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VANCOUVER, BC / ACCESSWIRE / August 26, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(OTC PINK:SOFSF)(FRA:APO2) ("SOFT" or the "Company"), is pleased to announce that it has signed a distribution agreement with HEG, S. de C.V. (HEG) to distribute personal protective equipment (PPE) across the USA and Canada.
In an LOI signed on August 25, 2020, Softlab9 secured 100% exclusive rights to distribute Level II, Level III and Level IV isolation gowns and coveralls, as well as surgical masks in Canada. The products are manufactured in Mexico at HEG's factory. As part of Softlab9's due diligence, on August 21st, 2020 the company received 100 of each of the Level II and Level III coveralls and gowns to be used for testing and approval from Health Canada and/or the US Food and Drug Administration (FDA). The surgical masks are the standard 3-ply or 4-ply disposable masks and do not require regulatory testing approval.
Softlab9 will now begin the process of contacting Health Canada as well as regulatory bodies in the USA to get the various gowns tested and approved for sale in North America. Softlab9 will secure a spot in the queue with the regulatory bodies. The company will update once a spot has been secured.
Once Softlab9 receives the approvals from both jurisdictions, it will have met the requirements to secure exclusivity in distributing the personal protective equipment in Canada.
A profit-sharing agreement will be structured, whereas profits will be split equally (50/50) between Softlab9 and HEG.
The company expects to have a definitive agreement executed by September 30, 2020, along with sending all the necessary garments for regulatory testing and approval for sale in Canada and the USA.
Rahim Mohamed, CEO of Softlab9 said, "Finding quality solutions, produced in North America, for PPE has become increasingly difficult. Our partnership with HEG means we will have the ability to distribute 300,000 isolation gowns on a weekly basis as well as 1,000,000 of the surgical masks weekly and expect to increase capacity monthly. We will continue to source quality products that we can add to our revenue stream."
HEG is a privately owned Mexican corporation with over 23 years' experience specializing in direct to business supply of products to protect the health and safety of people in the workplace. Their assessments and recommendations allow for the reduction of costly health and safety related departments and keeps its partners in compliance with their obligation and social commitment to their employees.
With the event of Covid-19 HEG repurposed many of its existing production lines to create a proprietary line of PPE equipment including Level III and IV gowns that are sourced and completed in The United States and Mexico. HEG is proud to support local business by ensuring its products are made to the highest quality standards by keeping production local.
SoftLab9 Technologies Inc. is an international publicly traded company that specializes in the development of early staged companies. We provide access to capital, executive management, and industry experience to grow our portfolio of companies.
SoftLab9's experienced team bring new ideas and innovation based on science to find solutions to the current world we live in. Customers rely on quality, nontoxic products to keep their homes clean and their loved ones safe, now more than ever during these unprecedented international public health crises.
Citygate Capital Corp
Phone: (778) 240-7724
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to the use of the proceeds of the Private Placement and the Company's prospect of success in executing its proposed plans, including its plans to complete the acquisition of CleanGo GreenGo. Forward-looking statements can often be identified by words such as "will", "plans", "expects", "may", "intends", "anticipates", "believes", proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions by management regarding the Company, including, without limitation, the Company's ability to acquire CleanGo GreenGo and obtain required regulatory approvals and the timing thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's operations may also adversely affect the future results or performance of the Company. The Company can provide no guarantee that it will be successful in completing the Private Placement or completing the acquisition of CleanGo GreenGo. Investors are cautioned that forward looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
SOURCE: Softlab9 Technologies Inc
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