VANCOUVER, British Columbia , Jan. 25, 2018 (GLOBE NEWSWIRE) -- LeanLife Health Inc. (the “Company”) (CSE:LLP) is pleased to announce that it has entered into a sales agreement with RD Heritage Group, LLC (“RD Heritage”) whereby RD Heritage has agreed to market and sell the Company’s industry leading Omega 3 products derived from flax seeds.
Under the terms of the agreement, RD Heritage will market and sell the Company’s Omega 3 products and assist with developing marketing strategies, carry out market analysis to define a global sales strategy, support product commercialization with a focus on sales and development, and appoint distributors to increase sales opportunities.
In consideration of RD Heritage’s services, the Company has agreed to: (i) issue to RD Heritage a total of 800,000 share purchase warrants with an exercise price of $0.40 per share, which will carry a cashless feature, and expire on a date that is two years from the date of issue, and (ii) pay a royalty to RD Heritage equal to 10% of all sales generated by them under the Sales Agreement.
If RD Heritage generates total sales of $10 million (USD), the Company will (i) issue RD Heritage a total of 1,000,000 common shares of the Company, and (ii) grant RD Heritage an exclusive license on the Company’s technology to produce its products for Indonesia, Middle East / North Africa and India. Terms of such license will be negotiated by the Company and RD Heritage at a later date.
The Company anticipates that it will receive its first purchase order within the next 30 days.
About LeanLife Health and the Omega 3 Market
LeanLife Health’s products are extracted from flax seeds, a plentiful and non-animal source of Omega 3. The products can be used as a food additive or as a nutraceutical and have been used to make bread, noodles, cheese, yogurt, juice and milk products for the European market. LeanLife Health’s industry leading Omega 3 product formulations are of the highest quality and contain no cholesterol. Products are available in oil, emulsion and powder forms.
The global Omega 3 market was valued at 10 billion USD in 2016 and is expected to reach 16 billion USD by the end of 2023, growing at a CAGR of 7.57% between 2016 and 2023.
For more information, please contact:
Stan Lis, CEO
Tel: 604 764-0518
E-mail: slis@leenlifepharma.com
Forward Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control including, the Company's ability to compete with large food companies; sales of any potential products developed will be profitable; the ability to complete sales under the sales agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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