SureNano Announces Joint Venture for Powder Nanoemulsion Product under Development and Licence Expansion
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2022) - SURENANO SCIENCE LTD. (CSE: SURE) (OTCQB: SURNF) (the "Company" or "SureNano") announces that it has entered into a new Joint Venture for the purpose of developing and marketing a new powder nanoemulsion. In addition, it announces the expansion of its current Licences for Canada and Colorado to specifically include the new powder nanoemulsion product. The Company's license for Oklahoma already includes the rights for the new powder nanoemulsion product.
Currently, SureNano offers one product for sale, being the SureNanoTM surfactant. The new powder nanoemulsion product, provisionally called "SureNanoTM powder", is in development by 1150641 B.C. Ltd. (the "Licensor"). There are no guarantees that the development of SureNanoTM powder will result in the new product being available for sale in the future.
The Company and the Licensor agree to make contributions to a common fund for the purpose of developing and marketing worldwide a new product under development by the Licensor, the SureNanoTM powder nanoemulsion (the "Business Interest") and sharing equally in the profits thereof. Each Joint Venturer has contributed to the Joint Venture in the amount of $30,000.
The Joint Venturers now have exclusive licence agreements in place governing the powder nanoemulsion, provisionally called SureNanoTM powder for the territories of Canada, Oklahoma and Colorado (the "Licensed Territories"). Revenues from the sale of SureNanoTM powder in the Licensed Territories will not be included in the calculation of profits under the Joint Venture unless and until the relevant Licence Agreement is terminated.
All disbursements incurred by the Joint Venturers in developing, holding and protecting the Business Interest and accruing the net profits shall, during the term of the Joint Venture Agreement, shall be paid by the Joint Venturers equally.
Decisions requiring approval of the Joint Venture, as further specified in the agreement, shall be made unanimously by the Joint Venturers.
Termination of the Joint Venture will occur upon mutual assent of both Joint Venturers.
The Company and the Licensor have added SureNanoTM powder to the existing Licence Agreements for Canada and Colorado.
"SureNanoTM powder is a promising development in the field. Our early involvement and ability to get into the Joint Venture at this stage has enabled us to get this beneficial arrangement in place," said Charles MaLette, CEO. "We are excited to add Oklahoma to our licence coverage and would like to find a licensed producer in Oklahoma to become a bulk supplier of nanoemulsions and further showcase the benefits of our products."
The Joint Venture, Licences and related agreements are available on www.sedar.com.
About SureNano Science Ltd.:
The business of SureNano Science Ltd. is the sale and distribution of the SureNano™ surfactant, which is a ready-to-mix food grade compound that provides the base for high performance nanoemulsions to create incredibly homogeneous and stable products while maximizing bioavailability, clarity, and taste. The Company has an exclusive license to distribute the SureNanoTM surfactant and SureNanoTM powder within Canada; Oklahoma, USA; and Colorado, USA.
ON BEHALF OF SURENANO SCIENCE LTD.
(sgd.) Charles MaLette
CEO, President, Director & Secretary
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of SureNano. Forward-looking information is based on certain key expectations and assumptions made by the management of SureNano. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) SureNanoTM powder will be available for sale in the future and (b) the Company will find a licensed producer in Oklahoma to become a bulk supplier of nanoemulsions. Although SureNano believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because SureNano can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138831