Completion of Asset Purchase Agreement and Commencement of its ECG Monitoring Business
An experienced executive management team is leading the way in the FDA and CE-cleared cardiac monitoring products and services arena, using smart phones and cloud-based software technology
ESCONDIDO, Calif. (Sept. 22, 2020) (Globe Newswire) – via NetworkWire – CB Scientific, Inc. (OTC: CBSC) (“CBSC” or the “Company”), a provider of innovative products and services for the ambulatory noninvasive cardiac monitoring space, announces recent disclosures regarding its acquisition of the operating business assets of Prevent Health Care International Corp. (PHCIC) and the disposition of CBSC’s former business assets related to cannabis testing products and services.
CB Scientific, Inc. announces that it has concluded the acquisition of business assets, pursuant to an agreement with certain secured investors and controlling shareholders of Prevent Health Care International Corp., a private British Columbia, Canada, corporation. The agreement enabled CBSC to acquire all of the ownership interests in all of the assets of PHCIC, including its medical technology products developed to date; its intellectual property; manufacturing know-how; any and all patents; and all related information and knowledge necessary to promote, market and sell its product line in all global markets, excluding Australia.
The acquired products and services are available in the U.S. and through PHCIC’s international subsidiaries using proprietary FDA and CE-cleared EKG devices, interactive cloud-based acquisition software, and smartphone apps for both iOS and Android platforms. The combination of devices and software provides improved compliance for patients at risk of abnormal heart rhythms, as well as more accurate information for physicians. The disclosures also provide information on changes in the Company’s key executive management as well as details of these individuals’ previous experience. CBSC has committed to provide updates and further details on the progress of the business as key milestones are met.
In connection with this, CBSC has acquired ownership and taken control of the subsidiaries of PHCIC, including My-Cardia (USA) Inc. and related businesses. CBSC has assembled a core management team including key personnel from PHCIC, as well as new additions to the team, to continue the previous activities of PHCIC and its subsidiaries. This includes ongoing sales and support for physicians and patients, in addition to relationships with contracted suppliers, subcontractors, distribution partners and affiliates. Going forward, CBSC will be involved in the development, sale and service of innovative arrhythmia diagnostics and heart-monitoring solutions, including intellectual property and related products.
In connection with the asset purchase agreement, CBSC has divested its previous cannabis-related testing products and services business in order to focus on the medical monitoring business going forward. Company operations and headquarters will initially be located in Escondido, California, pending further plans and possible developments. CBSC is developing and refining its corporate communications capabilities, including its website and media relations, in order to better communicate the business objectives of the Company and to provide regular information updates.
Charles Martin, CBSC CEO, stated, “I am very optimistic about CB Scientific’s future prospects, as a result of becoming a public company, and the opportunities available for our proprietary cardiac products and cloud-based applications. The market for heart monitoring has grown substantially over the past decade, and our international target markets have a huge need for our products and services. I expect sales to grow rapidly.”
CBSC is now fully committed to the further development and expansion of its cardiac arrhythmia diagnostic heart-monitoring technology, called the myCam, through its new subsidiary My-Cardia (USA) Inc., whose primary focus is the Remote Cardiac Ambulatory ECG market, both domestically and internationally. Related to this will be ongoing efforts to expand my-Cardia’s product and service capabilities through expansion of business relationships and possible acquisitions.
CB Scientific plans to make further announcements to keep its shareholders, industry participants and the public markets informed through press releases and regulatory filings as new developments occur.
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