EASTWOOD BIO-MEDICAL CANADA INC.
#1130 - 4871 Shell Road
Richmond, British Columbia
V6X 3Z6
TSX-V: EBM
NEWS RELEASE
Eastwood Bio-Medical Canada Announces Recent Progress of Eleotin® Products in Asia
September 24, 2018 – Richmond, British Columbia – Eastwood Bio-medical Canada Inc. (TSX-V: EBM) (the “Company”) is pleased to announce the progress of Eleotin® products in Asia. The Company announced entering binding terms with an Asian distribution company on June 28, 2018. On September 10, 2018, the Company announced the successful acquisition of product approvals from the Ministry of Food and Drug Safety of South Korea, and initial shipments of approved products valuing at about $450,000 in consumer retail value. Besides these shipments of capsuled products, the Company has also shipped nutraceutical tea products valued at about $100,000 in consumer retail value. Initial distributor reports showed Eleotin® sales of over $30,000 generated between September 20 and 24, 2018.
The Company is also pleased to announce the publication and distribution of a new book, “Notes on Prayer and Healing,” penned by the Company’s initial founder, Dr. Youngsoo Kim. Printed and circulated in Asia, the Company has fulfilled an initial order of 2,000 copies to a distributor. Revenues from book sales are expected to be reflected in the Company’s fourth quarter statements.
The Company cautions that initial distributor reports are not subject to audit, and may not be any indication of future growth.
Yunji Kim, President and CEO commented, “We entered a highly competitive market with some of the most educated and critical consumers in the world. We are still at a developmental stage in establishing ourselves in the Korean market. Naturally, we are encouraged by the result from the past few days. But we do know there is still a lot more work to do, and more time needs to pass until we know what we can truly accomplish in this market.”
About Eastwood Bio-Medical Canada, Inc.:
The Company is a Vancouver based company whose Eleotin® brand of products provide natural sourced solutions for metabolic syndromes such as blood glucose control, obesity, and hypertension.
Eleotin® was initially developed by the scientists at the Julia McFarlane Diabetes Research Center (JMDRC) at the University of Calgary in Alberta, Canada. The JMDRC is a leader in research on the cause, cure, and prevention of Type I and Type II diabetes. After the initial development by the JMDRC, research and development were continued by Eastwood Bio-medical Research Inc., the Company, and other institutions around the world, including Tsinghua University of the People’s Republic of China. Eleotin® products have been endorsed by thousands of doctors and diabetes associations around the globe.
More information on Eastwood Bio-Medical Canada Inc., can be found on the website www.eleotin.ca.
For further information, please contact:
Eastwood Bio-Medical Canada Inc.
Yunji Kim, President and Chief Executive Officer
Telephone: (604) 247-2100
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. There is no assurance that the new products will produce the revenue increase the Company expects. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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