Love Pharma Sells Microdoz, Increases Focus on Biotechnology
VANCOUVER, BC / ACCESSWIRE / December 14, 2022 / LOVE Pharma Co. ("LOVE" and or "The Company") (CSE:LUV)(FSE:G1Q0), the Company today announced a strategic move to sell its wholly owned subsidiary Microdoz Therapy Inc. ("Microdoz"), as part of its ongoing efforts to optimize its portfolio and focus primarily on pharmaceutical and biotechnology ventures.
The sale of Mircodoz, will allow Love to redeploy its resources and capital towards areas of growth and innovation, while Microdoz will have the opportunity to pursue its own growth strategy under new ownership. The Company will retain the right, but not the obligation, to purchase Microdoz back and participate in its future success subject to market conditions. The Company has sold Microdoz to an arms' length third party purchaser for $100,000 CAD through a note payable to Love in 12 months.
"We believe that this is a win-win situation for both Microdoz and Love Pharma" said Zachary Stadnyk, CEO of Love Pharma. "This divestment will enable us to sharpen our focus and accelerate our growth in key markets, while Microdoz will have the chance to thrive under new leadership and direction as it awaits licensing requirements to commence its clinical research."
The divestment is part of the Company's ongoing efforts to optimize its portfolio and enhance shareholder value. Over the past few years, the Company has made significant investments in research and development, as well as acquisitions and partnerships, to expand its capabilities and reach. management plans to continue to do so going forward. By divesting Microdoz from its portfolio, the Company advises is not working with psilocybin in any capacity.
"We are confident that this divestment will create value for both Microdoz and Love, as well as for our customers and shareholders," added Stadnyk. "We look forward to continuing to deliver on our growth strategy and creating long-term value for all stakeholders as we move into 2023."
The Company will continue to provide support to Microdoz during the transition period to ensure a smooth and seamless process and provide further updates in due course.
Zachary Stadnyk, CEO and Director
About Love Pharma Inc.
With a focus on the global sexual Health and Wellness markets, Love Pharma Inc. (CSE:LUV) (FSE:G1Q0) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
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Telephone: 1 (604) 343-2977
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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, 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.
SOURCE: Love Pharma Inc.
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