Thetford Mines, Quebec - TheNewswire – July 29, 2021 – KDA Group Inc. (TSXV:KDA) (“KDA” or the “Corporation”) and its wholly owned subsidiary, Groupe Technologique KDA Inc. (“Tech KDA”) are pleased to announce an update on the Elixir 420 software platform (the “Elixir 420 Software Platform”).
Tech KDA is working to complete the development of Elixir 420 Software Platform, its medical cannabis platform to be able to do a commercial launch this fall.
Elixir 420 Software Platform is an innovative health network platform of e-Prescribing for medical cannabis, the world’s first patient-centric health ecosystem addressing THC/CBD.
“Cannabis access is associated with reduced rates of opioid use and abuse, opioid-related hospitalizations, opioid-related traffic fatalities, opioid-related drug treatment admissions, and opioid-related overdose deaths,” said Sylvain Duvernay, Chief Executive Officer of KDA.
Finally, the Elixir 420 Software Platform will reach more than 70,000 physicians that do not prescribe medical cannabis in Canada.1
Elixir 420 Software Platform features are:
- To provide intuitive educational tools to physicians and patients for learning about medical cannabis and its viability as a treatment option.
- To equip physicians with the most up-to-date clinical guidelines and support network so they can prescribe and monitor cannabinoid treatment plans with confidence.
- To fully optimize the patient registration and securely and electronically transmit original medical documents and registration forms to Licensed Producers.
- To lower the administrative burden for everyone and enable the patient to be instantly submitted to the Licensed Producer of their choosing.
PHARMAPAR
The Corporation announces also that Strides Pharma Canada Inc. (“Strides”) exercised its option on June 30, 2021 to acquire the 20% interest owned by the Corporation in Pharmapar Inc. (“Pharmapar”). In 2019, Strides acquired form the Corporation 80% of the issued and outstanding shares of Pharmapar and under a shareholders agreement signed between the parties in 2019 (the “Shareholders Agreement”), Strides had the option to acquire the remaining 20% interest in Pharmapar from the Corporation two (2) years after the transaction. The purchase price paid by Strides for this 20% interest in Pharmapar was $1, and has been calculated according to a formula stipulated in the Shareholders Agreement, based on the EBITDA of Pharmapar. This will allow the Corporation to focus on its core business.
PRIVATE DEBT PARTNERS
As previously disclosed in its press release dated July 20, 2021, KDA announced it had entered into a commitment letter with Private Debt Partners (“PDP”) regarding terms and conditions of a new term debt financing of up to CAD $7.0 million for a 2-year term (the “Debt Financing”) to replace National Bank of Canada’s debt financing.
Also, PDP shall be granted $420,000 worth of warrants in KDA, representing 3,000,000 warrants that entitles PDP to purchase 3,000,000 Class A Shares of KDA (the “Common Share”) at an exercise price of $0.14 per Common Share for a period of 24 months following the closing date of the Debt Financing, in respect with TSX Venture Exchange’s (“TSXV”) policy.
The Debt Financing is expected to close on July 30, 2021 and is subject to the fulfillment of certain conditions including the final approval of any regulatory authorities by which each party must comply to, in particular the TSXV.
ABOUT KDA GROUP
KDA Group is a leading technological innovations and specialized solutions provider in the pharmaceutical market. Today, it is a respected name for quality and expertise among the different stakeholders in the pharmaceutical and medical sector. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.kdagroup.ca and on SEDAR at www.sedar.com.
REFERENCE
1-Health Canada 2019
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release from KDA Group contains forward-looking statements. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target, and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive, and will. By their nature, forward-looking statements require us to make estimates and assumptions and express opinions based on current conditions and anticipated developments, as well as other factors that Management may deem appropriate under the circumstances. There is inherent uncertainty and significant risk in these estimates, assumptions, and opinions, particularly of a commercial, economic, and competitive nature, and they are therefore subject to change. KDA Group cannot guarantee that these estimates, assumptions, and opinions will prove to be accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
INFORMATION
Sylvain Duvernay
Chief Executive Officer
514 622-7370
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