Edmonton, January 19, 2021. Innovotech Inc. (IOT TSXV, the “Company”) has received TSX Venture Exchange approval for its transaction announced August 18, 2020, to acquire the right, but not the obligation, to earn a 60% undivided equity interest in Nou Life Sciences Inc. (“Nou Life”) in return for completing an investment of $100,000 in development expenses in Nou Life’s patented skin treatment technology.
The transaction allows Innovotech to take up to two years to evaluate the technology, which rests on the linking of alpha lipoic acid and L-carnitine. Both are well-known antioxidants that have applications in health care. Linked into one molecule, it is postulated that they may carry their antioxidant benefits more deeply to subdermal cells than is the case with current technology in skin care.
“We are pleased that we have the final approval for a transaction that enables the Company to tightly control the pace and extent of its investment, in a manner that reduces the inherent risk in developing new technology.” said Dr. James Timourian, President of Innovotech.
