CT Developers Ltd. Announces Proposed Qualifying Transaction _______________________________________________________
1764 Rathburn Road East, Unit1
Mississauga, Ontario, L4W 2N8 _______________________________________________________
NEWS RELEASE
CT Developers Ltd. Announces Proposed Qualifying Transaction _______________________________________________________
November 14, 2019–Vancouver, British Columbia (NEX-DEV.H) CT Developers Ltd. ("CT" or the "Company"), a capital pool company, wishes to update the status of its previously announced qualifying transaction relating to the acquisition (the "Proposed Transaction") of Clinical Blockchain Data Services – now known as CBDS Health Inc. ("CBDS").
Due to tepid market conditions, the Company’s progress with the Proposed Transaction has been slower than anticipated. Prompt financing has been difficult to obtain; however, it is expected that the transaction will still proceed and that the required resources will become available in early in the New Year. The Proposed Transaction is expected to remain an acquisition by way of share exchange with the shareholders of CBDS. Upon completion of the Proposed Transaction, the business of CBDS will become the business of CT.
A summary of pertinent information respecting CBDS (including financial information, corporate details, the names and backgrounds of the insiders of the proposed resulting issuer, the details of any concurrent financing and the details of any significant conditions precedent) will be provided in due course in accordance with Exchange Policy 2.4.
CT is a capital pool company and the Proposed Transaction is intended to constitute CT's qualifying transaction ("Qualifying Transaction") under Policy 2.4 of the TSX Venture Exchange (the "Exchange"). The Proposed Transaction is an arm's length transaction and accordingly is not expected to require the approval of CT shareholders.
About CBDS
CBDS is provisioning health data verticals for the next generation of health data infrastructure. The CBDS healthcare data platform on block chain is being designed for use for the collection and analysis of historical and real-time data to revolutionize healthcare.
CBDS is currently offering its proprietary clinical trial platform built on pervasive computing technologies for the detection of digital biomarkers through IoT sensor data capture and big data analytics. CBDS is connecting a community of key healthcare stakeholders who are now sharing in real-time, real-world assessment in the home of the patient.
The clinical trial process is a complex undertaking involving all the stakeholders in healthcare including multiple research and regulatory organizations, testing sites and thousands of patients. These complexities continue to push clinical trial costs to historical highs.
The CBDS platform has completed more than 60 studies with over 1,000 individuals and has captured more than one million hours of continuous home monitoring data resulting in over 130 peer reviewed publications. The CBDS platform currently connects a growing community of applicants in the high benefit areas of aging, mobility, cognition, sleep, pain and medication adherence.
The ongoing challenges for contemporary clinical research are reproducibility, data sharing, personal data privacy and patient enrolment and applying block chain reduces trial complexity and trial costs while increasing patient retention, regulatory oversight, partner coordination and decreasing fraud.
It is expected that the shares of the Company will remain halted until completion of the Qualifying Transaction.
Other Information and Updates
CT and CBDS will provide further details accordance with Exchange Policy 2.4 prior to the resumption of trading.
For further information please contact:
Norman Eyolfson,
President &, Chief Executive Officer
Phone: (416) 884-8601
Statements in this press release regarding CT's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as terms and completion of the Proposed Transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
COMPLETION OF THE PROPOSED TRANSACTION IS SUBJECT TO A NUMBER OF CONDITIONS, INCLUDING BUT NOT LIMITED TO, EXCHANGE ACCEPTANCE AND IF APPLICABLE PURSUANT TO EXCHANGE REQUIREMENTS, MAJORITY OF THE MINORITY SHAREHOLDER APPROVAL. WHERE APPLICABLE, THE PROPOSED TRANSACTION CANNOT CLOSE UNTIL THE REQUIRED SHAREHOLDER APPROVAL IS OBTAINED. THERE CAN BE NO ASSURANCE THAT THE PROPOSED TRANSACTION WILL BE COMPLETED AS PROPOSED OR AT ALL.
INVESTORS ARE CAUTIONED THAT, EXCEPT AS DISCLOSED IN THE MANAGEMENT INFORMATION CIRCULAR OR FILING STATEMENT TO BE PREPARED IN CONNECTION WITH THE TRANSACTION, ANY INFORMATION RELEASED OR RECEIVED WITH RESPECT TO THE PROPOSED TRANSACTION MAY NOT BE ACCURATE OR COMPLETE AND SHOULD NOT BE RELIED UPON. TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD BE CONSIDERED HIGHLY SPECULATIVE.
THE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.