Vancouver, British Columbia--(Newsfile Corp. - September 24, 2020) - CYNTAR VENTURES INC. (CSE: CYN) (the "Company") wishes to announce that the board of directors of the Company as decided to undertake a Change of Business (as such term is defined in the Canadian Securities Exchange ("CSE") Policy 8 (the "Policy")) embark into a new business realm (the "New Business"). The New Business will see the Company moving to enhance shareholder value in the field of growing, processing, testing, retail delivery, planting, packaging, transporting, developing of cannabidiol, cultivation, developing of infused products, and research and development in the medical cannabis and related fields, including the research and development of Psychedelic Designer Therapeutics.
As an immediate initiative the Company has today acquired certain proprietary knowledge in the field of psychedelics for treatment resistant depression and nicotine dependence from Mr. Ezekiel Golan, who has also agreed to join the Company as a consultant to steer the research and development of the Company's new venture. The Change of Business will NOT result in a Change of Control (as such term is defined in the Policy).
Mr. Golan is a multidisciplinary inventor in the fields of mycology, genetics, pharmacology, and behavioural neuroscience. He is the registered inventor of dozens of granted patents in these fields. Mr. Golan has been working in the pharmaceutical industry since 2002, in scientific as well as management positions. He is arguably quoted as the world's most prolific discoverer of designer psychedelics.
The Company's Change of Business will require shareholder approval and is also subject to the approval of the CSE.
Mr. Levin, Chairman and CEO, commented, "We are very excited to provide our shareholders with what we believe will be a new opportunity to enhance the value of their investment in the Company. We believe the market for medical grade cannabis products worldwide and specifically Psychedelic Designer Therapeutics will only increase over the next decade and our cooperation with Mr. Golan and his unique knowledge set will put us at the forefront of the industry."
For further information, please contact:
Gadi Levin, CEO Phone: (647) 558-5564
ON BEHALF OF THE BOARD OF DIRECTORS
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking information relating to the Company's proposed activities and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These factors include risks and uncertainties associated with the results of diligence investigations, developments in the cannabis sector, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings, including the Company's Listing Statement, made with the applicable Canadian securities regulators. There can be no assurance that such information will prov e to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information.
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