Pressure BioSciences Pending Merger Partner Cannaworx, Inc. Announces Letter of Intent to Acquire Five Leaf Labs, Delivering Major Expansion of Sales and Distribution Network
Strategic Acquisition Gives Cannaworx Access to Over 50 Sales Reps in 21 States
SOUTH EASTON, Massachusetts, May 19, 2020 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company"), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced that one of their two pending merger partners – Cannaworx, Inc. - is significantly expanding their sales and distribution network with an agreement to acquire Louisiana-based Five Leaf Labs ("FLL"). This expansion of their sales and distribution network comes at a critical time for Cannaworx, as they are anticipating the market launch of their first two products over the coming few weeks.
Mr. Keyon Janani, founder and President of Five Leaf Laboratories ("FLL"), said: "Our hemp-derived, CBD products are made exclusively from organic, pesticide-free, top quality hemp. All existing and pipeline products are focused entirely on the medicinal properties of CBD. We recently released our first set of CBD-infused products to the U.S. market, which were greeted with excellent, widespread acceptance. We attribute the success of our initial launch to both the high quality of our hemp source supply and processing methods, and to the effectiveness of our well-trained, knowledgeable and experienced network of over 50 sales representatives spanning 21 states."
Mr. Janani continued: "We are very excited about the pending merger with Cannaworx for several reasons. First, we are highly impressed with their innovative product line and believe our existing product portfolio will fit in synergistically with theirs quite well. Second, we have a seasoned, large, and very capable sales and distribution network, representing thousands of potential customers for the existing Cannaworx portfolio of products, especially their novel phytocannabinoid formulations for pain relief. At this critical time, as they are preparing for their initial product launch, what could be better than access to our existing customer base and the long reach of our multiple sales and marketing channels."
Cannaworx and its principals have twelve products being readied for market launch over the coming year. These include two novel products that utilize the company's patented/patent pending, full and partial spectrum, hemp-derived phytocannabinoid formulations for pain relief. Cannaworx plans to launch these two products in the coming months with a pain indication allowed under an FDA OTC monograph. At that time, the company believes these products will be the only oral, hemp-derived phytocannabinoid-containing products available on the market with such a claim. (www.cannaworx.io).
Dr. Bobby Ghalili, co-founder and President of Cannaworx, said: "From the day we met Keyon, we have been thoroughly impressed with him, the rest of the FLL team, their innovative product line, and of course their very strong and capable sales and distribution network. In addition, we are also motivated by the compelling standards of quality that drive Keyon and his team. For example, every product batch at FLL goes through rigorous third-party review and certification for content, consistency, and potency, from one of the most respected academic institutions in the U.S. We are pleased to be adding Five Leaf Laboratories to the Cannaworx family."
As recently announced, Cannaworx Inc., Skin Science Labs, and Pressure BioSciences, Inc. have agreed to merge into a new company that will be named Availa Bio (Click Here). Avail Bio will have an opening IP portfolio of 31 issued and many more pending patents, an existing worldwide base of hundreds of corporate and thousands of retail customers, and existing revenue from multiple products already on the market. Availa will be led by Mr. Jim Morrison (Click Here), the former President of L'Oreal, Sexy Hair, StarShop, and Graham Webb. Mr. Morrison is universally regarded as one of the top brand strategists in the personal care space worldwide.
The Letter of Intent between Cannaworx and SkinScience Labs, and the Letter of Intent between PBI and Cannaworx, Inc. are subject to certain closing conditions, including completion of all due diligence and acquisition financing. The Letter of Intent between Cannaworx and Five Leaf Laboratories is subject to completion of all due diligence.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences and other industries. Our products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). Our primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil & plant biology, forensics, and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of our pressure-based technologies in the following areas: (1) the use of our recently acquired, patented technology from BaroFold, Inc. (the "BaroFold" technology) to allow entry into the bio-pharma contract services sector, and (2) the use of our recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology ("UST") platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be effectively preserved using existing non-thermal technologies.
Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. In evaluating these statements, you should specifically consider various factors. Actual events or results may differ materially. These and other factors may cause our actual results to differ materially from any forward-looking statement. These risks, uncertainties, and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, and other reports filed by the Company from time to time with the SEC. The Company undertakes no obligation to update any of the information included in this release, except as otherwise required by law.
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Richard T. Schumacher, President & CEO
(508) 230-1828 (T)
Jeffrey N. Peterson, Chairman
(650) 703-8557 (T)
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SOURCE Pressure BioSciences, Inc.
Released May 19, 2020