Full Press Release Details
Lexaria Bioscience Acquires 100% Ownership of Poviva Tea LLC.
Kelowna, British Columbia November 2, 2017 Lexaria
Bioscience Corp. (OTCQB: LXRP) (CSE: LXX) (the Company or Lexaria ) a drug
delivery platform innovator, announces it has acquired 100% ownership interest
in its majority owned subsidiary Poviva Tea, LLC.
Lexaria previously owned 51% interest in Poviva Tea, LLC and
has acquired the remaining 49% interest. The acquisition consolidates ownership
of Poviva Tea, LLC as a wholly owned Lexaria Bioscience subsidiary and
simplifies future operations and certain intellectual property ownership.
Compensation was US$70,000, a waiver on certain debts, and a 5%, 20-year royalty
on net profits of ViPova TeaTM tea, coffee, and hot chocolate sales.
No Lexaria stock or options were issued.
This acquisition strengthens Lexaria s intellectual property
positioning and we reaffirm our commitment to the ViPova Tea product lines,
said Chief Executive Officer Chris Bunka. Lexaria thanks the founders of Poviva
Tea, LLC for their assistance and vision in this transaction.
Lexaria s patented DehydraTECH technology is focused on
improved delivery methodologies of many commonly used Active
Pharmaceutical Ingredients ( APIs ) substances. As such, it provides an
additional layer of effectiveness that is designed to harmonize with the
intellectual property of third parties. Both patented and generic API substances
can utilize Lexaria s patented technology. Lexaria s long term strategy is to
partner with the world s leading firms as they deliver best-of-class products to
their existing large consumer groups.
Lexaria Bioscience Corp. has developed
and out-licenses its disruptive delivery technology that promotes healthier
ingestion methods, lower overall dosing and higher effectiveness of lipophilic
active molecules. Lexaria has multiple patents pending in over 40 countries
around the world and was granted its first patents in the USA and in Australia
related to edible forms of cannabinoids. Lexaria s technology provides increases
in intestinal absorption rates; more rapid delivery to the bloodstream; and
important taste-masking benefits, for orally administered bioactive molecules
including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine and other molecules. www.lexariabioscience.com
For regular updates, connect with Lexaria on Twitter https://twitter.com/lexariacorp
and on Facebook http://tinyurl.com/y8vzcaam
FOR FURTHER INFORMATION PLEASE CONTACT:
Alex Blanchard, Communications Manager
NetworkNewsWire (NNW)
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Statements
which are not historical facts are forward-looking statements. The Company makes
forward-looking public statements concerning its expected future financial
position, results of operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities, plans and
objectives of management for future operations, including statements that
include words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements, including but not limited to: that
any additional patent protection will be realized or that patent achievements
will deliver material results. Such forward-looking statements are estimates
reflecting the Company's best judgment based upon current information and
involve a number of risks and uncertainties, and there can be no assurance that
other factors will not affect the accuracy of such forward-looking statements.
Factors which could cause actual results to differ materially from those
estimated by the Company include, but are not limited to, government regulation,
managing and maintaining growth, the effect of adverse publicity, litigation,
competition, scientific discovery, the patent application and approval process
and other factors which may be identified from time to time in the Company's
public announcements and filings. There is no assurance that existing capital is
sufficient for the Company's needs or that it will be able to raise additional
capital. There is no assurance that any planned corporate activity, scientific
research or study, business venture, technology licensing pursuit, patent
application, consumer study, or any initiative will be pursued, or if pursued,
will be successful. There is no assurance that any of Lexaria s postulated uses,
benefits, or advantages for the patented and patent-pending technology will in
fact be realized in any manner or in any part. No statement herein has been
evaluated by the Food and Drug Administration (FDA). Lexaria-associated products
are not intended to diagnose, treat, cure or prevent any disease.
The CSE has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.