Cell MedX Corp Signs Letter of Intent for Worldwide Distribution Rights and Enters into Royalty Agreement Contracts
Carson City, Nevada--(Newsfile Corp. - September 14, 2018) - Cell MedX Corp. (OTCQB: CMXC), Cell MedX Corp. ("Cell MedX" or the "Company"), a biotech company focusing on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote general wellness, announced today that on September 10, 2018, the Company entered into a non-binding letter of intent (the "LOI") with Live Current Media, Inc. ("LIVC"), an arms-length party, for worldwide distribution rights of eBalance devices for home-based usage.
Pursuant to the LOI, the Company along with LIVC, have entered into negotiations aimed at obtaining a definitive agreement within a 90-day period. LIVC advanced USD$250,000 to the Company for exclusive worldwide distribution rights. If a definitive agreement is not reached within 90 days of the execution of the LOI, the USD$250,000 is refundable.
The Company also entered into two separate royalty agreements with arms-length parties as of September 6, 2018.
Pursuant to the intellectual property royalty agreement (the "IP Royalty Agreement"), the Company agreed to acquire certain additional developments and improvements for its eBalance devices that were developed by the IP Vendor in exchange for a perpetual royalty of USD$350 or CAD$350, depending on the currency the revenue is generated in, for each device sold, distributed or licensed whether through a distributor, sales representative or by the Company itself.
Pursuant to the additional royalty agreement, the Company agreed to pay to a third party, in perpetuity, a 10% royalty on the revenue the Company receives from any distributors or end-users introduced to the Company by the Vendor.
For additional information, please refer to Annual Report on Form 10-K which the Company filed with the SEC on September 13, 2018.
About Cell MedX Corp.
Cell MedX Corp. is a biotech company focused on the discovery, development and commercialization of therapeutic and non-therapeutic products that promote general wellness and alleviate complications associated with medical conditions including, but not limited to: diabetes, Parkinson's disease, high blood pressure, neuropathy and kidney function. The final report on the Observational Clinical Trials has been received by Health Canada. For more information about the Company and its technology please visit our website at www.cellmedx.com/investors/overview/. For the Company's newsletter please visit www.cellmedx.com/media/newsletters/.
On behalf of the Board of Directors of Cell MedX Corp.
Forward Looking Statements
The information included in this press release has not been reviewed by the FDA, nor has it been peer reviewed. This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects", "intends", "estimates", "projects", "anticipates", "believes", "could", and other similar words. All statements addressing product performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in the Company's Quarterly, Annual and Current Reports filed with the United States Securities and Exchange Commission (the "SEC"). Should one or more of these risks or uncertainties materialize, or should any of the Company's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Company's forward-looking statements. In particular, the Company's eBalance technology is still in development. Except as required by law, Cell MedX Corp. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Cell MedX Corp. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.
Cell MedX Corp.
For further information visit: www.cellmedx.com
Or phone: 1-844-238-2692