TO ACQUIRE THE EXCLUSIVE CANADIAN LICENCE FOR JAMAICA BLU LTD.'S CANNABIS MEDICAL AND CONSUMER PRODUCTS
Luminor Medical Technologies Inc. (LMT.V) has executed a letter of intent to acquire the exclusive Canadian and Jamaican licences for all current and future cannabis commercial products owned by Jamaica Blu Ltd. (J-Blu). J-Blu's cannabis commercial products are based on a patent pending process to create precise cannabis-based formulations that produce specifically-targeted effects for various ailments and diseases including diabetes. Under the terms of the LOI, Luminor Medical will issue 9,500,000 common shares to the shareholders of J-Blu and $200,000 for intellectual property access. The issuance of the 9,500,000 common shares to the shareholders of J-Blu will not trigger a change of control scenario under the rules of the TSX Venture Exchange (the "TSXV").
"J-Blu's technological platform promises to create a wide variety of precise formulations that produce specifically-targeted effects for various types of patients, including people with diabetes. Patients and Health Care providers expect consistent high quality product produced by the best available practices and methods and that is just what J-Blu provides," said Christian Sauvageau, CEO of Luminor Medical. "Although our primary interest is directed toward the J-Blu diabetes formulation, Luminor Medical will capitalise on every formulation developed for the Canadian and Jamaican markets."
Under the terms of the LOI, Luminor Medical is required to raise a minimum of $4,000,000 in equity (the "Equity Financing") of which up to $2,000,000 will be used to build a production facility and support the marketing of J-Blu's initial cannabis-based products which support patients with low libido &#8212; Jamaicabl&#363; and Jamaicabl&#363; PNK.
Anton Mattadeen, President and CEO of J-Blu, stated, "We are very excited by this new partnership with Luminor Medical. The combination of their mission to improve the lives of people with health issues like diabetes and our proprietary formulations of cannabis has the potential to play an important role in offering a variety of highly efficacious solutions while addressing the rapidly growing demand for cannabis-based medical products around the world. It is our collective goal to take a leadership role in this area."
The Acquisition is subject to a number of conditions, including but not limited to TSXV acceptance and the Equity Financing. There can be no assurance that the Acquisition of the Cannabis Products will be completed as proposed or at all.
About Luminor Medical Technologies
Luminor Medical Technologies is a medical diagnostic company focused on acquiring, developing and commercializing medical technologies for unmet clinical needs. The Company's Scout DStrademark device has been regulatory cleared in certain markets both as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes, and is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress. Unlike current testing methods, a Scout DStrademark test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world.