Sep 21, 2021 (TheNewswire.ca via COMTEX) -- (via TheNewswire)
Vancouver, British Columbia - TheNewswire - September 21, 2021. Lexston Life Sciences Corp. /zigman2/quotes/227714303/delayed CA:LEXT 0.00% (the "Company" or "Lexston") is pleased to announce the acquisition of Zenalytic Laboratories Ltd. ("Zen Labs"), a wholly owned subsidiary of Avant Brands Inc. ("Avant"), which is a publicly listed issuer on the Toronto Stock Exchange /zigman2/quotes/228008856/delayed CA:AVNT +3.85% .
On September 20th, 2021 the Company acquired all issued and outstanding shares of Zen Labs. The Company paid $50,000 in cash and issued 1,173,709 common shares of the Company at a deemed price of $0.213 per one common share to GreenTec Holdings Ltd., a wholly owned subsidiary of Avant, resulting in a total purchase price of CAD $300,000. As a result, Zen Labs is now a wholly owned subsidiary of Lexston.
Zen Labs is a fully zoned, operational, and licensed facility based in Kelowna, British Columbia. Zen is currently licensed for Analytical Testing under Health Canada's Cannabis Act and Regulations. Zen Labs provides analytical testing of cannabis, pathogens, and toxins. Previously, Zeb Labs was initially issued a Dealer's License under Health Canada's Controlled Drugs and Substances Act.
Lexston will install existing equipment and contribute additional equipment that will add molecular capacities to the lab, in particular qPCR systems that will be used for rapid pathogen detection of post- harvest pathogens and hop latent viroid, a plant disease that has caused significant losses in North America commercial cannabis production over the past year. Lexston plans to develop Zen Labs into a full-service laboratory as it looks to further its testing and data collection business, while creating a suitable environment to facilitate new business ventures beyond Cannabis with a wider scope on botanically derived entheogens.
"The acquisition of Zen Labs further strengthens our ability to obtain a Section J Dealer's License for Controlled Drugs and Substances with Health Canada and expediates our continued growth in the burgeoning world of Psychedelics", stated Jag Bal, CEO of Lexston. "This facility is ideal for fulfilling our mandate to be a leader in the ever-expanding space of Health and Wellness".
All securities issued pursuant to the purchase of Zen Labs will be subject to a statutory hold period lasting four months and one day following the closing of the transaction.
About Avant Brands
Avant is a publicly traded corporation listed on the Toronto Stock Exchange /zigman2/quotes/228008856/delayed CA:AVNT +3.85% , and cross-trades on the OTCQX Best Market (otcqx:AVTBF) and Frankfurt Stock Exchange (fra:1BUP). The Company is headquartered in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
About Lexston Life Sciences Corp.
Lexston Life Sciences Corp. is a Canadian biotechnology company providing cannabis testing and research services. Lexston is also in the process of securing licensing under the exemptions prescribed by section 56 of the Controlled Drugs and Substances Act (Canada) to enable the expansion of its services into the psychedelic industry with an initial focus on the detection and quantification of psychedelic molecules in the lab and point of care. Lexston intends to develop and validate methods for standardized manufacturing of plant derived psychedelics in support of burgeoning trials in the field of mental health and wellness.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal Chief Executive Officer
Telephone: (604) 928-8913
Forward Looking Information
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company, Zenalytic, and their respective business within the meaning of applicable securities laws, including the business plans and prospects of the Company. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under its SEDAR profile at www.sedar.com . Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.
Is there a problem with this press release? Contact the source provider Comtex at email@example.com. You can also contact MarketWatch Customer Service via our Customer Center.