VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) — Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to announce the Company and its research arm, Cannevert Therapeutics Ltd. (“CTL”), are in process of obtaining a Fairness Opinion from Davidson & Company LLP (“Davidson”) of Vancouver, Canada regarding Veritas’ planned takeover of Cannevert in the first Quarter of 2018.
According to Davidson, a Fairness Opinion is defined as, “any written communication containing a conclusion as to the fairness of a proposed transaction to security holders, from a financial point of view.” In other words, Veritas and Cannevert will come to an agreement on the potential value of taking over the remaining 20% of Cannevert not already owned by Veritas, and Davidson will provide their opinion on whether that value is fair based on the skillsets of the Cannevert team, their scientific and clinical accomplishments, including the acquisition of a Health Canada Dealer Licence, and the current state of the medical cannabis industry.
Veritas’ CEO, Dr. Lui Franciosi stated, “We are very close to taking over Cannevert. Having a reputable accounting firm such as Davidson & Company will give Veritas a solid opinion on what they think Cannevert is worth after two years of extensive cannabis research.” Davidson will perform this process over the next three weeks with a final report prepared for the first week of March.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary Cannevert Therapeutics Ltd. (“CTL”), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
About Davidson & Company LLP
Davidson & Company is a full-service accounting firm located in Vancouver, Canada. The firm specializes in public company audits, including but not limited to, mining, oil and gas, and emerging technologies. They currently perform over 350 audits every year, making them one of the largest public auditors in Western Canada. As long-time members of Nexia International, they regularly collaborate with colleagues throughout their world network. Davidson’s services include: auditing and assurance, initial public offerings, prospectuses, information circulars and regulatory advice, domestic, US and international tax planning and compliance and business valuation and litigation support.
For more information about Davidson & Company, please visit: https://davidson-co.com/
On behalf of the Board of Directors
“Dr. Lui Franciosi”
Dr. Lui Franciosi
President and Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.