EastWest Bioscience Announces Shares for Debt Settlement

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VANCOUVER, BC / ACCESSWIRE / April 8, 2021 / EastWest Bioscience Inc. (the "Company" or "EastWest") (TSXV:EAST) announces the issuance of 3,777,567 common shares at a price of CDN $0.05 per common share to certain non-arm's length and arm's length service providers for settlement in respect of expenses incurred on behalf of the Company by consultants and for consulting services (the "Consultants") provided to the Company. The transactions with the Consultants were in the normal course of business and the consideration provided was agreed to by the Company and the Consultants.

The Company has received TSX Venture Exchange approval on these said transactions and a statutory hold period of four-months and one day is in place on the issuance of these common shares in accordance with applicable securities laws.

About EastWest Bioscience Inc.

EastWest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. We source our raw material, process, manufacture, test, brand, market, and distribute our products to our customers in Canada, the United States, and beyond. The Company owns and operates retail and manufacturing subsidiaries.

The Company's retail subsidiary is the award winning, Canadian, natural health retail franchise - the Sangster's Health Centre's - with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.

Orchard Vale Naturals is the Company's manufacturing arm that is certified with a Health Canada Site License and has GMP Certified NHP Manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operate out of the 34,000 sq Health Canada licensed facility in Penticton, British Columbia that is owned by EastWest Bioscience and is the Head Office for all of its Canadian operations.

ON BEHALF OF THE BOARD OF DIRECTORS OF

EASTWEST BIOSCIENCE INC.

"Rodney Gelineau"
Co-Founder, Chief Executive Officer and Director

For Further Information:

Company Website: www.eastwestbioscience.com
Contact: Rodney Gelineau on 1-800-409-1930 or [email protected].

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 RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the matters disclosed herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove 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 statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: EastWest Bioscience Inc.



View source version on accesswire.com:
https://www.accesswire.com/639406/EastWest-Bioscience-Announces-Shares-for-Debt-Settlement

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