PlantEXT and Israel’s Agricultural Research Organization Report Progress on Research and Development of Medical Cannabis Formulations for Inflammatory Bowel Disease

PlantEXT and Israel’s Agricultural Research Organization Report Progress on Research

and Development of Medical Cannabis Formulations for Inflammatory Bowel Disease

FOR IMMEDIATE RELEASE

Toronto, Ontario—April 11, 2019 - PlantEXT Ltd. (" PlantEXT") and BB1 Acquisition Corp.

(TSXV:BBA.P) (“BB1”) are pleased to announce that following more than three years of dedicated

research in the laboratory of Prof. Hinanit Koltai, Agricultural Research Organization (“ARO ”),

PlantEXT and the State of Israel’s ARO, have successfully refined earlier discoveries to develop

active, anti-inflammatory formulations of cannabinoids and terpenes derived from cannabis . In

vitro testing on human cell lines and ex vivo testing on inflamed colon biopsies of patients with

inflammatory bowel disease (“IBD”) has allowed us to identify, at the molecular level, synergistic

combinations of cannabinoids and terpenes to help reduce inflammation and to potentially improve

the quality of life for IBD patients.

PlantEXT has entered into a license agreement with The Government of the State of Israel and has

funded research at ARO over the past 3 years, and acquired the exclusive global rights to

commercialize ARO’s intellectual property (“IP”) and products for the treatment of IBD.

Doug Sommerville, CEO of PlantEXT stated, “PlantEXT and ARO are working together to

develop a first-generation medical cannabis treatment that targets inflammation related to IBD. We

are excited to report that o ur world class team, utilizing our proprietary testing methodology, has

identified the most active anti- inflammatory formulations for IBD in our program to date . These

formulations have shown significantly greater anti -inflammatory activity than certain traditional

steroid therapies currently used in the treatment of IBD. We are finalizing arrangements for Good

Manufacturing Practice (GMP) manufacturing, compliant packaging and pharmacy distribution in

Israel and other markets and are on track to launch our first product commercially, in the current

quarter”.

Ex vivo studies are being conducted on fresh human biopsies of inflamed colon tissue from IBD

patients, to measure the anti-inflammatory activity of various formulations utilizing ARO’s patent-

pending methodology that has been licensed to PlantEXT . Studies at ARO have been supervised

by Professor Hinanit Koltai, a leading author of more than 80 peer-reviewed publications and 30

book chapters and invited reviews and a full professor -grade Senior Research Scientist at ARO’s

Volcani Centre.

ARO and PlantEXT’s in vitro studies on human cell lines and e x vivo studies on biopsies have

created a growing library of measured anti -inflammatory activity from a variety of fractions and

synergistic combinations of cannabinoids and terpenes from cannabis . ARO and PlantEXT’s

patent-pending methodologies support a proprietary research platform that facilitates the

development of anti -inflammatory formulations and has potential applications in facilitating

personalized treatments.

About PlantEXT

PlantEXT is an Israeli company focused on developing and commercializing the world's most

effective medical cannabis formulations for the treatment of inflammation related medical

conditions. Plant EXT has entered into a strategic partnership with the State of Isra el's ARO to

develop and commercialize a treatment for IBD. PlantEXT also operates independent research and

development facilities near Tel Aviv, where it is developing a pipeline of anti -inflammatory

products supported by pre -clinical and clinical research. PlantEXT is preparing to begin

commercial marketing of ARO’s IBD product in Israel during Q 2 2019, and intends to launc h

additional products and to expand internationally, later in 2019.

PlantEXT and BB1 have entered into a letter of intent for a Qualifying Transaction that is intended

to lead to Plant EXT becoming a public company through a reverse take -over of BB1 (the

“Proposed Transaction”).

About BB1

BB1 is a capital pool company whose sole business is the identification and evaluation of assets or

businesses with a view to completing a qualifying transaction.

For more information please contact Doug Sommerville, PlantEXT’s CEO at +1 416 640 5353.

For more information about BB1 please contact Stephen Shefsky, BB1’s CEO at +1 416 366 4200.

Forward Looking Information, Disclaimer and Reader Advisory

The information in this news release includes certain information and statements about

management's view of future events, expectations, plans and prospects that constitute forward

looking statements. The foregoing statements are based upon assumptions tha t are subject to

significant risks and uncertainties. Because of these risks and uncertainties and as a result of a

variety of factors, the actual results, expectations, achievements or performance may differ

materially from those anticipated and indicated by these forward -looking statements. Forward-

looking statements in this news release include, but are not limited to, the ability of the Company

to complete the Transaction. Any number of factors could cause actual results to differ materially

from these forward-looking statements as well as future results. Although the Company believes

that the expectations reflected in forward looking statements are reasonable, it can give no

assurance that the expectations of any forward-looking statements will prove to be correct. Except

as required by law, the Company disclaims any intention and assumes no obligation to update or

revise any forward -looking statements to reflect actual results, whether as a result of new

information, future events, changes in assumptions, changes in factors affecting such forward -

looking statements or otherwise. No assurance can be given as to the timing, approval or ultimate

terms of any export license granted to PlantEXT by the government of Israel. Neither the TSX

Venture 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.

All information provided in this press release relating to PlantEXT has been provi ded by

management of PlantEXT and not independently verified by management of BB1. As of the date

of this press release, BB1 has not entered into a definitive agreement with PlantEXT and readers

are cautioned that there can be no assurances that such an agreement will be executed or the

Proposed Transaction completed.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.

NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES

DESCRIBED HEREIN.