VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2014) - Meridex Software Corp. ("Meridex") (TSX VENTURE:MSC.H) is pleased to announce that it has entered into a binding Share Purchase Agreement to acquire Biogen Sciences Inc. ("BSI"), a privately held B.C. biopharmaceutical company focused on drug discovery and development of the therapeutic science of cannabinoids.
Under the terms of the agreement Meridex will purchase 100% of the outstanding equity of BSI by issuing 4,000,000 million shares and, upon completion of the transaction, Biogen will become a wholly owned subsidiary of Meridex.
"This is a compelling strategic opportunity for Meridex," said Craig Schneider, President & CEO. "By acquiring BSI we are positioning our company to capitalize not only on the surge of investor interest in the medical marihuana space but also the continuing strong growth in the life-science sector. With nearly $3 billion dollars being raised for Canadian companies in 2013 within the life science sector we are confident being a part of this space will allow us to accelerate our shareholder growth and create value.
"To reflect the company's new direction and reflect our new business strategy we have changed our name to 'Cannabis Technologies Inc.'." Additional information can be found on the company at www.cannabis-tech.com.
BSI is a private biopharmaceutical drug discovery and development company uniquely focused on the therapeutic potential of cannabinoids. The company consists of two divisions:
Drug Discovery & Development - BSI is utilizing its proprietary "Cannabinoid Drug Design Platform" to identify new bioactive compounds within the marijuana plant that interact with certain gene responsible for specific diseases. BSI's extensive research and intellectual properties will initially be focused on the development of several new cannabinoid based treatments for glaucoma, cancer & angiogenesis, Inflammation and pain.
Cultivation & Breeding - BSI's botanical research division has begun the research & development into the individual strains and clones that will produce the raw material bases for future pharmaceutical research. To comply with the demands of the Pharmaceutical industry, a phytopharmaceutical feedstock must meet high expectations regarding the minimum and maximum content of a range of compounds. Cultivation techniques and pharmaceutical levels of exacting chemical consistency are critical for all applications to regulatory authorities.
ON BEHALF OF THE BOARD
Craig Schneider, President and CEO
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