Novo Integrated Sciences Signs Agreement of Transfer and Assignment with Kainai Cooperative
January 14, 2019 at 08:00 am EST
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On January 8, 2019, Novo Integrated Sciences, Inc. and 2478659 Ontario Ltd. (247), signed an Agreement of Transfer and Assignment (the JV Assignment), pursuant to which Novo Integrated Sciences assumes all rights and obligations outlined within a Joint Venture Agreement (JV), executed January 7, 2019, between 247 and Kainai Cooperative, a cooperative organized under the laws of Alberta, Canada (“KA”). The JV provides for both farming and greenhouse agricultural development, to include supporting infrastructure, of over 275,000 acres of Canadian prairie land for a minimum term of fifty years. The primary cash crop to be harvested is hemp and medical cannabis. In consideration for the JV Assignment, upon expiration of a 20-day diligence period or the Company waiving such period, 247 will be issued 12,000,000 shares of the Company’s common stock pursuant to an exemption from registration in Regulation S under the Securities Act of 1933, as amended (Assignment Stock). Additionally, the Assignment Stock issued will be subject to a one-year lock up period from date of issuance.
Novo Integrated Sciences, Inc. is a parent company to its subsidiaries. The Company owns Canadian and United States subsidiaries that provide, or intend to provide, essential and differentiated solutions to the delivery of multidisciplinary primary care and related wellness products through the integration of medical technology, interconnectivity, advanced therapeutic, diagnostic solutions, personalized product offerings, and rehabilitative science. The Company operates through two segments: Healthcare Services and Product Sales. Its specialized multidisciplinary primary healthcare services include physiotherapy, chiropractic care, manual/manipulative therapy, occupational therapy, eldercare, massage therapy, acupuncture and functional dry needling, chiropody, stroke and traumatic brain injury/neurological rehabilitation, kinesiology, vestibular therapy, dietician and others. Its subsidiaries include Novo Healthnet Limited, Novomerica Health Group, Inc., PRO-DIP, LLC and others.