WOONSOCKET, R.I. & TORONTO--(BUSINESS WIRE)--Abacus Health Products, Inc. (CSE: ABCS, OTCQX: ABAHF) (“Abacus” or the “Company”) today announced an agreement with Rob Gronkowski (Gronk), three-time professional football champion.
The agreement includes a commitment by Gronkowski to support the Company’s existing products in a manner that Abacus believes will meaningfully increase awareness with consumers and retail buyers as well as collaborate with the Company in the development and marketing of new and innovative products.
The partnership with Gronkowski offers Abacus a unique position from which to communicate the value of CBDMEDIC pain relief products to consumers. Additionally, Gronkowski’s health-conscious lifestyle is an excellent fit for the planned launch in 2020 of a new nutrition & wellness brand which will mark Abacus’ entry into the larger market of ingestible CBD products.
“I’m excited to partner with Abacus — a company that I truly believe in, and start a new chapter of my career as an advocate for CBD in recovery,” Gronkowski said. “During my career, I pushed myself while recovering from nine surgeries and countless injuries. I was in near constant pain and needed to make a change. Once I retired, I looked for better and more natural ways to recover and discovered CBDMEDIC. These products have helped me safely manage pain better than anything else I’ve tried. Building on my own experience with CBDMEDIC for pain, I’m inspired to work with the company to introduce new CBD products to the market.”
“We’re proud to partner with one of the football’s greatest tight ends of all time,” said Abacus CEO Perry Antelman. “Gronk’s passion for living life to the fullest while maintaining a healthy, natural, and pain-free lifestyle aligns perfectly with the mission of our company. Abacus is focused on providing safe, natural, and effective relief for millions of Americans in need of recovery.”
The agreement with Gronkowski and related agreements include payment of an upfront fee, royalties to be derived from a new sports-oriented nutrition & wellness brand that is planned to be launched, and an issuance of 302,835 subordinate voting shares in the Company and warrants to acquire 35,666 subordinate voting shares at a price of US$15.00 per share. Additional warrants are issuable on an annual basis during the term of the agreement.
This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
The forward-looking statements contained in this news release include, without limitation, statements relating to the expansion of the offering of the Company's products, including in the market of CBD ingestible products, and the execution of the Company’s growth strategy are based on management's current expectations and are subject to a number of risks, uncertainties and assumptions, including assumptions regarding the Company's ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under "Risk Factors and Uncertainties" in the Company's annual information form dated April 12, 2019, which is available under the Company's SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Abacus Health Products, Inc.
Abacus is a company engaged in the development and commercialization of over-the-counter (OTC) registered topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers two lines of products: (i) CBD CLINIC™, marketed to the professional practitioner market, and (ii) CBDMEDIC™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
To learn more about Abacus, visit www.abacushp.com