Primo Nutraceuticals Inc. Signs Letter of Intent to Enter into Funding and Asset Purchase Agreement with World Agri Minerals Ltd.
VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Primo” or the “Company”) is pleased to announce that it has signed a non-binding letter of intent (“LOI”) to provide funding and to acquire up to 100% of the assets and inventory of World Agri Minerals Ltd. (“WAM”), together (the “Parties”). WAM is engaged in the research and development of enhanced production methods using organic plant nutrients and trace minerals found in its GENESIS 89 and GENESIS 89 GOLD product line.
WAM was formed to actively pursue the manufacturing, marketing and sales of its premiere commercial agri-product GENESIS 89, an organic plant nutrient that has a proven positive effect on agri-production. WAM now plans to use this same unique blending process to change the way the mushroom industry grows and fertilizes their product. With over 80 trace minerals, GENESIS 89 contains a proprietary blend that boasts the highest concentration of seawater-harvested minerals available on the commercial and retail market.Current products “GENESIS 89” and “GENESIS 89 GOLD” are completed and ready for sales and distribution to growers as a concentrate. Product interest has been global. As well, several new products are in the research and development phase, not the least of which is a unique blend of trace minerals, similar to that of GENESIS 89 GOLD, designed specifically for the psychedelic mushroom marketplace. WAM is positioned with upward trending organic agri-farming, as well as the medical and recreational hemp/cannabis and psychedelic mushroom industries.The Parties intend to draft and execute a definitive agreement (the “Definitive Agreement”) with detailed terms as soon as practicable, and complete the transaction on or before June 20, 2020. Terms of the LOI are subject to change as set out in the Definitive Agreement. The final valuation will be determined by an independent third-party evaluator, which is currently in progress.About Primo Nutraceuticals Inc.Primo Nutraceuticals Inc. (“Primo” or the “Company”) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis related products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo’s management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets – offering “Thrive,” “Primo,” and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoid (CBD) products in both Canada and the United States.On behalf of the Board of DirectorsPRIMO NUTRACEUTICALS INC.“Andy Jagpal”President and DirectorFor further information, please contact Zoltan, IR Representative at: 604-722-0305, or; firstname.lastname@example.orgTo learn more about what this news means to the shareholders visit:Shop: www.primoceuticals.comwww.twitter.com/prmonutrahttps://t.me/PrimoNutraceuticalswww.thrivecbd.orgwww.beautykitchen.netwww.drinkdefy.comwww.worldagriminerals.comCorporate: www.primonutraceuticals.comFORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77b24a04-64f8-4f81-93b8-737e3a6dbc82