsidiary
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Posted On: 04/23/2018 4:08:47 PM
NetworkNewsBreaks – EVIO, Inc. (EVIO) Subsidiary Acquires Stake in Canadian Cannabis Testing Lab
EVIO, Inc. (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry, this morning announced that its newly launched EVIO Canada subsidiary attained its first portfolio addition through the signing of an agreement to acquire 50% of Keystone Labs. Keystone Labs is a privately-owned, Heath Canada-accredited testing facility with a Good Manufacturing Practice (GMP) establishment license based in Edmonton, Alberta. EVIO Canada is paying a total price of approximately C$2,495,000, through a payment of C$2,035,000 to Keystone Labs shareholders for 45% of the issued and outstanding shares plus the purchase of shares bought directly from the treasury for C$460,000. EVIO is also extending Keystone Labs a $1 million line of credit to support operations. The transaction is expected to close by May 1, 2018, subject to all customary approvals. “This acquisition is a significant milestone for EVIO as it will mark our first foray into an international market. Our goal is to increase consumer safety and confidence, while further pursuing our aggressive expansion plans for 2018,” EVIO CEO and co-founder William Waldrop stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
EVIO, Inc. (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry, this morning announced that its newly launched EVIO Canada subsidiary attained its first portfolio addition through the signing of an agreement to acquire 50% of Keystone Labs. Keystone Labs is a privately-owned, Heath Canada-accredited testing facility with a Good Manufacturing Practice (GMP) establishment license based in Edmonton, Alberta. EVIO Canada is paying a total price of approximately C$2,495,000, through a payment of C$2,035,000 to Keystone Labs shareholders for 45% of the issued and outstanding shares plus the purchase of shares bought directly from the treasury for C$460,000. EVIO is also extending Keystone Labs a $1 million line of credit to support operations. The transaction is expected to close by May 1, 2018, subject to all customary approvals. “This acquisition is a significant milestone for EVIO as it will mark our first foray into an international market. Our goal is to increase consumer safety and confidence, while further pursuing our aggressive expansion plans for 2018,” EVIO CEO and co-founder William Waldrop stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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