Mr. Ralph Olson reports
DOSEOLOGY PROVIDES CORPORATE UPDATE
Doseology Sciences Inc. has terminated the lease at its facility in Vernon, B.C. The facility, located at 6294 Old Kamloops Rd., was the site of the company's application to Health Canada for a dealer's licence under the Controlled Drugs and Substances Act. Accordingly, the company is discontinuing its application for a dealer's licence. In connection with the lease termination, Doseology obtained a release from the landlord of the premises from any liability arising under the lease.
"The limited market for psilocybin products and the slow pace of regulatory change unfortunately made operations at the Vernon facility currently unfeasible. The company could not justify the additional capital expenditures required at this time to complete construction and obtain a dealer's licence. The company is now focused on establishing and growing retail sales channels for its branded line of functional mushroom products," commented Ralph Olson, chief executive officer of the company.
The board of directors of the company, with the support of management, has initiated a review process to explore and evaluate a broad range of strategic alternatives. The strategic review process will encompass an evaluation of the company's current strategic direction, operations, market valuation and capital structure and will consider appropriate alternatives for the company, which may include one or more of the following: continuation as a stand-alone public company, strategic investor participation, acquisition by or a merger with an industry partner that may involve all or part of the company's business or assets, and any other strategic alternatives that may be identified during the strategic review.
"The board continues to support the company's current strategic priorities. However, the board believes that, given the current state of the capital markets and the evolving landscape in our industry, a broad review of strategic alternatives is appropriate and in the best interests of the company," said Mr. Olson, chief executive officer of the company and chairman of the board.
While the strategic review process is continuing, the company intends to continue to pursue its core strategic objectives so as to maintain and enhance the value of its current business and operations.
Other than as described in this press release, the company has not made any decisions related to strategic alternatives at this time and there can be no assurance that the evaluation of strategic alternatives will result in any transaction proceeding or change in strategy. The company does not intend to comment further unless and until further disclosure is appropriate or necessary.
The company also announces the resignation of Harbir Toor, CPA, CA, as a director and independent audit chair, and the appointment of David Lutz as a director and Pratik (Tiki) Patel as a director and independent audit chair. Doseology wishes to thank Ms. Toor for her valuable service and insight.
Mr. Lutz, CPA has extensive experience in small business management consulting, corporate finance and business valuation. He has performed and supervised over 200 business valuations. In corporate finance he helped structure, underwrite and syndicate over $100-million in private and public stock offerings. With over 18 years of experience in the brokerage industry and seven years of experience with a major Chicago-based management consulting firm, Mr. Lutz has acquired unique and diverse experience in legal and business matters.
Mr. Patel, CPA, has over 15 years of experience as a senior accounting and finance professional, with expertise in integration and external reporting. His experience includes serving as head of finance at Bardel Entertainment and a senior corporate accountant at Wildbrain Studios.
About Doseology Sciences Inc.
Doseology Sciences is building a progressive brand focused on mental health and wellness through innovative nutraceutical products. Doseology aims to make a meaningful impact on the mental health pandemic by utilizing and developing functional fungi and plant-derived drugs.
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