VANCOUVER, British Columbia – Roadman Investments Corp. (TSXV: LITT)(FWB: 1QD)(OTC: RMANF) (“Roadman Investments” or the “Company”) is pleased to announce that the Company has received a purchase order for 10,000 mL of it’s CLOV Biopharma Corp. (CBP) cedar leaf oil from it’s Hong Kong based distribution partner Shanghai Ingredients Trading Limited (“Shanghai Ingredients”) to be distributed across it’s online proprietary sales platforms. This is an exciting moment for Roadman as not only it’s first order but an order into the largest consumer market in the world. Through it’s joint venture arrangement with Panasia Distribution Corp (“Panasia”), Roadman will collaborate to facilitate this consignment. Shanghai Ingredients will focus on the utilization of cedar leaf oil vapour in a variety of both clinical laboratory and real world commercial scenarios into the Asia Pacific region with a particular focus on the huge emerging market place in China.
This purchase order will initially only include quantities of CBP’s cedar leaf compound when available. We anticipate this order to be available for shipment within the next 7 business days. Shanghai Ingredients will move to integrate the full CLOV product line once completed and ready for mass production and consumption. Shanghai Ingredients’ contacts and potential buyers have expressed interest for the CLOV products. As a result of this, Shanghai has moved to a purchase order of an initial 10,000 mL of cedar leaf oil to build on this positive feedback from potential buyers.
Roadman CEO Luke Montaine commented, “I am excited to announce the launch of the CLOV production line into Asia through this new purchase order of our cedar leaf oil through Shanghai Ingredients. Through our partnership with CLOV we were able to procure these items at favourable pricing and availability, which will allow us to extend advantageous pricing to Shanghai Ingredients China based customers. While we work with our portfolio company to get this order fulfilled, we are focused to expanding our product line expansion for potential further revenue growth.”
James Foster, CEO of Shanghai Ingredients, commented “this represents a big moment for Roadman Investments as well as it’s wholly owned subsidiary CLOV Biopharma. Introducing their product line to Asia will potentially drive this company and this product into a new era. We are proud to be able to introduce these products onto the shelves and into peoples’ homes in China and hope to continue to do so for the long-run alongside Roadman.
Shanghai Ingredients Trading’s principals boast over ten years’ experience specializing in the importation and customization of premium Western Pharmaceutical Drugs (“PDs”) for the Chinese marketplace. With the onset of COVID-19 and with the World Health Organization now reporting 471,417 global cases of COVID-19 with 21,295 deaths we are optimistic that their experience and contacts will be able to bring significant market demand for our products.
Previous studies by Dr. James Hudson, Ph.D, specialist in virology at the University of British Columbia and advisor to Roadman, have shown that most of the human respiratory viruses tested so far have been found vulnerable to cedar leaf oil and cedar leaf oil vapour. It is expected that corona viruses will be similarly vulnerable. In general, the respiratory viruses not only can kill susceptible cells and multiply and spread, but they can also induce the production of excessive amounts of inflammatory cytokines, which can result in chronic inflammation of the lungs, as in bronchitis. Previous tests have shown that cedar leaf oil can inhibit this process in a model cell culture system.
Roadman shareholders can continue to expect frequent updates as the Company’s objectives proceed over the near term.
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 air borne viruses and pathogens, it cautions that this is still under early staged research and development and is not making any express or implied claims that it has the ability to eliminate the COVID-19 virus at this time.
Roadman is also pleased to announce that its wholly owned subsidiary CBP has amended its original agreement with InMicro the licensor dated February 11, 2020 to focus its efforts on China and Hong Kong. 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. CBP will also have a 1% royalty on all sales in Canada for 5 years and a lifetime 20% reduction in cost of cedar leaf oil from InMicro.
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.
About Shanghai Ingredients Trading
Shanghai Ingredients is a boutique distribution and integrated trading group. Shanghai Ingredients is a vertically integrated trader and interdealer broker focussed primarily on opportunistic arbitrage in global agribusiness supply chains in the Peoples’ Republic of China.
For further information please contact:
Luke Montaine, CEO
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This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, completing a transaction with CBP, other statements relating to the financial and business prospects of the Company, and other matters.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. 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. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, increase in costs, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. 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.