MYND expresses the intention to acquire all the issued and outstanding shares of Tidal Psychedelics
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2022) - MYND Life Sciences Inc. (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company"), a biopharmaceutical research and development company creating innovative precision medicines for patients with relentless neurological diseases, today announced it has entered into a non-binding memorandum of understanding ("MOU") to acquire all the issued and outstanding shares of Tidal Care Inc. o/a Tidal Psychedelics ("Tidal").
Tidal is a vertically integrated psilocybin company with access to a $10 million leasehold facility purpose built for cannabis and mycelium cultivation. The proposed collaboration is a strategic fit for both organizations; key management personal from Tidal will bolster MYND's executive team with established leadership in successfully structuring and growing private and public corporations across several industries, while existing Tidal shareholders gain access to four (4) global provisional patents, public stock market liquidity, access to a new $2.5 million cannabis-specific building and a $1.2 million investment into the Company's research and development. The primary goal of the combined entity is to provide MYND's highly sophisticated intellectual property portfolio with access to additional capital, and a diverse and an experienced management team to advance the Company's research and development initiatives.
MYND's business strategy will remain consistent in translating innovative research approaches, with a strong focus on scientific excellence, into safe and effective neuro-pharmaceutical treatments and diagnostic capabilities for Central Nervous System diseases. "We are very excited to create a dynamic partnership with Tidal and believe the combination of their physical assets and significant investor base will facilitate greater access to investment capital and stimulate long-term growth for the merged entity," stated MYND CEO Dr. Lyle Oberg. "A Tidal acquisition is a unique opportunity for both companies to capitalize on untapped asset potential. We look forward to advancing our development strategy within the biopharmaceutical industry."
"The Board of Tidal is excited about this pending acquisition by MYND," said Tidal CEO and Board Member, Mr. Mathew Dobko. "After reviewing the various components of MYND's intellectual property, it's our opinion that the combined MYND-Tidal entity is positioned uniquely in the psilocybin sector and biopharmaceutical industry and that is poised for great success under Dr. Oberg's leadership. In addition, the acquisition and share exchange provides the original investors in Tidal an opportunity to command influence on a public market and at a global scale."
MYND and Tidal have agreed on an all-share transaction, the details of which will be announced after the parties have had the opportunity to present the proposed acquisition to their respective Board's and shareholders as required. In addition to the transaction, there will be a follow-up opportunity of a Private Placement in support of the combined entity's business plan to realize it's full potential and satisfy expectations of their investors.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel psilocybin drug development and diagnostics. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other biopharmaceutical companies by unique molecular concepts for the applications of Psilocybins for overcoming disease. The Company is advancing pharmaceuticals through rigorous science and clinical trials, while diligently patenting and safeguarding its intellectual property.
For more information and to subscribe to MYND's mailing list, please visit https://myndsciences.com/contact/.
Corporate Contact:
Dr. Lyle Oberg, MD, CEO
Email: ir@myndsciences.com
Web: www.myndsciences.com
Legal Contact:
Rhea Solis
Miller Thomson LLP.
Email: rsolis@millerthomson.com
Forward-Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MYND to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this release.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
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