Global Sciences and Pure BioPlastics Inc., Terminates the Letter of Intent for Acquisition
DENVER, CO - (NewMediaWire) - December 22, 2022 - Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3.F) (Munich: GS3.MU), “CBD Global” or the “Company”), announces that it has terminated the letter of intent with Pure Vision Technologies for the acquisition of 100% of Pure BioPlastics Inc., a renewable plastics company in Ft. Lupton Colorado (the “PBP”).
Both companies worked tirelessly to accomplish the diligence that would lead to the execution of a Definitive Agreement, however, it has been mutually decided to cancel the letter of intent for this acquisition due to the inability to navigate the list of diligence required for this transaction to close.
Brad Wyatt, CEO of Global Sciences, shared, “I looked forward to working with Ed and the team at Pure Vision Technologies; their mission to reduce global consumption of plastic and replace it with a biodegradable substitute is an incredible one. We look forward to exploring future opportunities and only wish the team at Pure Vision Technologies the absolute best in their endeavors.”
ON BEHALF OF THE BOARD OF GLOBAL SCIENCES INC.
CEO and Chairman of the Board
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ABOUT GLOBAL SCIENCES
Global Sciences has become a multi-faceted company that is focused on utilizing its manufacturing and distribution companies to quickly and efficiently bring new brands to market and scale distribution. Our website can be found at www.globalsciences.ca.
Through its wholly-owned subsidiaries, Global Sciences is delivering quality products in retail and e-commerce formats. Legacy Distribution Group provides distribution services for multiple vendors throughout the Colorado and Wyoming territories. In addition to Legacy Distribution, the company has a manufacturing division, Resinosa LLC www.Resinosa.com, with the capability to provide cGMP manufacturing at various levels of production runs with a wide variety of brands and product lines supported.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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