Toronto, Ontario – February 13, 2020 – EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTCPK: EURPF) (“EuroLife” or the “Company”), a vertically integrated enterprise focused on the pan-European hemp, cannabinoid, and health and wellness sector, is pleased to announce it has signed a letter of intent (the “LOI”) with Empower Clinics Inc. (CSE: CBDT) (OTCQB: EPWCF) (FSE: 8EC) (“Empower“), a vertically integrated and growth-oriented CBD life sciences company, granting Empower an exclusive license of EuroLife’s “Cannvas.me” cloud based online educational platform in certain jurisdictions. The education technology is to be accessed by employees of Empower’s owned and franchised clinics and a network of nationwide retailers in the United States. The EuroLife platform will also serve over 165,000 patients across Empower’s six corporate clinics in Arizona, California and Oregon and its first franchise in Oklahoma.
Under the terms of the LOI, Empower will be granted an exclusive license of the Cannvas.me platform in the United States and Mexico (expandable to other jurisdictions). It is envisioned that Empower will integrate and leverage the robust Cannvas.me platform with its burgeoning clinic network across the continental United States. The LOI contemplates a three-year term with a three-year renewable option. An annual licensing fee will be paid for the life of the proposed agreement, which will consist of a mixture of cash and stock totaling $460,000 of top line revenue for EURO over the course of the next 3 years.
“EuroLife’s SaaS based education technology platform will allow Empower Clinics to educate a consumer, retailer, and medical patient on an incredibly efficient basis,” said Shawn Moniz, Chief Executive Officer, EuroLife Brands Inc. “We look forward to working with Empower and their expanding clinic network in providing unencumbered access to our online technology solution.”
In 2018 EuroLife launched a consumer education portal for medical and recreational cannabis consumers. Through many discussions with industry stakeholders the management team discovered there was significant demand for a cloud-based education portal for licensed producers, retail dispensaries and other large to mid-sized companies in the cannabis sector. Executing on a renewed B2B technology model EuroLife recently delivered a redesigned budtender education portal for Aphria Inc. (see February 4, 2020 news release), the global cannabis leader with an unrelenting commitment to people, product quality and innovation. The portal allows Aphria to ensure retail employees across Canada are well-versed in Aphria’s line-up of adult-use brands and enabled with information to provide superior customer service.
The Company also reports successful discussions regarding the pending equity investment in state-of-the-art industrial hemp cultivation operation located near Dresden, Germany. Negotiations to purchase 20% of the assets will consist of the Dresden hemp cultivation complex located near Dresden, Germany continue on schedule.
About Empower Clinics Inc.
Empower (CSE: CBDT) (OTCQB: EPWCF) (FSE: 8EC) is a vertically integrated health and wellness brand with its first hemp-derived CBD (cannabidiol) extraction facility under development. The company produces its proprietary line of CBD-based products and distributes products through company owned and franchised clinics, wholesale partnerships, on-line channels and new retail opportunities nationwide in the United States.
About EuroLife Brands Inc.
EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTCPK: EURPF) is a leading global markets cannabis brand empowering the medical, recreational and CPG cannabis industry worldwide through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.
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No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer‘s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company‘s Management‘s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.