VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) -- LOVE Pharma (CSE:LUV) (FSE:G1Q0), an international sexual health and wellness company, has entered into a definitive agreement to acquire Doc Hygiene Pharmaceuticals Inc., which has a premium hygiene product line and brand for hygiene and sanitizing needs and a robust e-commerce platform for products and SKU's.
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Designed and developed in the United States, DOC HYGIENE™ provides a mess-free, compact alternative to traditional, bulky, bottled hand sanitizer. With premium, germ-killing capability, DOC HYGIENE™’s single-use hand sanitizing packets meet FDA standards and exceed the recommended CDC guidelines for healthy hygiene.
Formulated by doctors, the premium single use hand-sanitizer packets are specially formulated with aloe vera and Vitamin E to keep your hands soft and clean throughout the day while eliminating 99.9% of germs on contact in a matter of seconds. Other products include hand sanitizer bottles and various styles of face masks.
The total acquisition price of Doc Hygiene is US$300,000. In addition to assuming approximately US$150,000 of liabilities, LOVE Pharma will issue a convertible promissory note representing an aggregate principal amount of US$150,000. The promissory note will have a term of 5 years and an interest rate of 10%, payable quarterly in arrears. The note will be convertible into shares of LOVE Pharma at the lessor of $0.05 per share or the last closing price of the shares on the Canadian Securities Exchange prior to the conversion.
As part of the acquisition price, LOVE successfully negotiated the inclusion of Doc Hygiene’s existing inventory of personal sanitizer products at no additional cost.
Zachary Stadnyk, CEO, stated: "We are thrilled to announce the acquisition of Doc Hygiene. We are extremely excited about Doc Hygiene's growth potential in the years ahead and firmly believe it will provide a parallel revenue stream to our existing business in over-the-counter products. Through this acquisition, the company now has a strong online e-commerce platform that will strengthen its product offering and ease of operational online sales from both a B2C and B2B standpoint."
Management of LOVE views the acquisition as accretive and believes the combination of Doc Hygiene's trusted line of personal sanitizer products and LOVE's growing line of science-backed nutraceutical and psychedelic products will build value for LOVE’s shareholders.
As part of DOC Hygiene’s commitment to the health and wellness of the community, for every 40,000 boxes of DOC sold, Doc Hygiene™ will donate 25,000 packets of DOC to a classroom, teacher, or school district in need.
Founded in 2020, LOVE Pharma is focused on the Global Sexual Health and Wellness markets, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. LOVE Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
The company is also actively seeking additional mergers and acquisitions to complement its strong portfolio of intellectual property.
The shares are trading at $0.025. For more information, please visit the company’s website www.love-pharma.com, contact Zach Stadnyk, CEO, at 604-343-2977 or by email at investors@love-pharma.com.
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