Core One Labs Completes Audit, Starts Review of Ops

2020-08-26 06:02 ET - News Release

Mr. Joel Shacker reports

CORE ONE LABS PROVIDES SHAREHOLDER UPDATE

Core One Labs Inc. has provided shareholders with an update on its continuing operational developments.

The company was recently able to raise $4-million in a private placement in order to recapitalize the company and finance operations. After the company was financed it was able to complete acquisitions involving Rejuva Alternative Medicine Research Centre Inc. and Shahcor Health Services Inc. that will allow the company to expand its operation to focus on new applications for its current proprietary technology.

As a result of travel restrictions arising from the continuing global pandemic the company was unable to complete the necessary on-site work at its California facility, required to finish the 2019 audit within the required time frame. The company has now completed audit, resumed trading and has commenced a review of operations to determine areas for improvement.

During this transition period, management, led by newly appointed chief executive officer Joel Shacker, has identified many areas in which operations can be improved and require restructuring. The restructuring efforts are focused on providing the company with significant cost savings in many departments and allowing management to focus on initiatives that will drive top-line revenue.

The company will continue to focus its efforts on novel drug delivery methods that address depression, anxiety, posttraumatic stress disorder, as well as substance and alcohol disorders. According to Data Bridge Market Research, the market size annually for the above conditions is in the billions of dollars. This represents a significant opportunity for the company to incorporate its patented drug delivery system for multiple novel drugs.

Mr. Shacker has a history of building significant revenue generating companies. His most recent success was Thoughtful Brands where to date it has raised over $10-million and in 2019 did more than $29-million in revenue on EBITA (earnings before interest, taxes and amortization) of over 10 per cent. Mr. Shacker is joined by Ryan Hoggan who is currently the chief executive officer of Thoughtful Brands and a founder of Unified Funding LLC.

The company currently owns patents on a nanostrip delivery system that provides users with an efficient and non-invasive method of delivering naturally occurring active compounds that gives them comfort in knowing they will be receiving a consistent and accurate microdose. The company currently uses the nanostrip delivery system for delivering naturally occurring compounds found in cannabis such as THC (tetrahydrocannabinol) and CBD (cannabidiol); however, it plans to start using the delivery system for other naturally occurring compounds. Currently, there is nothing in the marketplace that provides a highly effective, accurate, patient-friendly dosing such as nanostrips.

"I am very excited about the changes this company is making as it will result in increased efficiency, and will refocus the business on a path aimed at driving revenues and profitability. The company has the opportunity to capitalize on an emerging market, where it will have first mover advantage to monetize a state-of-the-art proprietary delivery system. Becoming a leader in this space will allow the company to capture market share in addiction treatment, as well as treatments for anxiety and depression, creating both short- and long-term shareholder value," stated Joel Shacker, chief executive officer of the company.

About Core One Labs Inc.

Core One is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The company's technology produces infused strips (like breath strips) that are not only a safer, healthier option to other forms of delivery but have also superior bioavailability of cannabis constituents. Some strips will also include supplemental co-active ingredients such as nutraceuticals, vitamins and peptides. The technology provides a new way to accurately meter the dosage and assure the purity of selected product.

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