Halifax, Nova Scotia--(Newsfile Corp. - November 26, 2020) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: ATURF) (FSE: AHUH) is pleased to announce the appointment of Dr. David Fransen to its Board of Directors. Dr. Fransen has served on the Company's Advisory Board since June of 2020.
Dr. David Fransen
Dr. Fransen's career spans 40 years in various roles including senior executive positions in government, academia and the diplomatic corps. Dr. Fransen has provided strategic leadership across a wide range of economic policy and program sectors as a senior official at the Privy Council Office and Health Canada, as an Assistant Deputy Minister at Industry Canada, as the first Executive Director of the University of Waterloo's Institute for Quantum Computing, and as Canada's Consul General in Los Angeles.
Dr. Fransen is also a former Special Advisor to the President of the National Research Council, former Chair of the Waterloo Innovation Summit, and a member of the boards of the Waterloo Economic Development Corporation, the Institute for Quantum Computing, and Quantum-Safe Canada. Dr. Fransen led in the creation, and then served as a founding member of the Board of Governors of the Council of Canadian Academies. Dr. Fransen also served as a member of the board of directors of Canadian Commercial Corporation, the Standards Council of Canada, and as Secretary of the Minister of Industry Canada's Expert Panel on Commercialization.
Dr. Fransen holds a PhD from the University of Toronto, a BA and MA from the University of Waterloo, and a Bachelor of Theology from Canadian Mennonite University. Dr. Fransen is also a Fellow of the Public Policy Forum.
The Company further announces that Mr. Scot Robinson will be resigning from the Board of Directors for personal reasons. The Company is thankful to Scot for his significant contribution to the Company.
The Company is also pleased to report that it has closed a further tranche of the previously announced non-brokered private placement in the amount of $397,600.20 by way of issuing 1,325,334 units ("Units") at a price of $0.30 per Unit. Each Unit consists of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"), with each Warrant giving the holder the right to purchase one additional Common Share at an exercise price of $0.50 per Common Share for a period of 24 months. The Company paid finders fees in the amount of $5,250.00 and issued a total of 17,500 finder's warrants ("Finder's Warrants") in connection with the closing of the tranche of the non-brokered private placement. The Finder's Warrants give the holder the right to purchase one Common Share at an exercise price of $0.30 per share for a period of 24 months after closing.
Pursuant to National Instrument 45-102 - Resale of Securities, all of the Units (and the underlying Common Shares to be issued upon exercise of the Warrants) issued pursuant to the Financing are subject to a four-month hold period. Additional hold periods and/or trading or resale restrictions may also apply in the United States.
The Company intends to use the net proceeds of the Financing for the deployment of its Affinity cannabis purification units, as well as research into its AMIPs virus detection technology.
The closing of the tranche of the non-brokered private placement, as well as the issuance of the Units pursuant thereto, are subject to the final acceptance of the CSE. At its discretion, the Company may complete additional tranches of the private placement in the near future. The Company will make further announcements on the closing of any such additional tranches, if applicable.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of a commercial roll out of its Affinity cannabinoid purification system, as well as, IXOS®, a line of extraction polymers for the gold mining industry. The Company is in the development stages of a rapid diagnostic test for viruses under the Accelerated MIPs (AMIPS) label.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection and separation of viruses, biogenic amines and other pathogens, for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jonathan Gluckman"
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
E-mail: info@sixthwave.com
Cautionary Notes
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the planned use of proceeds and performance of the AMIPs technologies. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the AMIPs technology are subject the risk that the AMIPs technology may not prove to be successful in detecting virus targets effectively or at all, uncertainty of medical product development, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for medical applications and the need for additional capital to carry out product development activities. The value of any products ultimately developed could be negatively impacted if the patent is not granted. The Company has not yet completed development of a prototype for the product that is subject of its patent application and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
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