EXMceuticals Inc.
EXMceuticals Inc. to Expand Production Capacity by Acquisition in the Republic of Malawi
DGAP-News: EXMceuticals Inc. / Key word(s): Miscellaneous Vancouver, British Columbia–(Newsfile Corp. – May 7, 2019) – EXMceuticals Inc. (CSE: EXM) (FSE: EXM) (“EXM”) is pleased to announce that it has entered into a non-binding heads of terms to acquire MM (Operations) Ltd. (“MM Ltd“), an agro-processing business in the Republic of Malawi. Figure 1 To view an enhanced version of Figure 1, please visit: Transaction Overview MM Ltd, which is currently active in the field of mango cultivation, has 280ha (682 acres) of fully drip-irrigated farms, a state of the art 4ha (10 acres) greenhouse nursery capable of growing up to 700,000 plants, a 10,000 m2 (107,640 ft2) processing facility and a green field site with access to ~1700ha (4,200 acres) of land. The acquisition of MM Ltd would provide an excellent platform for EXM to further expand its cannabis extracted ingredients production strategy for the pharmaceutical, nutraceutical and cosmetic industries. Closing of the transaction is subject to various conditions, including the parties entering into a definitive agreement, completion of due diligence and financing. Michel Passebon, Chief Executive Officer and Director of EXM, stated “This proposed acquisition will on completion constitute a significant milestone in our development strategy. It will allow us to increase our production capacity in the region while adding 10 acres of greenhouses to our production assets. We have ordered two new CO2 extractors which are currently being built and are expected to be allocated and shipped to Malawi within the next 45 days”. Location & Climate The MM Ltd farms and factory are located in Salima which is approximately 90km (56 miles) from the capital city of Lilongwe. The road network connecting Lilongwe to Salima is paved and of high quality, in addition to some gravel access roads to the farms and factory. Salima has a tropical climate with rainfall being less in winter than in summer. The average annual rainfall varies between 800 and 1,200mm per annum, with the wettest months being December to March. The temperatures range between a minimum average of 20°C and a maximum average of 35°C, with low humidity of around 60%. Farming Asset Overview
Figure 2 To view an enhanced version of Figure 2, please visit: Figure 3 Factory Asset Overview
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC. Michel Passebon, Chief Executive Officer and Director For further information contact: Neither the CSE, nor the FSE has approved nor disapproved the content of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44582
07.05.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | EXMceuticals Inc. |
Canada | |
ISIN: | CA30207T1049 |
EQS News ID: | 808105 |
End of News | DGAP News Service |