Tickers: XTSX:LITT, PINX:RMANF
Tags: #Bioceuticals, #Pharmaceuticals
March 2, 2020 - TheNewswire - Vancouver, British Columbia - Roadman Investments Corp. (TSXV:LITT) (FWB:1QD) (OTC:RMANF) ("Roadman Investments" or the "Company") is pleased to announce that, the Company's pending acquisition target, CLOV Biopharma Corp. ("CBP"), confirms that it has made an expedited order of certified premium cedar leaf oil under its exclusive licensing agreement so as to expedite its research and development efforts. Additionally, CBP has procured various prototype diffuser units in order test their compatibility and efficiency with its cedar leaf oil vapour ("CLOV") compound. Upon receipt, CBP shall focus on:
- Continuing studies into killing (inactivating) human respiratory viruses including Influenza, Rhinovirus, Adenovirus, Herpes simplex virus, and coronaviruses includling COVID-19
- Efficiency testing of the CBP stationary and hand-held diffuser units
- Branding, packaging and labeling of the diffuser units and CLOV compound formulations
- Securing an initial purchase order for CBP diffuser units
- Shipment of CLOV compound internationally for lab and quality control testing
With the acceleration of the COVID-19 virus which, according to the WHO (https://www.who.int/emergencies/diseases/novel-coronavirus-2019), is now in over 57 countries, with 89,000 confirmed cases and currently over 2,900 deaths, including the first reported death in the United States over the weekend, the search for additional safe and effective methods to protect personal environments from viruses and pathogens is increasing at a rapid rate. In an effort to expedite its corporate mandate of advancing the research and potential commercial viability of cedar leaf oil vapour specifically in the pharmaceutical, healthcare, and biotechnology sectors, CBP has fast tracked additional procurement of certified cedar leaf oil for immediate receipt and testing. CBP has received inbound requests from various international and domestic enterprises that are desirous of obtaining CLOV samples for research purposes. Concurrently, from a consumer standpoint, CBP has fielded increased requests for personal dispensing diffuser devices. In response, CBP is taking steps to increase its deliverable timelines for both of these initiatives. While CBP remains extremely encouraged, based on previous research by Dr. James Hudson, that its CLOV compound can be effective in helping to protect personal areas from many air borne viruses and pathogens, it cautions that this is still under early staged research and development and is not making any express or implied claims that it has the ability to eliminate the COVID-19 virus at this time.
CBP's corporate mission is to conduct further research and development of cedar leaf oil vapour ("CLOV") for the purposes of preventing the spread of Coronavirus and other similar potentially pathogenic respiratory viruses, for example, influenza and para-influenza viruses, and respiratory syncytial viruses. Previously published manuscripts authored by CBP's medical scientific advisor Dr. James Hudson, a foremost Canadian virologist, have concluded that, in a laboratory setting, CLOV was effective in killing (inactivating) several human respiratory viruses, including Influenza virus, Rhinovirus, Adenovirus, as well as Herpes simplex virus. It was also shown that short-term exposure to CLOV had no adverse effect on cultured lung epithelial cells, thus confirming it is not cytotoxic. Further, it was shown that CLOV also partly reversed the pro-inflammatory effect caused by Rhinovirus infection, which means that it acts as a multifunctional therapeutic agent.
CBP has now selected 2 diffusers that it believes will be functional with cedar leaf oil and cedar leaf oil vapour and, as such, it intends to begin immediately begin testing these diffusers. Portable, hand-held, and stationary diffusers have been identified as functional candidates for further testing. Previously, both anecdotal, and laboratory confirmed tests obtained via in field studies in a commercial domicile setting have shown that both mould and bacteria levels had dropped significantly when diffused CLOV was present in the air. Additionally, a 2010 research project by Dr. Hudson showed that cedar leaf oil vapour killed the top medically important antimicrobial resistant organisms that are responsible for hospital-acquired infections. It is the intent of CLOV Biopharma Corp. to further validate these findings and phenomenon and, if warranted, enact a strategy to roll out and commercialize a product suite for personal and household use.
Luke Montaine, Roadman CEO commented, "The Company is very excited to share these updates on our pending acquisition target CLOV Biopharma Corp. The amount of external interest that has been received is evidence that the there is a market for a product such as this. The popularity shown by consumers for functional diffuser and essential oils marketed by companies like Sage and dOTerra is very encouraging. When you combine that existing demand with scientific studies on compounds like cedar leaf oil it becomes a very compelling consumer packaged goods proposition."
Roadman has executed a Definitive Agreement pursuant to which Roadman has acquired, subject to final TSX Venture Exchange approval, all of the issued and outstanding shares of CLOV Biopharma Corp. in exchange for 13,000,000 common shares of the Company.
Roadman also announces that David Yoo has resigned as CFO. The Company thanks Mr. Yoo for his services and wishes Mr. Yoo the best on his future endevours.
About Roadman Investments
Roadman Investments is a Canadian Venture Capital and Advisory Firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements.
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.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, completing a transaction with CBP, other statements relating to the financial and business prospects of the Company, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, increase in costs, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. 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 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news is not for dissemination in the United States of America.
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