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HomeHealth Logic InteractiveHealth Logic Interactive Signs Non-Binding Letter of Intent to Sell its Wholly Owned operating Subsidiary, My Health Logic to Marizyme

Health Logic Interactive Signs Non-Binding Letter of Intent to Sell its Wholly Owned operating Subsidiary, My Health Logic to Marizyme

Health Logic Interactive News

Health Logic Interactive, August 1, 2021, has signed a non-binding letter of intent to sell its wholly-owned operating subsidiary, My Health Logic Inc. (“My Health Logic”) to Marizyme, Inc. (“Marizyme”), a Nevada medical device company publicly traded on the OTCQB (the “Transaction”).

The transaction is subject to the completion of diligence, the approval of the TSX Venture Exchange, negotiation of definitive documentation, and approval of the Company’s shareholders. The transaction is taking place at arms-length, and it is currently expected that the consideration for all the issued and outstanding shares of My Health Logic will be common shares in the capital of Marizyme.

Marizyme has a robust IP portfolio for its medical device platform technologies. Its leading technology, DuraGraft®, is currently under pre-submission review with the United States Food and Drug Administration (“FDA“). Durgraft is approved in 34 countries and has already achieved initial commercial sales in Europe and Asia. Marizyme intends to pursue a listing on the NASDAQ Stock Market (“NASDAQ“) within the next twelve months.

The proposed terms, which are subject to change as diligence and negotiations progress, include:

  • The Company receiving 4,600,000 shares of Marizyme as consideration for the Health Logic asset. The number of shares was negotiated between parties of Marizyme and Health Logic, and the price per share is a floating number that will be finalized in the definitive agreement.
  • Marizyme plans to raise the necessary operating capital for the combined businesses once the transaction has taken place, from there, a registration and anticipated financing on a Nasdaq listing.
  • My Health Logic will become a wholly owned subsidiary of Marizyme;
  • The Company will have the right to appoint two nominees to the board of directors of Marizyme; it is expected that the management of Marizyme will change once the transaction is completed.
  • The employees of, and consultants to, My Health Logic will continue to operate in the same capacity as prior to the Transaction; and
  • The Transaction is subject to the negotiation and execution of definitive documentation, the performance of any closing conditions, and TSXV and shareholder approvals.

The Company will continue to trade as a public entity on the NEX Board of the TSXV and intends to pursue a financing to commence its search for new assets to develop as part of the Company’s portfolio. The Company plans to continue its application with the TSXV for a reactivation to Tier 2 of the TSXV from the NEX Board. The reactivation will be subject to finding of a new acquisition target and meeting all continued listing requirements of the TSXV Tier 2.

The Company will hold a conference call to discuss the Transaction in more detail, the conference call is scheduled to occur on August 16, 2021, at 1.30pm PST / 4.30pm EST. Please dial in toll free at 1-866-248-8441 or internationally at 1-323-289-6581.

Health Logic Interactive CEO, David Barthel: “As we have demonstrated over the past eight months, the team has the ability to accomplish its milestones as we continue to deliver on our initial goals in the clinical development of our lab-on-chip technology. These accomplishments have attracted strong interest from several potential strategic partners. Our team is pleased to be presented with this Transaction that will, if completed, allow My Health Logic to receive the necessary resources to advance its lab-on-chip technology. As well, Marizyme has a very attractive medical device pipeline that is already on an FDA pathway, is a US publicly traded entity, and is supported by a full-service US investment bank, Univest Securities.  We have moved quickly to assess this Transaction and complete initial due diligence, and are excited about the prospects at hand”.

Consider this information.

Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

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