PlantEXT and Family Secret Execute Joint Venture Agreement to Develop, Produce and Market Topical Medical Cannabis Products
Toronto, Ontario--(Newsfile Corp. - April 29, 2019) - PlantEXT Ltd. ("PlantEXT") and BB1 Acquisition Corp. (TSXV: BBA.P) ("BB1") are pleased to announce that PlantEXT, a leader in the development and commercialization of medical cannabis formulations for the treatment of inflammation related medical conditions, has entered into a joint venture agreement (the "JV") with Family Secret Ltd. ("Family Secret") an established, Israeli formulation developer and manufacturer of all-natural medical skin care products.
Doug Sommerville, CEO of PlantEXT stated, "PlantEXT and Family Secret are working together to develop our first-generation line of topical medical cannabis treatments that target inflammation. PlantEXT is leveraging its proprietary methodologies and world class research and development team to identify and test active anti-inflammatory formulations for compounding into Family Secrets' all-natural skin care formulations. Our new JV has the experience and expertise to rapidly develop and commercialize topical medical cannabis treatments to help improve the quality of life for patients suffering from medical conditions caused by inflammation''.
Mr. Yaniv Lambaz, CEO of Family Secret commented, "I see the partnership with PlantEXT as a strategic step that will enable our new JV to use Family Secret's all-natural formulas of para-medical treatments and combine them with PlantEXT's clinically supported medical cannabis formulations. Our goal is to enhance our all-natural treatments, that are the result of over a century of organic-chemistry experience, with the demonstrated anti-inflammatory activity of PlantEXT's cannabinoid and terpene formulations to develop effective products for the treatment of medical conditions including psoriasis, atopic dermatitis, migraine, pain and more".
Under the terms of the JV, PlantEXT and Family Secret will work together to develop and commercialize a new line of topical medical cannabis skin care products, internationally.
PlantEXT is an Israeli company focused on developing and commercializing the world's most effective medical cannabis formulations for the treatment of inflammation related medical conditions. PlantEXT has entered into a strategic partnership with the State of Israel's Agricultural Research Organization to develop and commercialize a treatment for inflammatory bowel disease. PlantEXT also operates independent research and development facilities near Tel Aviv, where it is developing a pipeline of anti-inflammatory products supported by pre-clinical and clinical research. PlantExt has entered into an agreement with BB1 Acquisition Corp. (TSXV: BBA.P) that is intended to result in a reverse take-over of BB1 by the shareholders of PlantExt.
About Family Secret
The "Family Secrets" have been passed down from generation to generation, since 1890.
Starting from a small laboratory in Bulgaria, the secrets of medicinal herbs and pharmaceuticals were passed down through generations of pharmacists, doctors and chemists, each of which improved the family recipes by incorporating new scientific knowledge and high-tech materials.
Dr Michael Bernstein the CTO of Family Secret follows in his father's and grandfather's footsteps and continues their research through his studies at the Weizmann Institute in Israel and towards the idea to empower Family Secret's proven formulas with medical cannabis extracts.
BB1 is a capital pool company whose sole business is the identification and evaluation of assets for businesses with a view to completing a Qualifying Transaction.
For more information about PlantEXT and the JV, please contact Doug Sommerville, PlantEXT's CEO at +1 416 640 5353.
For more information about BB1 please contact Stephen Shefsky, BB1's CEO at +1 416 366 4200.
Forward Looking Information, Disclaimer and Reader Advisory
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. The foregoing statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Company to complete the Transaction. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. No assurance can be given as to the timing, approval or ultimate terms of any export license granted to PlantEXT by the government of Israel. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
As of the date of this press release, BB1 has not entered into a definitive agreement with PlantEXT and there can be no assurances that such an agreement will be executed or the Proposed Transaction completed.
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