Empower Clinics and Inolife R&D Announce Letter of Intent for US Distribution Agreement for Needle-free Treatments
October 19, 2018 MJ Shareholders
October 19th, 2018
Empower Clinics Inc. (OTC: EPWCF) (CSE: EPW) (FRA: 8EC), a leading owner and operator of medical cannabis and wellness clinics in the US, today announced that it has signed a letter of intent for a national distribution agreement with Inolife R&D, an emerging specialty medical device company.
Under the agreement, Empower Clinics will make Inolife’s pioneering needle-free injection devices available to patients at Empower’s 15 clinics in Oregon, Washington, and Illinois. Inolife developed its Inojex 30 and Nanojex devices to be easy-to-use, safe, pain-free, and more efficient in delivering treatment to patients than is possible with traditional needle-based injections. The needle-free category has experienced sustained double-digit growth during the past five years.
“As we continue striving to offer the most efficient and effective ways to deliver treatment to patients, we’re very pleased to be working with a proven leader in Inolife,” said Craig Snyder, Empower CEO. “We are closely aligned with Inolife in terms of providing quality and results-focused care and look forward to working with them.”
“With 15 clinics in three states, 25,000 active patients and 120,000 historic patients, Empower has a significant and growing footprint and we are excited to further our distribution by working together,” said Michael Wright, President & Chief Executive Officer of Inolife. “We look forward to providing Empower and its patients with access to new and very effective methods of administering treatment.”
Empower also announced that it has granted an aggregate of 450,000 stock options, subject to approval of the Canadian Securities Exchange. 200,000 of such options vest immediately, are exercisable at CDN $0.26 per common share, will expire on May 25, 2023 and are otherwise governed by the terms and conditions of the company’s stock option plan. The remaining 250,000 options vest in 62,500 tranches on January 22, 2019, April 22, 2019, July 22, 2019 and October 22, 2019, are exercisable at CDN $0.26 per common share, will expire on October 22, 2023 and are otherwise governed by the terms and conditions of the company’s stock option plan Following the grant of the options, the company has a total of 7,600,000 stock options outstanding representing approximately 10% of the outstanding common shares of the company.
Empower intends to complete a non-brokered private placement 312,903 units (the “Units”) at an issuance price of CDN $0.31 per Unit for aggregate gross proceeds of CDN $97,000. Each Unit consists of one common share and one warrant to purchase common shares at an exercise price of CDN $0.36 for one year from the date of issuance. The Units issued pursuant to this private placement will be subject to a hold period of four months and one day from the date of issuance. Empower will also issue 517,132 Units, 1,204,851 common shares (at a deemed issuance price of $0.2325 per share) and 423,076 common shares (at a deemed issuance price of $0.26 per share) to settle $550,442 in outstanding commitments of the company.
ABOUT INOLIFE R&D INC./INOLIFE SCIENCES CORPORATION
Inolife R&D Inc. is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. Inolife commercializes patented and FDA-cleared needle-free injection devices. The company was founded to take advantage of novel techniques of the liquid jet and ballistics-based epidermal drug injection that improve patients’ quality of life by making medicines easier to administer, work better, and remove the anxiety and inconvenience associated with hypodermic needle injections. For more information about Inolife and its products please visit www.inolifesciences.com.
Empower is a leading owner and operator of medical cannabis and wellness clinics, as well as a developer of medical products in the US, focused on enabling individuals to improve and protect their health. The company provides treatment solutions through its physician-staffed clinics that are focused on education, data, and efficacy. Empower is a recognized leader and the first choice for patients seeking quality experience and improved health.
For further information about Empower please see the Company’s website at empowerclinics.com.
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking information contained in this news release includes, but is not limited to, the issuance and closing of the private placement of securities and the shares for debt transaction and the future growth plans of the Company. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events and are therefore based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Neither the Canadian Securities Exchange nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this release.
Copyright Business Wire 2018
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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