Lexston Life Sciences Corp. Acquires Zenalytic Laboratories Ltd.
929 Mainland Street
Vancouver, BC V6B 1S3
Phone
Fax
(604) 928-8913
(604) 628-0129
Email [email protected]
Website www.lexston.ca
NEWS RELEASE
LEXSTON LIFE SCIENCES CORP. ACQUIRES ZENALYTIC LABORATORIES
LTD.
Vancouver, British Columbia, September 21, 2021. Lexston Life Sciences Corp. (CSE: LEXT) (the
“Company” or “Lexston”) is pleased to announce the acquisition of Zenalytic Laboratories Ltd. (“Zen
Labs”), a wholly owned subsidiary of Avant Brands Inc. (“Avant”), which is a publicly listed issuer on
the Toronto Stock Exchange (TSX: AVNT).
On September 20 th, 2021 t he Company acquired all issue d and outstanding shares of Zen Labs. The
Company paid $50,000 in cash and issued 1,1 73,709 common shares of the Company at a deemed
price of $0.213 per one common share to GreenTec Holdings Ltd., a wholly owned subsidiary of Avant,
resulting in a total pu rchase price of CAD $300,000. As a result, Zen Labs is now a wholly owned
subsidiary of Lexston.
Zen Labs is a fully zoned, operational, and licensed facility based in Kelowna, British Columbia. Zen is
currently licensed for Analytical Testing under Health Canada’s Cannabis Act and Regulations. Zen Labs
provides analytical testing of cannabis, pathogens, and toxins. Previously, Zeb Labs was initially issued
a Dealer’s License under Health Canada’s Controlled Drugs and Substances Act.
Lexston will install existing equipment and contribute additional equipment that will add molecular
capacities to the lab, in particular qPCR systems that will be used for rapid pathogen detection of post-
harvest pathogens and hop latent viroid, a plant disease that has caused significant losses in North
America commercial cannabis production over the past year. Lexston plans to develop Zen Labs into a
full-service laboratory as it looks to further its testing and data collection business, while creating a
suitable environment to facilitate new business ventures beyond Cannabis with a wider scope on
botanically derived entheogens.
“The acquisition of Zen Labs further strengthens our ability to obtain a Section J Dealer’s License for
Controlled Drugs and Substance s with Health Canada and expediates our continued growth in the
burgeoning world of Psychedelics”, stated Jag Bal, CEO of Lexston. “This facility is ideal for fulfilling our
mandate to be a leader in the ever-expanding space of Health and Wellness”.
All securities issued pursuant to the purchase of Zen Labs will be subject to a statutory hold period
lasting four months and one day following the closing of the transaction.
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About Avant Brands
Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT), and cross-trades
on the OTCQX Best Market (OTCQX: AVTBF) and Frankfurt Stock Exchange (FRA: 1BUP). The Company is
headquartered in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
About Lexston Life Sciences Corp.
Lexston Life Sciences Corp. is a Canadian biotechnology company providing cannabis testing and research
services. Lexston is also in the process of securing licensing under the exemptions prescribed by section
56 of the Controlled Drugs and Substances Act (Canada) to enable the expansion of its services into the
psychedelic industry with an initial focus on the detection and quantification of psychedelic molecules in
the lab and point of care. Lexston intends to develop and validate methods for standardized
manufacturing of plant derived psychedelics in support of burgeoning trials in the field of mental health
and wellness.
On Behalf of the Board of Directors
LEXSTON LIFE SCIENCES CORP.
Jagdip Bal Chief Executive Officer
Telephone: (604) 928-8913
Forward Looking Information
All statements in this press release, other than statements of historical fact, are “forward- looking
information” with respect to the Company, Zenalytic, and their respective business within the meaning of
applicable securities laws, including the business plans and prospects of the Company. The Company
provides forward-looking statements for the purpose of conveying information about current expectations
and plans relating to the future and readers are cautioned that such statements may not be appropriate
for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that
objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are
not limite d those identified and reported in the Company’s public filings under its SEDAR profile at
www.sedar.com. Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be accurate as actual results and
future events could differ materially from those anticipated in such statements. The Company disclaims
any intention or obligation to update or revise any forward- looking information, whether as a result of
new information, future events or otherwise unless required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for
the adequacy or accuracy of this release.