Under the terms of the proposed agreement, the current holder of the worldwide rights, exclusive of Taiwan, Jessie Chiang, via entities she controls, will license to Plandai the exclusive rights to the Puriblood technology for North, Central, and South America for a period of 30 years. Upon closing of the proposed transaction, Ms. Chiang will acquire the controlling interest in the Company and will become the Company’s Director, President, and Chief Executive Officer. Ms. Chiang will then appoint new members to the board of directors and will move to establish a board of advisors consisting of leading industry, finance, and business experts.
Tad Mailander, the Company’s CEO and director commented, “We have been very clear with our shareholders that Plandai has planned to create increased value by merging with another business entity or implementing a positive change in business direction via a new management team. We have been carefully vetting such opportunities, and we are now pleased to present this opportunity to our shareholders. We view this proposed transaction as being in the best interest of our shareholders. Our team is looking forward to completing our due diligence process and ultimately closing on this transaction.”
Jessie Chiang commented: “This is an extremely exciting opportunity for the teams of our companies to all work together in synergy to maximize the potential of this frequently essential medical device in the international and domestic market.”
The global leukapheresis market is primarily driven by solid growth in voluntary blood donations, rising incidence of hematologic diseases, such as leukemia, and an aging population in many countries. As a result, several industry analysts are forecasting continued strong growth in technologies and products designed for this market. For example, Quince Market Insights, in a report issued late in 2021, estimates the global leukapheresis market will grow at a compound annual growth rate of 43.9% until 2030.
While the parties have agreed to non-binding terms in a letter outlining their intentions, the transaction has not yet been consummated, and there is no assurance that any such transaction will ultimately close. Plandai plans to release additional information concerning the progress of the proposed transaction as soon as possible, upon the completion of its due diligence investigation.