San Francisco, California, April 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Simlatus Corporation (OTC PINK:SIML) (“Simlatus” or the “Company”), the company announces that its Cannabis Division, Proscere Bioscience, has signed a 5-year distribution agreement with Brand House Ventures in value of $75M to sell its Cold-Water Cannabis/Hemp Extraction Systems in the USA.
On March 29, 2019, the Board of Directors approved the Company and its subsidiary, Proscere Bioscience Inc., to enter into an Exclusive Distribution Agreement with Brand House Ventures Inc. allowing the rights to sell the Cold-Water Cannabis/Hemp Extraction Systems within all of the United States. The term of the agreement is for five years with guaranteed minimal purchase orders of $15,000,000 per year and/or $75,000,000 over a five year period. Mike Mulder is the President of Brand House Ventures Inc., and the company was formed in 2010 as a sole proprietorship, and in 2014 was formed as a California S-Corporation. Today Brand House is a Holding Company for the distribution of a variety of products and technologies.
Proscere Bioscience manufactures and distributes commercial Cold-Water Cannabis/Hemp Extraction Systems. This advanced method and technology is highly effective in producing medical-grade product used to help people suffering with a wide range of ailments; from treating pain, inflammation, infections, sleep issues and mood disorders. The CBD is also proven to support the immune system, protects the brain and fights cancer. Proscere Bioscience’s commercial Cold-Water Cannabis/Hemp Extraction Systems are expected to yield $225M over the next 5 years, based upon expected growth and application.
Richard Hylen, Chairman and CEO, stated, “We are finalizing Europe and Canada for distribution of our Cold-Water Cannabis/Hemp Extraction Systems. We anticipate revenues in this quarter from our subsidiary, Proscere Bioscience, while continuing our revenues from Satel Group and Simlatus.”
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