Windsor, ON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Emergence Global Enterprises Inc. (“Emergence Global” or the “Company”) (CSE: EMRG) (OTCQB: ELOAF), an acquirer, creator, and builder of reputable natural health consumer foods, products, and brands, is pleased to announce that it has completed its acquisition of IP, technology and patents (the “Assets”) from Alvera Inc. (“Alvera”). Alvera is an Alberta-based health and wellness company focused on targeted delivery systems and unique technologies focused on the human endocannabinoid system.
Consideration for the Assets is 18,000,000 shares in the Company's capital at a value of $0.05 per share for a total deemed consideration of $900,000. The shares issued in connection with the acquisition of the Assets are subject to a statutory four-month hold period.
"We are very thrilled to bring these exciting patents into our Emergence portfolio. With the patents holding a current value of over USD $21 million, it diversifies our holdings. Along with the IP purchase, the world-class Agri-tech team of Alvera will lead Emergence into establishing its footprint as a leader in the growing sector of vertical farming and food security."
In addition, the Company announces that Harvinder Panesar has been appointed the new President of Emergence. Rick Purdy, who has been acting President for the last nine months, has stepped down from his position and has been appointed as a Director of the Company. Mr. Panesar will oversee the day-to-day direction of the Company, focusing on our emerging technologies and business in Western Canada. Mr. Panesar will report to Joseph Byrne, the CEO and Chairman of the Company.
“Mr. Panesar brings a wealth of experience as a corporate executive. His vision, experience and skill set navigating capital markets will be a welcome addition to the team,” stated Joe Byrne, CEO, Director of Emergence Global. “Our immediate focus is to prepare our 20-acre farm and 8000 sq. ft. state-of-the-art vertical farming center to fill the supply shortage of lettuce across the country.”
Additionally, the Company also announces the appointment of Alex Tarrabain as a member of its board of directors, replacing Ameen Ferris. Mr. Tarrabain is a professional with over a decade of experience in budgeting, business planning, accounting and team building.
Additional information about the Company can be found on SEDAR (www.sedar.com) under the Company’s profile of “Emergence Global Enterprises Inc.” or on the OTC Markets.
About the Company
Emergence Global Enterprises Inc. ("Emergence") is an acquirer, creator, and builder of reputable natural health consumer foods, products, and brands. Emergence has become a North American developer and distributor of branded natural health foods, supplements and sports nutrition specialty supplements. The Company is currently considering several development projects and is further expanding its business footprint into becoming a global vertically integrated player in the organic, natural food marketplace to tackle the growing problem of food insecurity.
For further information on the Company, please contact Joseph Byrne, Chief Executive Officer and a Director at phone: 519-257-0460 or by email at: joe@emergenceglobalinc.com.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of the Company after acquisition of the Assets and any impact therefrom. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the nutraceutical and botanical industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that the proposed transaction will occur or that the anticipated financial, economic, or strategic benefits will be realized.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) or OTC Markets accepts responsibility for the adequacy or accuracy of this press release.
