Rapid dose therapeutics complete purchase and merger of consolidated craft brands
Burlington (pta028 / 03/22/2021 / 1:41 PM) – Ontario March 19, 2021 – Rapid Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE), is a Canadian life science company focused on innovative drug and active ingredient delivery solutions. The flagship product ‘QuickStrip (TM)’ is a thin, orally dissolvable film infused with an active ingredient (nutraceuticals, cannabis, or pharmaceuticals) that bypasses the first-pass metabolism quickly into the bloodstream, resulting in a rapid onset of action of the active ingredient.
The company announced today that, following its March 8, 2021 press release, it has acquired and subsequently merged 2544737 Ontario Limited, operating as Consolidated Craft Brands (“CCB”), in a $ 5,000 stock transaction. 000 has completed. (5 million Canadian dollars). The transaction is a takeover of CCB by RDT, with CCB being merged into a newly established subsidiary of RDT.
20,000,000 units, consisting of one common share and one warrant, were issued for purchase. The common shares issued are subject to an escrow agreement that the shares will be released for a period of eleven months after the closing of the transaction. Each common share has an assumed value of $ 0.25 per share, while each warrant entitles the holder to purchase one common share of the company at a price of $ 0.375 per common share for a period of two years from the date of issue.
In return, CCB becomes a wholly owned subsidiary of RDT. CCB brings CPG and pharmaceutical manufacturing experience, a Health Canada R&D license with proprietary formulas developed, branded products, multiple patent-pending technologies for rapid-onset beverage improvement, and a consortium of strategic alliances including majority shareholders in the First Nation. CCB’s balance sheet is CAD 3,000,000 in cash and cash equivalents, including a refundable advance of CAD 600,000 to RDT as an advance on transaction completion, equipment, inventory, patent-pending technology and the R&D license. Additionally, CCB’s liabilities are less than CAD 50,000. The cash is now available to RDT to fund production growth and meet demand as the company enters the commercialization and rapid growth phase of its development.
About Rapid Dose Therapeutics
Rapid Dose Therapeutics, RDT, is a Canadian medical device company offering innovative and proprietary drug delivery technology. The aim is to improve patient outcomes and quality of life. Rapid Dose Therapeutics’ lead product is QuickStrip (TM), an oral, rapidly dissolving drug delivery system. RDT is focused and engaged in clinical research and product development for the healthcare industry – for the administration of nutraceuticals, pharmaceuticals and cannabis. In the cannabis sector, RDT offers a turnkey managed strip service program through which the QuickStrip (TM) drug delivery technology developed by RDT can be licensed to selected customers. RDT’s volume-based license agreements result in high recurring sales, which enables rapid expansion in emerging markets, which in turn creates added value for consumers and investors. Rapid Dose Therapeutics strives to continuously develop innovative solutions that address different market segments and needs.