Micron Waste Enters into Definitive Agreement with Covid Technologies Inc.
VANCOUVER, May 19, 2020 /CNW/ - Micron Waste Technologies Inc. ("Micron" or the "Company") (CSE: MWM, OTC: MICWF, Frankfurt: 7FM2, OTCQB"MICWF"), is pleased to announce that it has entered into a Definitive Purchase Agreement with the shareholders of Covid Technologies Inc. ("Covid") for the acquisition of all of the shares of Covid.
Since announcing the interim agreement with Covid on April 20, 2020, the Company has been completing diligence on Covid, the personal protection equipment ("PPE") industry and anticipated demand for PPE. The Company is of the view that the demand for PPE will increase in the future as Canadian and worldwide economies, education and securities re-open. The anticipated demand for PPE the Company believes will transcend the current need arising from the pandemic and will become a requirement of the "new normal". Covid has established manufacturing capacity through the acquisition of state-of-the-art mask making equipment, including the purchase of a FLK120 surgical mask making machine and over 5 tonnes of raw material for mask production. Covid has additional cash and manufacturing assets having a replacement value of approximately $500,000. Since the interim agreement, Covid has entered into purchase agreements for approximately 1 million masks to private enterprise.
Following closing of the purchase and sale, Covid will relocate its manufacturing facilities to the Delta, BC facilities of Micron and be managed by the existing Micron team, together with Covid founder Harveer Sidhu.
Micron will continue the research and development of its Cannavore, Pharmavore and Organivore waste digesters from its Delta facilities. In particular, the Pharmavore digestor is anticipated to enter testing and trials with an industry partner in Q2 2020.
The Company has in excess of $3M to allocate to its waste digestor business and it is anticipated that the PPE business line will be self-financing based on anticipated sales.
Closing of the acquisition is anticipated to be completed by the end of May 2020.
About COVID
In this time of crisis, Covid is preparing to deliver needed PPE by providing Canadian-made, high quality, vapour barrier technology (masks, protective garments), protecting them from biological hazards, pathogens, and superbugs.
COVID will begin production of:
- Class 1 Protective 3ply Surgical masks equipment ASTM F2100 or F2101 guidelines.
- N95 Reporters
About Micron Waste Technologies Inc.
Micron is a well-funded industrial/technology company with a manufacturing facility based in Delta, BC. It is developing waste digesters using proprietary technology. Its 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. Please visit www.micronwaste.com for further information.
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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