EVITRADE Announces Mutual Termination and Unwinding of Transaction with Tree Chest Safety Corp.
VANCOUVER, BC / ACCESSWIRE / January 31, 2019 / EVITRADE Health Systems Corp. (CSE: EVA, OTCQB: EVAHF) (the “Company” or “Evitrade”) hereby announces that effective January 31, 2019 it has mutually terminated and unwound the previously announced transaction and underlying agreement with Tree Chest Safety Corp. (“TCS”) for the acquisition of TCS by Evitrade. Post-closing due diligence on the integration of TCS into Evitrade’s corporate structure revealed matters that the parties could not agree upon resulting in the failure to fully effect closing of the transactions under the agreement between the parties including the issuance of any securities and/or cash consideration to TCS shareholders for the acquisition. No cash or securities have been paid or issued with respect of the transaction between TCS and Evitrade by either party, and the parties have unwound the transactions related to the acquisition and terminated their agreement for the same. As of the date of this press release, TCS is not a subsidiary of Evitrade.
Management of Evitrade believe that the contemplated transaction was no longer in line with the business and commercialization strategies of the Company leading to the mutual termination of the agreement and unwinding of the transactions contemplated therein between the parties.
For more information, please contact:
Sydney Au, Director
EVITRADE Health Systems Corporation
(formerly Auxellence Health Corporation)
CSE Micro-site: http://thecse.com/en/listings/technology/evitrade-health-systems-corp US OTC Markets (OTCQB): http://www.otcmarkets.com/stock/EVAHF/news
About EVITRADE Health (CSE: EVA, OTCQB: EVAHF)
EVITRADE Health Systems Corp. (formerly Auxellence Health Corp.), is a Technology company specializing in the Life Sciences sector looking to deliver effective health solutions with a higher degree of predictability and consistency. The Company is focused in four main areas, Autonomous Medical Care, Molecular Biology, Nutraceutical Solutions and Genetic Selection. Through its Focus on Autonomous Medical Care, the Company offers a physiologically interactive computing platform that integrates medical devices and artificial intelligence applications into a fully automated, personal health management system for hypertension, arrhythmia, diabetes, and obesity.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), or any other regulatory authority accepts responsibility for the adequacy or accuracy of this release. The Company does not undertake to update this news release unless required by applicable law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
SOURCE: EVITRADE Health Systems Corp.