Tickers: XCNQ:SOFT, FRAA:APO2, PINX:SOFSF
July 17, 2020 - TheNewswire - Vancouver, BC - Softlab9 Software Solutions Inc. (CSE:SOFT); (CNSX:SOFT.CN); (Frankfurt:APO2); (OTC:SOFSF) ("SOFT" or the "Company") a technology incubator company, is providing this update to shareholders.
ASC Halt and Production Order
Softlab9 is fully cooperating with the ASC and has submitted the first round of answers to the production order. The Company has temporarily taken down their corporate website as it modifies some disclosure in order to ensure that it accurately reflects the current status of the Company.
$0.35 Unit Private Placement
The CSE has given the company an extension on its price protection for the $0.35 per unit financing (the "Private Placement") that was announced on May 21, 2020, along with the letter of intent for the acquisition of CleanGo GreenGo. The extension allows for the Company to close the second tranche of the Company's Private Placement once the Company resumes trading. The second tranche will consist of approximately $1.8 million.
CleanGo GreenGo Calgary Facility
The manufacturing, bottling, distribution, and storage facility of CleanGo GreenGo is nearing completion. The delay was caused by the slowdown of shipments of equipment from California due to COVID-19. This was deemed a minor setback by CleanGo GreenGo's CEO, Anthony Sarvucci, who announced, "We expect the facility to be fully functional by end of day July 17, 2020 and are looking forward to getting up and running."
Clarification of Hand Sanitizer Production Facility
In its news release of June 23, 2020, the Company stated that CleanGo GreenGo's hand sanitizer product was "manufactured and packaged in an FDA & Health Canada approved manufacturing facility". The Company was referring to CleanGo GreenGo's California based manufacturing facility in its news release and inadvertently indicated that this was a Health Canada approved facility. As it is located in the United States, it is not Health Canada approved. The Company apologizes for any confusion this may have caused.
The proposed transaction to acquire Clean Go Green Go was announced on May 21st, 2020 and is still pending closing and signing of a definitive agreement.
About "Clean Go Green Go"
CleanGo GreenGo Inc. is a Canadian/US Manufacturer of Green, Non-Toxic, and Biodegradable suite of cleaning products for industrial, commercial and consumer markets. CleanGo GreenGo is also an FDA approved, and Health Canada approved Manufacturer of Hand Sanitizer Gel sold throughout the USA and Canada that have been tested in the USA in 2015 to kill the human coronavirus. CleanGo's products are sold in Various Online Platforms, including Amazon, as well as through distribution into retail, wholesale, and government agencies. CleanGo GreenGo utilizes a Patent Pending IP in respect of its intellectual property. The Patent was filed with United States Patent and Trademark Office in February 2020 and currently holds a current Patent Pending Status.
SoftLab9 is an incubator specializing in developing, launching, acquiring, and vertically integrating companies. They foster a portfolio of assets internally while providing engineering, capital, executive management, and industry experience. The Company brings together innovative ideas based on solid foundations and experienced teams to build leading companies.
The Company is not making any express or implied claims that CleanGo GreenGo or any other product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time. Do not drink or consume any of the products at any time. Follow the instructions on the bottles. The products mentioned are meant to be used on surfaces and hands to sanitize to protect against bacteria and Viruses. Clean Go Green is not a cure, nor does it imply to be a cure for COVID-19.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to the completion of the Private Placement and the use of the proceeds therefrom, and the Company's prospect of success in executing its proposed plans, including its plans to complete the acquisition of CleanGo and the prospects for CleanGo's business. Forward-looking statements can often be identified by words such as "will", "plans", "expects", "may", "intends", "anticipates", "believes", proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions by management regarding the Company, including, without limitation, investor interest in the Private Placement, and the Company's ability to acquire CleanGo and obtain required regulatory approvals and the timing thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's operations may also adversely affect the future results or performance of the Company. The Company can provide no guarantee that it will be successful in completing the Private Placement or completing the acquisition of CleanGo. 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 does not intend to update or revise any forward-looking statements, except as expressly required by law.
For further information please visit our website at www.soft-lab9.com or contact:
Citygate Capital Corp
Phone: (778) 240-772
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