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Pivot Pharmaceuticals Inc
Symbol PVOT
Shares Issued 88,679,077
Close 2019-09-05 C$ 0.315
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Pivot to acquire 51% interest in iAmHealth

2019-09-05 12:09 ET - News Release

Dr. Toni Rinow reports

PIVOT PHARMA ENTERS INTO BINDING LETTER OF INTENT TO ACQUIRE A CONTROLLING INTEREST IN IAMHEALTH CBD UG, AN ONLINE NUTRACEUTICAL SALES PLATFORM SERVING EUROPE

Pivot Pharmaceuticals Inc. has entered into a binding letter of intent to acquire 51 per cent of iAmHealth, an on-line nutraceutical distribution and sales platform serving the European Union market.

The strategic acquisition of iAmHealth will provide Pivot with an immediate on-line store and virtual footprint for its product portfolio of water soluble, shelf stable and advanced bioavailable cannabidiol (CBD) formulations. Pivot and iAmHealth will together focus on CBD-related products and on products using micelle technology for vitamin supplements, power drinks, other nutraceutical products, and products supporting cancer patients during radiation and chemotherapy, tapping into the fast-growing nutraceutical market in key European markets. iAmHealth products have been tested and used in associated doctor and physiotherapist practices prior to commercial launch.

Key highlights:

  • Initial Pivot presence in three key European markets -- Germany, Czech Republic and Slovakia;
  • Pivot's CBD products to be introduced as key addition to the retailer's nutraceutical products category, to support sales and brand awareness;
  • Accelerates Pivot's multichannel brand distribution strategy targeting the European CBD, nutraceutical and wellness markets.

Dr. Toni Rinow, chief executive officer of Pivot Pharmaceuticals, comments, "Pivot will be put on a path of accelerated revenue growth and global expansion in key cannabis markets in Canada, United States and the European Union to become a cannabis leader in the pharmaceutical, OTC, nutraceutical and wellness markets."

The transaction closing is subject to the execution of a definitive agreement by not later than Dec. 31, 2019.

About Pivot Pharmaceuticals Inc.

Pivot Pharmaceuticals is a science-based, consumer packaged goods cannabis company engaged in the development and commercialization of health and wellness products using innovative, patent-protected drug delivery technologies. Upon receipt of standard processor and medical sales licences (pending) from Health Canada, Pivot's premium, bioavailable, stable and effective products will be manufactured at its 50,000-square-foot current good manufacturing practice facility located in Montreal, Que.

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