Tickers: XCNQ:BLR, XOTC:BLRZF, PINX:BLRZF, FRAA:0JJ
Vancouver, British Columbia - TheNewswire - June 25, 2020 - Blackhawk Growth Corp. (CSE:BLR) (CNSX:BLR.CN) (Frankfurt:0JJ) US (OTC:BLRZF) (the "Company") has been made aware of a statement published by Innovita (Tangshan) Biological Technology Co. Ltd. ("Innovita"), on April 28, 2020, indicating that Innovita has not authorized the distribution of the 2019-nCoV Ab Test Kit (Colloidal Gold) (the "Test Kit") by third-parties in the United States.
Innovita is responsible for the development and manufacturing of the Test Kit, and the Company understands that it granted distribution rights for the Test Kit to Emergence Technology Pty. Ltd. ("Emergence"). The Company previously entered into a definitive agreement with Emergence, dated effective April 21, 2020, in which Emergence granted the Company the rights to distribute the Test Kits in several jurisdictions, which included the United States.
The Company was made aware of the statement by Innovita on May 19, 2020, and has been in contact with Emergence since that time. The Company understands that Emergence continues to assert that it holds distribution rights to the Test Kit and is permitted to license those rights for distribution in the United States. The Company is currently investigating the nature of the statement made by Innovita, and any impact it may have on the activities of the Company. At this time, the Company has not been contacted by Innovita, and Emergence has been responsible for all communication with Innovita. The Company will issue a further news release once this investigation is complete, or clarification is received from Innovita.
The Company also announces that an order (the "Order") suspending trading in its securities has been issued by the United States Securities and Exchange Commission. The Order indicates that it pertains to, "Blackhawk's purported agreement to distribute COVID-19 antibody test kits in the United States and other countries, and its sales and delivery of those test kits." The Order is in effect from 9:30 a.m. EDT on June 23, 2020 through 11:59 p.m. EDT on July 7, 2020.
For further information please contact:
Frederick Pels, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to any planned investigation involving the rights to distribute the Test Kits in the United States. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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