Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) this morning announced the successful completion of its acquisition of ERS Holdings, LLC (“ERS”). ERS, a privately-held California company, has developed a patented technology called Ready-To-Infuse-Cannabis (“RTIC”) which covers the transformation of cannabis oil into powder for infusion into various food and beverage products. In addition, ERS has filed several continuation patents that would permit cannabis powder to be combined with other health and wellness products such as natural sleep-aids, cold medications and vitamins. Ross Franklin, co-inventor of the patent, has been appointed as the Director of Research and Development of ERS and will continue to invent novel ways to infuse cannabis into foods and beverages. Additionally, Patrick J. Rolfes has been appointed as President of ERS Holdings. “With this acquisition, we have positioned Pivot to be at the forefront of this enormous new market. Closing this transaction will enable us to further engage interested parties to work with us on developing the full potential of these Patents. Pivot intends to monetize the Patents as quickly as possible and thus I am delighted that Patrick Rolfes and Ross Franklin have joined the Pivot team to accelerate the process,” Pivot Pharmaceuticals CEO Dr. Patrick Frankham stated in the news release. The company also announced a private placement offering of senior secured convertible debentures with a conversion price of $1.74 per common share for aggregate gross proceeds of C$5,000,000. The offering is expected to be completed on or about February 28, 2018, subject to the satisfaction of customary of conditions.
To view the full press release, visit http://cnw.fm/I6KSt
About Pivot Pharmaceuticals Inc.
Pivot Pharmaceuticals Inc. (OTCQB: PVOTF), based in Vancouver, Canada, is an emerging biopharmaceutical company engaged in the development and commercialization of pharmaceuticals and nutraceuticals that provide novel treatments for unmet healthcare needs. Pivot Pharmaceutical’s subsidiary, Pivot Green Stream Health Solutions Inc., will focus on improving the bioavailability of cannabinoid-based pharmaceuticals. Pivot Green Stream is tasked with developing several natural health products containing cannabinoids that can receive a Health Canada Natural Health Product designation. For more information, visit www.PivotPharma.com.
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