Micron Waste Enters LOI to Acquire
Canadian COVID-19 Equipment Manufacturer
Vancouver, April
20, 2020 –
InvestorsHub NewsWire -- Micron Waste Technologies
Inc. ("Micron" or the
"Company")
(CSE: MWM,
OTC:
MICWF, Frankfurt: 7FM2, OTCQB"MICWF)
announces that it has entered into a non-binding letter of intent
(the "LOI") to acquire all of the outstanding securities
of
COVID
Technologies Inc. (herein "COVID") which includes all of the
business, operating assets, equipment, and business contracts of COVID.
COVID is a
privately
held British Columbia corporation based in Vancouver, British
Columbia dedicated to the manufacture of personal protective
equipment in response to the current coronavirus pandemic. Micron,
a technology company, is intending on utilizing its manufacturing
and development capabilities at its existing Innovation Lab in
Delta, BC to diversify its business by adding COVID as an
additional business unit to its current operations.
The founder and
key employee of COVID will join Micron as a member of senior
management upon completion of the transaction.
Share Consolidation:
The LOI
contemplates that immediately prior to closing,
Micron
will conduct a share consolidation and roll back its
shares on
2:1 basis resulting in Micron
having approximately 39,511,840
shares
issued
and outstanding.
In
exchange for the shares of COVID,
Micron
will issue 16.5 million post-consolidated common shares at a deemed
price of $0.08 per share and issue 16.5M share purchase warrants
exercisable for a price of $0.10 for a 60-month period.
About COVID
In this time of
crisis, the COVID team is answering the call, bringing
manufacturing capacity and experience to Canada to deliver needed
personal protective equipment (PPE) to the groups that desperately
need them, both now and in the future. COVID was established with
the mission to ensure Canadians are healthy and safe by providing
Canadian-made, high quality, vapour barrier technology (masks,
protective garments), protecting them from biological hazards,
pathogens, and superbugs.
The COVID
facility is capable of producing key pieces rapidly, with
additional products already in planning stages as licenses are
acquired. Beginning with 3-ply surgical masks and N95 respirators,
COVID will support the immediate needs of the global medical
community as the situation with COVID-19 progresses.
Mr. Kal Malhi, Chairman of Micron
Waste, states "The COVID virus has turned
the world upside down and getting personal protective equipment to the right people
has become difficult as countries are prohibiting exports
and retaining
manufactured personal protective equipment for their own
use.
We plan to cater to the Canadian market and provide
much
needed equipment to first responders
and the general public in Canada in an ethical
manner. I believe
that
personal protective equipment is here to stay and the
demand for it will last long after the covid virus is under
control."
Additional
information
The
Company
also announces the launch of a new shareholder communications
initiative designed to improve visibility into the
Company's current and planned
operations. The Company has retained South
Florida-based Midam Ventures LLC, UK based InvestorsHub.com
LLC and Vancouver based Stockhouse Publishing Ltd
to assist in the
execution of this initiative.
Midam
Ventures:
The
Company has retained Midam for
a period beginning April 16, 2020, and ending on July 31, 2020. For
services provided to the Company, Midam has been paid a
total cash fee of $350,000 (U.S.). No additional shares, options
and or warrants were paid to Midam.
Investorhub.com
LLC.
Investorhub has
been retained by the Company to provide services
from April 20, 2020 to June 13,
2020. A
cash fee of USD$50,000 was paid to Investorhub. No additional shares, options
and or warrants were paid to Investorhub.
Stockhouse
Publishing
Stockhouse has
been retained by the company since August 27, 2019 and
ending July 31, 2020. A cash
fee of $26,000 was paid to Stockhouse. No additional shares,
options and or warrants were paid to Stockhouse.
This new
shareholder communications initiative is comprehensive and will
include text, image and video content disseminated by
Midam,
Investorhub and Stockhouse with the Company retaining full
editorial control. On-line traffic will be
strategically driven to approved content. The program will also
include updates to the Company's website and social
media initiatives and strategy.
About
Micron Waste Technologies Inc.
Micron is a
well-funded technology company
with over $3M in working capital.
Micron has a
manufacturing facility based in Delta, BC where it is developing
waste
digesters and aims to begin
production of
critical Personal Protective Equipment (PPE). Micron is a public company
with listings on the CSE: MWM,
OTC:
MICWF, and in Frankfurt: 7FM2. Please visit
www.micronwaste.com for further
information.
Kal
Malhi
Chairman
For further
information:
Kal
Malhi
kal@bullruncapital.ca
The Canadian Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
FORWARD
LOOKING STATEMENTS:
The
forward-looking information contained in this press release is made
as of the date of this press release and, except as required by
applicable law, the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking
information, whether as a result of new information, future events
or otherwise, except as may be required by law. By its very nature,
such forward-looking information requires the Company to make
assumptions that may not materialize or that may not be accurate.
This forward-looking information is subject to known and unknown
risks and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially
from those expressed or implied by such information.