TORONTO, ON / ACCESSWIRE / August 16, 2019 / MPX International Corporation (“MPX International”, “MPXI” or the “Company”) (CSE:MPXI) (OTC Pink:MPXOF) is pleased to announce that MPXI Malta Property Ltd. (“MPXI Malta”), a Maltese-company owned by MPX International (80%) and Malta-based Bortex Group (“Bortex”) (20%) has completed the acquisition of all the outstanding shares of Alphafarma Operations Ltd. (“Alphafarma”) from Alpha Farma Limited (the “Vendor”).
The Vendor, which is in the business of acquiring, repackaging and distributing pharmaceutical products throughout the European Union and North Africa, has transferred the lease for the “GMP-ready” facility located in Mehriel, just outside of Valletta, the capital city of Malta, as well as the GMP certification to Alphafarma, the newly created subsidiary of the Vendor, in exchange for the payment of €1.5 million (approximately CDN$2,260,800) in cash and the issuance of 1,000,000 common shares (“MPXI Shares”) and 300,000 common share purchase warrants to acquire additional MPXI Shares at an exercise price of $0.63 per MPXI Share for a period of five (5) years.
MPXI Malta has been awarded a letter of intent from Malta Enterprise, the economic development agency for the Republic of Malta, to receive a license to import, extract, produce finished products and distribute cannabis and cannabis derivatives (the “Malta License”) for medicinal use in Malta and export to certain international markets, in particular the European Union.
The Malta License will be issued by the Malta Medicines Authority upon completion and EU-GMP certification of a cannabis processing facility. Upon receipt of the formal Malta License, MPXI will produce EU-GMP quality cannabis oils and cannabis derivative products and pursue regulated medical cannabis distribution opportunities in the European Union through Salus BioPharma.
Select employees from the current tenant of the facility, several of which are experienced and certified in the various quality control and quality assurance standards required for EU-GMP production will remain with MPXI. The availability of such qualified personnel will also shorten and facilitate the GMP certification process and allow MPXI to more quickly secure final license approval and commence operations.
The Company is expected to invest approximately €3.0 million (approximately CDN$4,521,600) for refurbishing the facility, extraction, processing and packaging equipment and working capital.
The Company issued to Green Goblin Ventures Limited (“Green Goblin”) 555,375 MPXI Shares as consideration for the preparation of the application for the License and 142,484 MPXI Shares as consideration for identifying and facilitating the acquisition of Alphafarma.
As part of the partnership agreement whereby Bortex will provide oversight of and support to MPXI’s Maltese operations and as consideration for assistance with setting up the local manufacturing facility in the newly acquired Alphafarma site, the Company issued to Bortex 836,375 MPXI Shares. Bortex, a well-established Maltese conglomerate involved in manufacturing, distribution, retail operations and property development, will provide local support and oversight of the Company’s Malta operations.
About MPX International Corporation
MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.
Written by NCV Newswire
New Cannabis Ventures