Roadman Investments Clarifies Prior Disclosures Regarding CLOV BioPharma Corp.

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(TheNewswire)



 

VANCOUVER, British Columbia – TheNewswire - March 30, 2020 – Roadman Investments Corp. (TSXV:LITT) (FWB:1QD) (OTC:RMANF) (Roadman” or the “Company”) at the request of the TSX Venture Exchange, wishes to clarify the disclosures in its news release disseminated by the Company on March 11, 2020 with respect to research and development activities by the Company or its Subsidiary CLOV BioPharma Corp. (“CBP”) and the disclosures in its news release dated March 26, 2020 with respect to the recent amendment to the license agreement (as amended, the “InMicro License Agreement”) between CBP and inMicro Indoor Air Inc. (“inMicro”).

The Company's news release dated March 11, 2020 contained the statement The mission of CLOV Biopharma Corp. is to conduct further research and development of cedar leaf oil vapour for the purposes of preventing the spread of Coronavirus and other similar potentially pathogenic respiratory viruses, for example, influenza and para-influenza viruses, and respiratory syncytial virus.”

 

The Company would like to clarify that the language “further research and development” was intended to convey CBP’s plan to make inquiries into having additional research and development conducted based on prior research completed by Dr. Hudson on the effectiveness of CLOV.  Previously published peer reviewed journals authored by Dr. Hudson concluded that, in a laboratory setting, CLOV was effective in killing (inactivating) several human respiratory viruses, including Influenza virus, Rhinovirus, Adenovirus, as well as Herpes simplex virus.  It was also shown that short-term exposure to CLOV had no adverse effect on cultured lung epithelial cells, thus indicating that it is not cytotoxic.  Further, it was shown that CLOV also partly reversed the pro-inflammatory effect caused by Rhinovirus infection, which means that it acts as a multifunctional therapeutic agent. 12

 

The Company wishes the further clarify that the Company, CBP and Dr. Hudson have not conducted any research to date with respect to CLOV’s impact prevention of the Coronavirus.  The Company has not conducted in-house research and development and has no plans to conduct any in-house research and development. The Company has made inquiries with a lab at the University of British Columbia on the costs to conduct research and development activities to determine the effects of CLOV on the COVID-19 novel coronavirus. The expected format and cost of the research program has not been determined to date nor has it been determined whether the Company will be required to purchase equipment or hire personnel. CBP does not have a sample of COVID-19 and advises that a sample would have to be obtained in order for research to be done on the effects of CLOV on COVID-19. If no sample is obtained there is a substantial risk that any research program will not proceed or if any research program is able to proceed without a sample, that it may be suspended until a sample can be tested. While CBP remains extremely encouraged, based on previous research by Dr. James Hudson, that its CLOV compound can be effective in helping to protect personal areas from many airborne viruses and pathogens, it cautions that this is only based on early stage research and is not making any express or implied claims that it has the ability to eliminate the COVID-19 virus at this time.

The Company's news release dated March 26, 2020 contained the statement regarding License Agreement. "CBP has amended the agreement on March 24, 2020 with the following highlights: the Company or its subsidiary CBP will order 200 litres of cedar leaf oil from the Licensor within twelve (12) months of the date of this amendment; USD$2 million of gross sales within twenty-four (24) months of the date of this amendment; USD$10 million of aggregate gross sales within thirty-six (36) months of the date of this amendment; and USD$20 million of aggregate gross sales within forty-eight (48) months of the date of this amendment."

The Company would like to supplement its prior disclosure to clarify that the CBP does not have sufficient funds to purchase the amounts outlined in the entire License Agreement.  If CBP is unable to fulfill its obligations within the time periods specified above, InMicro will be able to terminate the InMicro License Agreement and the Company would lose its all rights under the InMicro License Agreement. Further, assuming CBP completes the purchase of 200 litres of cedar leaf oil, CBP may not be able to complete enough sales to meet the required sales milestones or recover the cost of purchasing its inventory.

In addition, we advise that the Company and/or CBP will be required to secure financing of equity or debt, sell investment assets and/or seek alternative financing methods in order fund any planned research and development activities or fulfill the above disclosed obligations under the InMicro License Agreement.

About Roadman Investments

Roadman Investments is a Canadian Venture Capital and Advisory Firm that strives to actively drive innovation and accelerate growth within its portfolio holdings in order to realize alpha returns for its shareholders. Roadman invests capital into companies that offer breakthrough products, devices, treatments and health supplements.

 

Luke Montaine

CEO, Director

Roadman Investments Corp.

604-760-8755

Luke@roadmancorp.com

 

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.

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Examples of forward-looking statements include, among others, statements we make about the Company, its subsidiaries or other Company’s that the Company has invested in or is otherwise affiliated with, regarding planned research and development activities, financing arrangements, investment strategies, returns on investments, contractual obligations including but not limited to obligations to purchase materials or meet sales milestones, strategy for customer retention, growth, product development, market position, financial results and reserves, other statements relating to the financial and business prospects, management’s ability it identify and evaluate investments,  managements ability to obtain the necessary specimens and obtain the necessary licenses and approvals to operate, specifically, the necessary licenses and approvals to conduct research on Coronavirus and develop and sell products derived from this research, fulfillment of the obligations of under the InMicro License Agreement, potential positive outcomes or effects with cedar leaf oil vapor, planned research and development activities to be conducted, sourcing or manufacturing an appropriate diffuser and other matters.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, continued volatility in the capital or credit markets the adequacy of our cash flow to fund the operations of the Company or its affiliates, strategic actions, including acquisitions and dispositions and our success in evaluating acquired businesses and our success in developing the businesses underlying these acquisitions, the occurrence of hostilities, political instability or catastrophic events, changes in customer demand, the extent to which we are successful in gaining new long-term relationships with customers or retaining existing ones and the level of service failures that could lead customers to use competitors' services, developments and changes in laws and regulations, including increased regulation of the medical, health and wellness industries through legislative action and revised rules and standards applied by the international medical, pharmaceutical, health and wellness regulatory bodies, changes in the price of inventory and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in contracted service provider costs and labor difficulties, including stoppages affecting either our operations or our service providers abilities to conduct research and develop and produce products, management’s ability to operate our business models, availability of financing to provide sufficient working capital maintain the business as a going concern, availability of financing to fund the Company’s or it is subsidiaries business operations, including but not limited to, the CBP’s planned research and development activities and product development and sales commitments. the ability of third party researchers to achieve intended results, failures to obtain the necessary funding, materials, licenses and approvals to acquire a specimen of the COVID-19 novel coronavirus, conduct research on Coronavirus and  develop and sell products derived from this early stage research and such other factors as discussed in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.

Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities legislation.  This news is not for dissemination in the United States of America.

1 Hudson, James et al. “The antimicrobial properties of cedar leaf (Thuja plicata) oil; a safe and efficient decontamination agent for buildings.” International journal of environmental research and public health vol. 8,12 (2011): 4477-87. doi:10.3390/ijerph8124477 available at https://www.mdpi.com/1660-4601/8/12/4477)

2 (Vimalanathan, Selvarani & Hudson, James. (2013).The Activity of Cedar Leaf oil Vapor Against Respiratory Viruses: Practical Applications. Journal of Applied Pharmaceutical Science. 3. 011-015. 10.7324/JAPS.2013.31103 available at https://www.japsonline.com/abstract.php?article_id=1100&sts=2).

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