CTT Pharmaceutical Holdings, Inc. Enters in to a LOI for Strategic Financing
STONEY CREEK, ON / ACCESSWIRE / May 17, 2017 / CTT Pharmaceutical Holdings, Inc. (OTC PINK: CTTH) (the "Company") announced that it has executed a Letter of Intent ("LOI") with a Canadian investment group (hereinafter called the "Investment Group"), wherein the Company will sell certain assets to the Investment Group's newly incorporated well-capitalized Canadian company (the "Newco") in consideration for common shares of Newco (the "Shares"). Subject to US and Canadian securities laws, it is intended that the Shares will be dividend to the Company's shareholders contemporaneously with Newco's listing of its common shares on either the TSX Venture Exchange or the Canadian Stock Exchange. As the Assets represent all of the material assets of the Company, the Company will be seeking approval of the transaction by a majority of its shareholders by way of a consent resolution of shareholders.
Dr. Pankaj Modi, President and CEO of the Company, stated, "We anticipate executing a definitive agreement with the Investment Group in the near future and look forward to sharing the complete details with our existing shareholders and potential investors. We believe that the proposed terms will be beneficial to our shareholders and the capital market and industry relationships the Investment Group will provide will be significant and will assist in our efforts to maximize value to our shareholders." Dr. Modi further noted, "In addition to providing the necessary capital infusion for the growth of our business, the Investment Group will be instrumental in assisting with the commercialization of our assets, namely, our Oral Thin Wafer through a company that will apply for a listing on an exchange in Canada. Canadian-listed companies involved in the cannabis industry are experiencing significantly higher valuations than US comparables, as a result of the National Medical Marijuana program in Canada initiated in 2013 and a Canadian Government mandate to legalize adult recreational use by July 1, 2018. Due to these progressive actions of the Canadian Government, there is a more receptive and educated investor base that we believe will lead to a significantly higher valuation and wider shareholder base. We look forward to benefitting strategically from the existing presence the Investment Group has both in the cannabis and pharmaceutical industries through licensing and joint venture opportunities worldwide."
Upon an approved definitive agreement between the Company and the Investment Group, complete details will be provided and circulated to shareholders prior to seeking a consent resolution.
About CTT Pharmaceutical Holdings, Inc.
CTT Pharmaceutical Holdings, Inc.'s (here in after, CTT)
CTT's principal asset is a unique and novel patented drug delivery technology, an orally administered, fast dissolving thin film (the "Wafer"). This technology platform will target both the human and veterinarian (pet) markets for treatment of many diseases, including pain management.
The Oral Thin Film (Wafer) formulation is protected by several Canadian and US Patents. CTT's oral fast dissolving drug delivery systems will consist of edible thin films (wafers) that dissolve without water, within a few seconds after placement in the mouth. The majority of drugs administered using our drug delivery system mirror injections in that they have the ability to enter the bloodstream quickly, are convenient and discrete, and can be administered anywhere. A faster absorption rate is achieved because the mouth contains a very thin mucosa and is extremely vascular. There is no bitter taste, no smoke inhalation as is the case with cannabis, and less degradation of medication (by bypassing the stomach) and, most importantly, lower dosage units are required given the efficacy of absorption. Patient compliance is improved, especially with those who have a fear of choking and/or are pediatric, geriatric or incapacitated patients who have difficulty swallowing.
Most fast dissolving systems on the market today deliver anti-inflammatories, antihistamines and cough and breathing related medications. CTT believes that its wafer technology will be one of the first to gain use in major markets such as pain management.
Notice Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements." Forward-looking statements can be identified by the use of words such as "plans," "expects," or "does not expect," "is expected," "estimates," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur, or be achieved.
Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including our future sales, income and financial position. The forward-looking statements included in this news release are made as of the date of this news release and CTT Pharmaceutical Holdings not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities law.
For more information, please contact:
Dr. Pankaj Modi
Tel: 866 803 8386
SOURCE: CTT Pharmaceutical Holdings, Inc.