VANCOUVER, British Columbia, Sept. 24, 2020 (GLOBE NEWSWIRE) — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVD) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Primo” or the “Company”) is pleased to announce that further to the Letter of Intent (the “LOI”) with Duquette Consulting LLC (“Duquette Consulting“) referred to in the Company’s news release dated September 1, 2020 the Company has signed a Sales & Marketing Agreement to consummate the transaction.
As Primo expanded into the Canadian Medical Devices and personal protective equipment (“PPE”) markets, the Company pursued and was granted a Medical Device Establishment License (“MDEL”). The Company must comply with the regulations of Health Canada relating to manufacturing, importing, distributing and selling medical devices in Canada in order to receive a MDEL. Primo has demonstrated to Health Canada that the Company has met the regulatory requirements mandated of a MDEL license holder.
Primo and Duquette Consulting will work towards securing contracts and purchase orders for PPE equipment that includes N95 surgical masks, KN95 masks and surgical masks. Primo intends to acquire any and all additional necessary licensing and will take any additional steps required to import and/or distribute all four classes of medical devices in Canada, which include nitrile gloves, face shields, surgical gowns, respirators and testing kits.
TERMS OF THE TRANSACTION
The Sales & Marketing Agreement was made effective as of the 9th day of September 2020.
Primo, a reporting issuer on the CSE was required to obtain an MDEL license from Health Canada to authorize the parties to sell and distribute PPE products for government contract purposes and to commercialize any related opportunities. To consummate this relationship Primo Nutraceuticals Inc., obtained the following approvals;
- a Government Procurement number;806756235PG0001
- an Interim COVID-19 site license number;COV0950 and
- a Medical Device Establishment License number; 14815. (Read more…)
Primo will assist Duquette Consulting in bidding on government tenders in Canada.
PPE Distribution Market worth $28.9 Billion by 2025 in North America and E.U
The North America and Europe distribution market for PPE is expected to reach US$28.95 M by 2025.
- The safety-supplies sector in North America is anticipated to witness significant growth of over 7% from 2017 to 2025.
- Head, eye and face protection are anticipated to grow at a compound annual growth rate of over 6% from 2017 to 2025.
- Product demand in the U.S. is expected to be valued at over US$1.6B by 2025 according to a new report by Grand View Research, Inc. https://www.ohscanada.com/overtime/north-america-e-u-ppe-distribution-market-worth-28-9-billion-2025/
About Dan Duquette & Duquette Consulting LLC
Dan Duquette is a twice named Major League Baseball (MLB) Executive of the Year and former Executive Vice-President of the Baltimore Orioles, General Manager of the Montreal Expos, Boston Red Sox, and Milwaukee Brewers.
Duquette Consulting entered the PPE market by sourcing and selling products and supplies at a government & state level to help in the fight against COVID-19, securing, shipping and recently delivering over 5 million masks to the State of Maryland.
Stock Options Granted
In addition, the Company has granted a total of 2,300,000 incentive stock options to directors, officers, employees and consultants under the Company’s stock option plan, which was approved by the Company’s board of directors. The incentive stock options (the “Options”) are exercisable at $0.15 per share and will expire on September 25, 2021. Following this option grant the Company has 2,300,000 Options outstanding.
Primo Nutraceuticals Inc.
Primo Nutraceuticals Inc. (“Primo” or the “Company”) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo’s management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the “Primo” & “Thrive,” brands and a selection of curated partner brands. Most recently Primo announced that it has received its Natural Product Number (NPN) and it has been issued a Medical Device Establishment License (MDEL) from Health Canada.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
President and Director
For further information, please contact Zoltan, IR Representative at: 604-722-0305, or; [email protected].
To learn more about what this news means to the shareholders visit:
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.