Lexaria Bioscience Corp. (OTCQB: LXRP) (CSE: LXX) (the “Company” or “Lexaria”) a drug delivery platform innovator, announces it has acquired 100% ownership interest in its majority owned subsidiary Poviva Tea, LLC.
Lexaria previously owned 51% interest in Poviva Tea, LLC and has acquired the remaining 49% interest. The acquisition consolidates ownership of Poviva Tea, LLC as a wholly owned Lexaria Bioscience subsidiary and simplifies future operations and certain intellectual property ownership. Compensation was US$70,000, a waiver on certain debts, and a 5%, 20-year royalty on net profits of ViPova TeaTM tea, coffee, and hot chocolate sales. No Lexaria stock or options were issued.
“This acquisition strengthens Lexaria’s intellectual property positioning and we reaffirm our commitment to the ViPova Tea product lines,” said Chief Executive Officer Chris Bunka. “Lexaria thanks the founders of Poviva Tea, LLC for their assistance and vision in this transaction.”
Lexaria’s patented DehydraTECH(TM) technology is focused on improved delivery methodologies of many commonly used Active Pharmaceutical Ingredients (“APIs”) substances. As such, it provides an additional layer of effectiveness that is designed to harmonize with the intellectual property of third parties. Both patented and generic API substances can utilize Lexaria’s patented technology. Lexaria’s long term strategy is to partner with the world’s leading firms as they deliver best-of-class products to their existing large consumer groups.
Lexaria Bioscience Corp. has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria has multiple patents pending in over 40 countries around the world and was granted its first patents in the USA and in Australia related to edible forms of cannabinoids. Lexaria’s technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules.
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