Global Wellness Strategies and EntheoTech Bioscience Sign Letter of Intent; EntheoTech Focused on Functional & Psilocybin Products
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2021) - Global Wellness Strategies Inc. (formerly Redfund Capital Corp.) (CSE: LOAN) (FSE: O3X4) (OTCQB: PNNRD) ("Global" or the "Company") announces it has signed a binding letter of intent ("BLOI") on January 22, 2021 with EntheoTech Bioscience Inc. ("ET") a wellness psilocybin leader based in Kelowna, British Columbia and will have the option to earn up to a 19.9% interest in ET.
EntheoTech is a Canadian bioscience company focused on the research and development of products, and protocols to promote brain health, performance optimization, and global wellness, using psychoactive substances such as psilocybin, medicinal mushrooms, and other natural products.
EntheoTech's initial focus will be the treatment of depression, anxiety and chronic pain using microdoses of natural psilocybin from proprietary genetics in a Health Canada approved clinical trail targeted for 2H 2021. EntheoTech will also be launching a direct-to-consumer line of functional mushroom products using unique formulations and manufacturing methods to increase bioavailability and efficacy.
- The BLOI signed between the Company and ET sets out the parameters for the proposed transactions and the due diligence period will last 60 days consummating with the signing of a definitive agreement detailing the exact terms of the deal. Global agrees to purchase 19.9% of the rights to the products and licenses from ET at a valuation to be determined during the due diligence period. The Company proposes to sign a promissory note with ET up to CDN $2,500,000 and to additionally raise capital in specific fundings to support the continued development of ET projects. Global shall also have a right of first refusal to provide financing to ET upon the same business terms as are being offered to ET. Should ET be offered any additional loans, financings, stock offerings, debt offerings or capital contributions by third parties ("Offer"), Global shall be given written notice thereof and shall have forty (40) business days to exercise its right of first refusal to lend or contribute such sums on the same terms and conditions as contained in the offer.
About Global Wellness Strategies.
Global Wellness Strategies is a prospect generator that provides high growth companies with financial, operational, and management assistance in the fast-growing market for wellness consumer products. The focus of the Company is on global wellness, hemp and CBD, healthcare-related target companies.
Further information about the Company is available on www.SEDAR.com under the Company's profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, its financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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