Chemesis International Inc. Announces Sale of Puerto Rico Operations

Rhea-AI Summary

Chemesis International Inc. (CSE:CSI)(OTCQB:CADMF) has announced the sale of its cannabis assets in Puerto Rico through its subsidiaries, Natural Ventures PR, LLC and GSRX Industries Inc., to Puerto Rico Industrial Commercial Holdings Biotech Corp. (PRICH). Chemesis will receive US$450,000 for its 80% stake in NVPR and US$2,250,000 from GSRX, alongside monthly payments of US$100,000 over two years. As a result, the Company will no longer hold any shares in NVPR.

Positive

• Received net cash proceeds of US$450,000 from the sale of assets.
• GSRX Industries generated US$2,250,000 from the sale, plus US$100,000 monthly for 24 months.

Negative

• Chemesis has ceased to be a shareholder of NVPR.

VANCOUVER, BC / ACCESSWIRE / November 24, 2020 / Chemesis International Inc. (the "Company") (CSE:CSI)(OTCQB:CADMF)(FRA:CWAA)

The Company announces that its (former) subsidiary, Natural Ventures PR, LLC ("NVPR"), has sold all of its cannabis assets, and assigned all related liabilities, licenses and permits, to Puerto Rico Industrial Commercial Holdings Biotech Corp. ("PRICH") in exchange for immediate net cash proceeds to the Company, in respect of its 80% interest in NVRP, of US$450,000. The Company notes that, in connection with, and as a condition to, this transaction, it will cease to be a shareholder of NVPR.

The Company also announces that its subsidiary, GSRX Industries Inc. ("GSRX"), has sold all of its Puerto Rican cannabis assets, and assigned all related liabilities, licenses and permits, to PRICH in exchange for immediate net cash proceeds to GSRX of US$2,250,000, and monthly payments to be received in the amount of US$100,000 over a period of 24 months.

On Behalf of The Board of Directors
Josh Rosenberg
President

Investor Relations:

ir@chemesis.com
1 (604) 398-3378

The CSE has not reviewed, approved or disapproved the content of this press release

SOURCE: Chemesis International Inc.

View source version on accesswire.com:
https://www.accesswire.com/618157/Chemesis-International-Inc-Announces-Sale-of-Puerto-Rico-Operations

FAQ

What were the financial proceeds from Chemesis International's asset sales on November 24, 2020?

Chemesis International received US$450,000 for its 80% interest in Natural Ventures PR and US$2,250,000 from GSRX Industries, along with US$100,000 monthly payments over 24 months.

What implications does the sale of assets have for Chemesis International's future?

With the sale, Chemesis International has ceased to be a shareholder of NVPR, potentially impacting its future operations in Puerto Rico.

What is the stock symbol for Chemesis International?

The stock symbol for Chemesis International is CADMF on the OTCQB.