SNAP Brands Ventures Ltd. has signed a letter of intent to purchase an award winning Canadian College to further assist with the research and development of Snap Brands ÜRBIOCODETM and ÜRSTAXTM platforms.
VANCOUVER, BC, June 21, 2022 /CNW/ - SNAP Brands Ventures Inc. ("SNAP") is pleased to announce that it has entered into a non-binding letter of intent ("LOI") to purchase a globally recognized, award winning Canadian College ("College"). SNAP intends to utilize the College's specialties in Holistic Medicine to further assist in the research and development of SNAP's ÜRBIOCODETM and ÜRSTAXTM platforms. Pursuant to the terms of the LOI, the parties have agreed to a 60-day due diligence period and will proceed with the good faith negotiation and execution of a definitive agreement that will set out all the terms of the Proposed Transaction.
SNAP's Telehealth application uses audio signal processing and machine learning to analyze 30-second audio clips of a user's voice to quickly, and accurately, identify known and unknown health issues such as low vitamin deficiency, inflammation, poor cardiovascular and/or cognitive health. SNAP then correlates these Biomarkers (known as ÜRBIOCODETM) to products, such as their line of premium personalized health and wellness products known as ÜRSTAXTM
The Canadian College that SNAP intends to purchase has annual revenues of more than $4 Million (CAD) from its core business units, with an annual EBITDA of approximately $1.5 Million (CAD).
Dino Minichiello, CEO of Snap Brands: "With almost two decades of profitability, this Canadian world-renowned College fits well with our overall SNAP Brands model of integrating traditional and cutting-edge health and medical practices in an effort to increase the global availability of sustainable healthcare."
Snap Brands is developing a first of its kind direct-to-consumer (D2C) Telehealth Service. Snap is leveraging audio biomarkers to match and recommend health products to improve your overall wellness and quality of life. Snap Brands also researches, develops, and brings to market the best of the best health supplements under the ÜRSTAXTM brand, which is their in-house portfolio of products. ÜRSTAXTM is proudly produced in North America, shipping to customers in Canada and the United States.
The Company has entered into an agreement to merge with a reporting issuer in a reverse takeover transaction (RTO) and contemporaneously intends to apply for listing on a Canadian stock exchange. The reporting issuer is completing a corporate reorganization to accommodate the merger following which, if completed, Snap Brands will become a public reporting issuer. Further details of corporate changes to become a public issuer will be announced as they occur.
SOURCE SNAP Brands Ventures Inc
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