Micron Waste Completes Acquisition of Covid Technologies and Appoints Harveer Singh Sidhu to Board of Directors
VANCOUVER, BC, July 10, 2020 /CNW/ - Micron Waste Technologies Inc. ("Micron" or the "Company") (CSE: MWM) (OTC: MICWF) (Frankfurt: 7FM2) (OTCQB: MICWF), is pleased to announce that, further to its news releases on April 20, 2020, and May 19, 2020, the Company has completed the acquisition (the "Acquisition") of all of the issued and outstanding shares of Covid Technologies Inc. ("Covid Technologies") pursuant to the terms of a share exchange agreement, effective May 18, 2020 (the "Definitive Agreement") among the Company, Covid Technologies, and the securityholders of Covid Technologies.
Pursuant to the terms of the Definitive Agreement and in consideration of the Acquisition, the Company issued to the former Covid Technologies securityholders:
- an aggregate of 16,500,000 common shares of the Company (the "Consideration Shares") at a deemed price of $0.08 per Consideration Share; and
- an aggregate of 16,500,000 replacement warrants (the "Replacement Warrants") exercisable into common shares in the capital of the Company for a price of $0.10 for a period up to and including April 28, 2025.
Additionally, effective upon closing of the Acquisition, Harveer Singh Sidhu was appointed to the Company's board of directors.
About Covid Technologies
Covid Technologies is preparing to deliver much needed personal protective equipment ("PPE") by providing Canadian-made, high quality, vapour barrier technology (masks, protective garments), that provide protection from biological hazards, pathogens, and suberbugs.
About Micron
Micron is a well-funded industrial/technology company with a manufacturing facility in Delta, BC. Micron is currently developing waste digesters using proprietary technology. Micron's waste digester business is focused on the cannabis and food industry with its Cannivore, Organivore and Pharmavore waste digesters. The Company will continue its research and development of its waste digester business alongside its PPE manufacturing business.
Micron is a public company with listings on the CSE: MWM, OTC: MICWF, and in Frankfurt: 7FM2.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kal Malhi"
Kal Malhi,
Chairman
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.
SOURCE Micron Waste Technologies Inc.
Kal Malhi, [email protected]
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