Abattis Bioceuticals Corp. a speciality biotechnology company focused on developing, licensing and marketing a range of neutraceutical products, has signed a Letter of Intent (LoI) with Vertical Design Systems Ltd. (VDSL).
The LoI commences the process of conducting a sixty day (60 day) due diligence time period and begins the creation of a definitive agreement to acquire the exclusive rights for the area of British Columbia to a BioPharma licence and the Vertical Design System equipment.
Under the terms of the LoI, the parties will evaluate and select an optimal deal structure with the objective of formalizing a definitive acquisition agreement. The company continues to deliver on its plan to become a fully integrated bioceutical company that offers cutting edge products to the medicinal, nutraceutical and cosmetic industries.
"We are very pleased to find this excellent solution in hope to make Abattis Bioceuticals a fully integrated bioceutical company. Abattis will be able to demonstrate traceability in its raw material by growing and processing medicinal and therapeutic botanics. We can then extract bio-actives from the botanics we identify and target. As a result, the company will be able to produce and sell its own proprietary and patented products. Stated Mike Withrow, president and CEO of Abattis, "this initiative further validates our commitment to grow Abattis and commercialize our unique product line."
The parties have agreed to close the transaction on or before January 15, 2013.
This agreement with Vertical Designs LTD is in keeping with the plans of Abattis Bioceuticals vertical expansion in order to create a powerful specialty biotechnology wellness company that will be one to follow.
Vertical Designs Ltd. is helmed by Nick Brusatore - an innovative eco-entrepreneur, natural capitalist, mechanical designer, and inventor.