Edmonton, January 18th, 2021. Innovotech Inc. (TSXV-IOT), (the “Company”), and Lonsdale Capital Corporation (“Lonsdale”) have terminated the agreement announced January 04, 2021 for the acquisition by the Company of shares of listed health sector companies held by Lonsdale.
“The transaction has not formally closed, pending regulatory approval, and in the mutual interests of Innovotech Inc. and Lonsdale Capital Corporation, Lonsdale has withdrawn its offer” said Alan Savage, CFO of Innovotech and President of Lonsdale.
As reported in its most recent MD&A Innovotech is profitable, has cash reserves and a strong outlook for 2021. It is seeking to grow, through investment targeted at building its revenue in contract research and product sales, exploiting IP it owns or has control of, and investigating whole company acquisition. It will continue to do so. The Company continues to believe that appropriate fractional strategic acquisitions can provide long-term returns with no increase in operating costs, while providing diversification into other biotechnology and health industry segments.
