Telaleaf Health Inc. and 1315640 B.C. Ltd. Announce Proposed Transaction
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - June 20, 2022) - Telaleaf Health Inc. ("Telaleaf" or the "Company") and 1315640 B.C. Ltd. ("640BC") is pleased to announce that it has entered into a non-binding letter of intent dated June 15, 2022 (the "LOI") between Telaleaf and 640BC to complete a going-public transaction. The LOI outlines the principal terms and conditions of a proposed business combination by way of plan of arrangement (the "Arrangement"), which will result in Telaleaf becoming a stand-alone public reporting issuer.
Completion of the Arrangement is subject to customary terms and conditions as set forth in the LOI including, but not limited to: the satisfactory completion of due diligence; the successful negotiation and execution of a definitive agreement for the Arrangement (the "Definitive Agreement"); shareholder and any Stock Exchange or regulatory approvals; the performance of any closing conditions; and other conditions typical for similar transactions.
Gavin Treanor, CEO of Telaleaf, stated, "We understand the critical clinical need for a network of telemedical proficient doctors and practitioners, as well as a leading-edge digital solution to facilitate access to superior treatment quality for medical solutions including cannabis and CBD related treatments. We are excited to have found a potential strategic partner with an impressive track record and capabilities portfolio and a business strategy with transformative potential in the healthtech space. 640BC's vision is in clear alignment with Telaleaf's directional goal, and we look forward to working collaboratively with 640BC in transforming the delivery of medical cannabis care such that all necessary services come together under one unified field."
"We are thrilled to bring on Telaleaf's telemedicine platform and their doctor education programs. This transaction presents significant growth opportunities for both companies and their shareholders," said Ron Ozols, CEO of 640BC. "This transaction allows us to advance our pursuit of innovative and critical business models that elevate and improve the lives of people around the world."
Telaleaf Health Inc.
Gavin Treanor, Director
1315640 B.C. LTD.
Ron Miles, Director
Telaleaf is a telemedicine start-up transforming the delivery of traditional medical and cannabis care by connecting patients to expert doctors, trained in cannabis-based medicine, who conduct virtual medical visits and provide personalized treatment plans. Our aim is to improve patient outcomes, by improving the patient experience with high quality treatment, ease of access and expert-led training to doctors, for the most advanced virtual care in cannabis medicine. www.telaleaf.com
640BC is a reporting issuer in British Columbia focused on developing and partnering with leading-edge innovative companies in high-growth sectors.
Forward Looking Information: This News Release may contain forward-looking statements including, but not limited to comments regarding the closing of the Transactions. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. This is no certainty that the Transactions will be completed on any terms set forth in this News Release or at all or that the matters to be considered at any shareholders meeting will be as described herein. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.