NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / August 4, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(Frankfurt:APO2)(OTC PINK:SOFSF) ("SOFT" or the "Company"), is pleased to provide this update to shareholders on the proposed acquisition of CleanGo GreenGo Inc. (CGGG).
CleanGo GreenGo Calgary Facility Readiness
The Calgary manufacturing, bottling and fulfillment facility for CleanGo GreenGo received the final components for its assembly line. The facility is now fully operational and ready to fulfill orders. There has been an unprecedented demand for its products due to the current pandemic. With the new facility up and running, CleanGo GreenGo is now equipped to meet that demand.
CleanGo GreenGo Audits and Due Diligence
CleanGo GreenGo has retained auditors in Vancouver, B.C. to conduct their audits. Work has commenced on the 2018 and 2019 audits of the company's financials. A review engagement will also be conducted from January 1st, 2020 till June 30, 2020. The company expects these audits to be complete before the end of August 2020, which is in line with the proposed timeline for approval of the closing of CleanGo GreenGo at the Annual General Meeting.
CleanGo GreenGo Opportunities
For the past few months CleanGo GreenGo has been evaluating several opportunities created by the current health crisis. The company continues to pursue prospects related to the disinfectant and sanitizing markets that would complement its current business plan.
Annual General Meeting
The company has set Sept 10, 2020 as the date for the Annual General Meeting (AGM) whereby shareholders will be given an opportunity to vote for the closing of the proposed CleanGo GreenGo acquisition. The AGM will be held at Suite 610-700 West Pender Street, Vancouver, B.C., V6G 1G8.
Rahim Mohamed, CEO of Softlab9 said, "We look forward to completing this transaction with CleanGo GreenGo. We have been closely monitoring the current pandemic situation and looking at potential projects for acquisition that would complement CleanGo GreenGo. We believe there are several items we can add to the CleanGo GreenGo family of products that will create further shareholder value, and also bring value to the CleanGo GreenGo brand."
Anthony Sarvucci, CEO of CleanGo GreenGo said, "We are pleased with the commissioning of our Calgary facility, as this marks a significant milestone for the company. Our ability to control costs and monitor the quality of our 'Made in Canada Products' will help us achieve better margins. We look forward to completing the proposed transaction with Softlab9 and continuing our successful collaboration."
About CleanGo GreenGo Inc.
CleanGo GreenGo Inc. is an FDA and Health Canada approved Manufacturer of Green, Non-Toxic, and Biodegradable suite of cleaning products for industrial, commercial and consumer markets. CleanGo GreenGo, also manufactures hand sanitizer gel which is sold throughout the USA and Canada. CleanGo's products have been tested in 2015 in the USA to kill the human coronavirus. CleanGo's products are sold on various online platforms, including Amazon, as well as through distribution in retail, wholesale, and government agencies. CleanGo GreenGo utilizes a Patent Pending IP. The Patent was filed with the United States Patent and Trademark Office in February 2020 and currently holds a Patent Pending Status.
About SoftLab9
SoftLab9 is a technology incubator specializing in developing, launching, and acquiring vertically integrated companies. They foster a portfolio of assets internally while providing engineering, capital, executive management, and industry experience. The Company brings together innovative ideas based on solid foundations and experienced teams to build leading companies.
Cautionary Note:
The Company is not making any express or implied claims that CleanGo GreenGo or any other product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time. Do not drink or consume any of the products at any time. Follow the instructions on the bottles. The products mentioned are meant to be used on surfaces and hands to sanitize to protect against bacteria and viruses. CleanGo GreenGo is not a cure, nor does it imply to be a cure for COVID-19.
For further information please contact:
Rahim Mohamed
Chief Executive Officer
Phone: (403) 605-9429
RM@softlab9.com
https://www.soft-lab9.com/
Paul Searle
Corporate Communications
Citygate Capital Corp
Phone: (778) 240-7724
psearle@citygatecap.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to the use of the proceeds of the Private Placement and the Company's prospect of success in executing its proposed plans, including its plans to complete the acquisition of CleanGo GreenGo. Forward-looking statements can often be identified by words such as "will", "plans", "expects", "may", "intends", "anticipates", "believes", proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions by management regarding the Company, including, without limitation, the Company's ability to acquire CleanGo GreenGo and obtain required regulatory approvals and the timing thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's operations may also adversely affect the future results or performance of the Company. The Company can provide no guarantee that it will be successful in completing the Private Placement or completing the acquisition of CleanGo GreenGo. Investors are cautioned that forward looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
SOURCE: Softlab9 Technologies Inc
View source version on accesswire.com:
https://www.accesswire.com/600229/Softlab9-Provides-Update-on-CleanGo-GreenGo-Acquisition
