Wuhan General Group (China), Inc. Signs LOI to Acquire Significant Assets From Biodelta Nutraceuticals, Ltd.
BARCELONA, Spain, May 17, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Wuhan General Group (China), Inc. (WUHN) (the "Company" and "Wuhan"), is thrilled to announce the signing of a very remarkable Letter of Intent (LOI) with Biodelta.
The LOI calls for the purchase by Wuhan of 49% of the land, buildings, and infrastructure including the specialized greenhouse and drying ovens. A full agreement between the parties is expected to be reached in 45 days. More details will be made available after the signing of the full agreement. The assets to be acquired include but are not limited to:
- 1.3 million square feet of cultivation space of which 300,000 square feet is turnkey and ready to go as necessary permits are approved and issued. The additional 1,000,000 sq ft. will be built out and readied for early 2021.
- Specialized processing factory ISO 22000
- 8 Industrial GMP compliant dryers
- Water rights
"When we visited Biodelta in South Africa last month and saw first-hand the opportunity and possibilities we knew this was a deal that had to be made. This puts Wuhan on the global stage immediately in terms of sheer size and cannabis production capacity. Preliminary forecasts would see Wuhan produce 36,000 kg in phase one (300k sq. ft), and 175,000 kg (1.3M sq. ft) at full capacity," said MJ Medtech CEO Jeff Robinson.
Leon Giese, Biodelta CEO added: "Biodelta has been at the forefront of South Africa's algal biotech industry since 2004 through its growing and commercialization of Spirulina products into the pharma market in Europe, Asia, and the Americas. Biodelta recognizes the massive opportunity to exploit the growing worldwide demand for South African medicinal herbs. Biodelta has the facilities in place currently to grow under 300,000 square feet of specialized greenhouse and to evaporatively dry, process, formulate, brand and distribute a range of value-added CBD products into its retail pharmacy market throughout Southern Africa as well as its customers worldwide."
About Biodelta Nutraceuticals
Biodelta Nutraceuticals (ISO 22000 and organic certified) is a Cape Town-based manufacturer and merchandiser of premium health products to all pharmacy & health shop chains across South Africa. For the past 12 years, Biodelta has developed, designed and produced more than 1,000 products for these customers and is now strategically positioned to launch CBD products through these channels. In addition, Biodelta has license applications in process for growing, extracting and product development as well as dossiers for various CBD based products.
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About Wuhan General Group (China), Inc.
Wuhan General Group (China), Inc. through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company that researches, develops and commercializes a range of CBD-based products under the Dr. AnnaRx brand. In addition, its new division, M2BIO aims to explore and develop additional indications for psilocybin new therapies that will help patients who suffer from mental illness. Our mission is to advance botanical-based medicine to the forefront by deploying best practice science and medicine, clinical research and emerging technologies.
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Source: Wuhan General Group (China), Inc.