VANCOUVER , April 20, 2020 /CNW/ – Micron Waste Technologies Inc. (“Micron” or the “Company”) (CSE: MWM Frankfurt : 7FM2) announces that it has entered into a non-binding letter of intent (the “LOI”) to acquire all of the outstanding securities of COVID Technologies Inc. (herein “COVID”) which includes all of the business, operating assets, equipment, and business contracts of COVID. COVID is a privately held British Columbia corporation based in Vancouver, British Columbia dedicated to the manufacture of personal protective equipment in response to the current coronavirus pandemic. Micron, a technology company, is intending on utilizing its manufacturing and development capabilities at its existing Innovation Lab in Delta, BC to diversify its business by adding COVID as an additional business unit to its current operations.
The founder and key employee of COVID will join Micron as a member of senior management upon completion of the transaction.
The LOI contemplates that immediately prior to closing, Micron will conduct a share consolidation and roll back its shares on 2:1 basis resulting in Micron having approximately 39,511,840 shares issued and outstanding. In exchange for the shares of COVID, Micron will issue 16.5 million post-consolidated common shares at a deemed price of $0.08 per share and issue 16.5M share purchase warrants exercisable for a price of $0.10 for a 60-month period.
In this time of crisis, the COVID team is answering the call, bringing manufacturing capacity and experience to Canada to deliver needed personal protective equipment (PPE) to the groups that desperately need them, both now and in the future. COVID was established with the mission to ensure Canadians are healthy and safe by providing Canadian-made, high quality, vapour barrier technology (masks, protective garments), protecting them from biological hazards, pathogens, and superbugs.
The COVID facility is capable of producing key pieces rapidly, with additional products already in planning stages as licenses are acquired. Beginning with 3-ply surgical masks and N95 respirators, COVID will support the immediate needs of the global medical community as the situation with COVID-19 progresses.
Mr. Kal Malhi , Chairman of Micron Waste, states “The COVID virus has turned the world upside down and getting personal protective equipment to the right people has become difficult as countries are prohibiting exports and retaining manufactured personal protective equipment for their own use. We plan to cater to the Canadian market and provide much needed equipment to first responders and the general public in Canada in an ethical manner. I believe that personal protective equipment is here to stay and the demand for it will last long after the covid virus is under control.”
The Company also announces the launch of a new shareholder communications initiative designed to improve visibility into the Company’s current and planned operations. The Company has retained South Florida -based Midam Ventures LLC, UK based InvestorsHub.com LLC and Vancouver based Stockhouse Publishing Ltd to assist in the execution of this initiative.
The Company has retained Midam for a period beginning April 16, 2020 , and ending on July 31, 2020 . For services provided to the Company, Midam has been paid a total cash fee of $350,000 (U.S.). No additional shares, options and or warrants were paid to Midam.
Investorhub has been retained by the Company to provide services from April 20, 2020 to June 13 , 2020. A cash fee of USD$50,000 was paid to Investorhub. No additional shares, options and or warrants were paid to Investorhub.
Stockhouse has been retained by the company since August 27, 2019 and ending July 31 , 2020. A cash fee of $26,000 was paid to Stockhouse. No additional shares, options and or warrants were paid to Stockhouse.
This new shareholder communications initiative is comprehensive and will include text, image and video content disseminated by Midam, Investorhub and Stockhouse with the Company retaining full editorial control. On-line traffic will be strategically driven to approved content. The program will also include updates to the Company’s website and social media initiatives and strategy.
About Micron Waste Technologies Inc.
Micron is a well-funded technology company with over $3M in working capital. Micron has a manufacturing facility based in Delta, BC where it is developing waste digesters and aims to begin production of critical Personal Protective Equipment (PPE). Micron is a public company with listings on the CSE: MWM, OTC: MICWF, and in Frankfurt : 7FM2. Please visit www.micronwaste.com for further information.
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS:
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
SOURCE Micron Waste Technologies Inc.
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