Combination Plan to Develop Airware's IP for Nasal Delivery of Cannabinoids
SCOTTSDALE, Arizona, November 30, 2017 /PRNewswire/ --
Airware Labs Corporation (AIRW) today announced entering into a non-binding letter of intent ("LOI") to acquire BSSD Group, LLC doing business as Item 9 Labs and other transactions related to the acquisition. Terms of the LOI call for the companies to use their best efforts to negotiate the final terms, and enter into a Definitive Agreement no later than December 31, 2017 or if not, either party can terminate the LOI. The terms of the Definitive Agreement, if one is executed, will specifically set forth the scope and details of the proposed acquisition of BSSD Group, LLC and other contemplated transactions related thereto. No assurances can be made that the companies will in fact enter into a Definitive Agreement.
"Item 9 Labs intends to utilize the patented intellectual property of Airware Labs Corp to develop an intra-nasal THC delivery system effectively eliminating a long standing pain point in the market. By combining Airware's technology and our industry experience, Item 9 will be able to improve the quality of life for patients and their loved ones," said Bryce Skalla, Co-Founder & CEO of Item 9 Labs. Skalla added, "Item 9 Labs has made a passion out of providing innovative medicinal alternatives for chronic and terminally ill patients, through the cultivation and manufacturing of high quality medical cannabis products. We are very excited to announce the next phase of our evolution, the union of Item 9 Labs and Airware Labs Corp. Item 9 Labs has long recognized the barrier with MMJ products as being the lack of options for delivery methods."
"Airware Labs has been actively seeking a strategic partner in the Medical CBD and THC space to use our patented IP as a nasal delivery device allowing efficient and effective immediate delivery of Cannabinoids into the body. Item 9 Labs is the perfect partner with an experienced team, we are excited to combine our companies. Airware's current product lineup provides air filtration and nasal dilation to promote improved breathing in support of overall health," said Jeffrey Rassas, CEO of Airware Labs Corp.
About Item 9 Labs:
Item 9 Labs is an Arizona-based cannabis consulting company with a proven record of high quality medical marijuana flower and products focused on organic cost-effective solutions for whole body health. Item 9 Labs owns and operates 50 acres in Southern Arizona, the largest property zoned to grow and cultivate the medical marijuana flower. Many cannabis manufacturers have moved their focus to hydroponic techniques that utilize harsh chemicals and nutrients, hindering the bioavailability of their product. Item 9 Labs maintains plant derived natural soil media and nutrient regiments, which it believes generates a superior product through enhanced taste, smell, and effect increasing customer demand. As a direct result of these organic farming techniques, Item 9 Labs' medicine sells at a price that is 5-10% higher than its state competitors.
About Airware Labs Corporation:
Airware Labs Corp's products are patented and address key consumer health and quality of life challenges including intra-nasal delivery of drugs and therapeutic oils. Airware products provide relief from snoring, insomnia, nausea, headaches, airborne bacteria and viruses, allergies and congestion. The Airware lineup also includes sports performance products. Unlike external products such as nasal strips, these soft, comfortable, and discreet, latex and drug free products fit just inside the nose utilizing an FDA approved medical grade material. Nearly invisible for use anytime and anywhere, the Airware Labs products' microstructure enhances normal nasal airflow with every breath. Some Airware products include 3M filtration media to stop allergens, airborne bacteria and viruses as well as a blend of proven, therapeutic premium oils to provide additional antimicrobial protection and symptomatic relief.
Airware Labs previously announced the availability of its Airware Defense product in South Korea marking another milestone in its growing success in expanding product sales in international as well as domestic markets. Airware Labs announced prestigious retail outlets in India and China are now selling Airware Labs' products. Domestically, the Company's pioneering products are available through a number of brick and mortar retail locations including Walgreens, Albertsons, Acme, Shoppers, Shop n' Save, ACME, and Farm Fresh along with individual distributors in the United States, Canada, and Europe. Online the products are available at a variety of retail sites including Walmart, Walgreens, Target, Drugstore.com, CVS, Amazon and Airware Labs Corp.
Airware Labs Corp. (publicly traded as OTC: AIRW) provides patented, innovative breathing and intra-nasal deliver technology products that promote better health and enhanced wellbeing. The company is headquartered in Scottsdale, Arizona. Explore our extensive product line at http://www.airwarelabs.com and learn more about our company by visiting http://airwarelabscorp.com.
Forward-Looking Statement: The statements in this press release regarding any implied or perceived benefits from the release by Airware Labs Corp. of its products and matters involving or proposed with Item 9 Labs are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. Information related to Item 9 Labs has been provided directly by Item 9 Labs and Airware Labs Corp. has not independently verified any of the information provided. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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