Gridiron BioNutrients™ (OTCQB: GMVP), announces it has completed the acquisition (the "Acquisition") of all the assets, including intellectual property assets, relating to Mioxal®, a nutraceutical complex composed of essential amino acids, natural coenzymes and minerals, of ST Biosciences, Ltd., a company organized under the laws of England and Wales. The Acquisition was completed pursuant to the terms of the Amended and Restated Asset Purchase Agreement dated November 5, 2021. As consideration for the Acquisition, the Company issued 19,831,623 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), to STB, which represents approximately 70% of the GMVP's outstanding shares of common stock on a fully diluted basis. In connection with the Acquisition, the Company appointed Jeffrey J. Kraws, the Chief Executive Officer of STB, as the Chief Executive Officer of the GMVP and as a member of the Board of Directors. Timothy Orr, the former Chief Executive Officer of the Company, has agreed to serve as the Interim Chief Financial Officer of the Company for a period of at least six months following the close of the Acquisition.
"We believe this asset purchase will enable us to leverage the value of our businesses and create the best path forward in expanding our strategic business platform of unlocking transformative therapeutic potential of cannabinoid and psychedelic compounds through application of scientific, development, and finance expertise to the advancement of proprietary treatments for unmet healthcare needs like depression, epilepsy, post-traumatic stress disorder (PTSD), addiction and withdrawal, fibromyalgia, and dermatological disorders," said Tim Orr, Interim CFO.
Mr. Orr further stated, "Given the direction we are heading, we truly could not be more excited to have Jeffrey Kraws as our Corporate Executive Officer, Mr. Kraws brings significant strategic, business and financial experience related to the business and financial issues facing pharmaceutical companies. Mr. Kraws has a broad understanding of the operational, financial, and strategic issues facing pharmaceutical companies. His healthcare experience, executive and leadership experience will be a significant asset to the development of GMVP's business."
About Gridiron BioNutrients™
Gridiron is in the CBD space with and has had a focused on the development and commercialization of high-quality innovative CBD products within the health and wellness marketplace. Gridiron strives to formulate and design products that maximize the human body's potential enabling individuals to heal faster, train longer and recover quicker.
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SOURCE Gridiron BioNutrients, Inc.
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