Vancouver, British Columbia, Canada – Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce that further to the Letter of Intent (“LOI”) dated March 28th, 2018, the Company has signed a definitive agreement (the “Agreement”) with Inolife R&D Inc. (“Inolife”), whereby Namaste is granted exclusive rights to the commercialization of Inolife’s innovative needle-free technology for applications of medical cannabis, in accordance with Health Canada regulations.
Namaste intends to produce medical cannabis oil through its partnership with Infinite Labz Inc. (“Infinite Labz”) and to specifically formulate oil for use with Inolife’s injector technology. The Company believes that needle-free injection of cannabis oils could prove to be one of the most effective means of dosing through a painless device, with a fast absorption rate. Namaste will work with Inolife’s management team to develop standardized production procedures for oil production, and for testing or studies required to commercialize the technology for applications of medical cannabis in accordance with federal regulations.
Namaste is also pleased to announce that the Company is participating as the lead order in a nonbrokered private placement offering (“Private Placement”), whereby Namaste will purchase 2,000,000 units of Inolife, issued at a price of $0.10 per unit. Each unit consists of one common share and one-half of one common share purchase warrant, with an exercise price of $0.20 per full warrant for a period of 24 months from the Private Placement closing date. Inolife has also chosen to appoint Namaste’s CEO Sean Dollinger to Inolife’s executive board of directors. Namaste’s management team believes that Inolife’s needle-free technology can offer significant long-term value for the medical cannabis market.
Key Terms of the Agreement
- Namaste shall have and retain exclusive rights to the procurement and/or production of the oil required to meet the requirements and standards set out and outlined in the testing, studies, and evaluations of the products in accordance with Health Canada and/or any other regulatory agency requirements.
- During the term of the Agreement, further testing, studies, and evaluations may be required by a regulatory agency or third party that may be interested in utilizing the needlefree injectors for the commercial use in the medical cannabis industry.
- During the term of the Agreement, Namaste and Inolife must agree on who will conduct the testing, studies, and evaluations of the needle-free injectors.
- The purpose of testing, studies, and evaluations of the needle-free injectors shall be primarily to determine the method on how to best produce medical cannabis oil that would be suitable for needle-free injection.
- The Agreement shall extend to any future technology and implementations of the Inolife products, such as needle-free injectors using Inolife’s powder-based system.
Michael Wright, President and CEO of Inolife comments, “The relationship between Inolife and Namaste heralds a new era for the medical cannabis industry. We’re pleased to see the opportunities for our innovative needle-free device technology to be used to deliver cutting-edge treatment from medical cannabis. Our commitment to improving quality of life for patients remains at the forefront of all our endeavors and we feel that Namaste will be an excellent partner.”
Sean Dollinger, President, and CEO of Namaste comments; “We are very excited to have signed the definitive agreement with Inolife. We are focused on partnerships with companies with innovative technology, and Inoflie’s technology could revolutionize the way medical patients with severe conditions are able to meter accurate doses of cannabis in a safe, effective and pain-free way. We anticipate that upon commercialization, Namaste will be able to leverage its relationships to produce pre-filled injectors with medical cannabis. I’m very pleased to be joining Inolife’s board of directors and hope to offer value to their team. We feel strongly that our investment and partnership with Inolife will create strong, long-term value for both companies and their shareholders.”
About Inolife R&D Inc.
Inolife R&D Inc. is an emerging, specialty medical device company focused on developing and commercializing self-administered medical products using novel drug delivery technologies. The company was founded to take advantage of novel techniques of liquid jet and ballistics-based epidermal drug injection. We believe this technology will improve a patient’s quality of life by making medicines more effective and easier to self-administer, and that it will also eliminate the anxiety and inconvenience associated with hypodermic needle injections.
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Namaste has developed innovative technology platforms including NamasteMD.com, Canada’s first ACMPR compliant telemedicine application. The company is focused on patient acquisition through NamasteMD and intends on building Canada’s largest database of medical cannabis patients. The company’s subsidiary, CannMart Inc. is an ACMPR Licensed Producer with a “sales-only” license, whereby the company will offer a large variety of medical cannabis sourced from domestic and international producers. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 (786) 389 9771
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its market regulator has reviewed or approved the contents of this press release.