Rapid Dose Therapeutics Expands Agreement for QuickStrip™ Nutraceutical Product Line in Eastern Europe and Increases Purchase Order to US$4.0 Million
BURLINGTON, ON, Aug. 1, 2019 /PRNewswire/ - Rapid Dose Therapeutics Corp. (CSE: DOSE), ("RDT") announced today that they have signed an amendment to the 12 month distribution agreement (the "Agreement") with Ukraine Pharma to expand the marketing and distribution of QuickStrip™ nutraceutical products to seven additional Eastern European countries with a combined population of over 240 million people. The additional countries are Armenia, Azerbaijan, Bangladesh, Jordan, Kazakhstan, Kyrgyzstan, and Uzbekistan, bringing distribution in Eastern Europe to a total of 11 countries.
The Agreement now requires a minimum quarterly order of 1,890,000 of each of RDT's QuickStrip™ Energy, B12, and Sleep products. Ukraine Pharma has provided RDT with an updated and signed purchase order for a total of US$4.0 million and expects to expand its distribution by the beginning of 2020.
"With the addition of these countries to the Agreement, QuickStrip™ nutraceuticals will be distributed by Ukraine Pharma to markets with almost half a billion people. This is confirmation that RDT is delivering a product that people need and want," said Mark Upsdell, CEO. "We continue to open up new markets with nutraceuticals and if those markets evolve to include cannabis as a treatment option, QuickStrip™ will be there and ready to provide effective delivery and a Smoke-Free Choice™ to consumers," added Upsdell.
RDT's proprietary QuickStrip™ technology is a Quick, Convenient, Precise, Discreet™ oral fast-dissolving drug delivery system that offers an Anytime, Anywhere™ product to consumers.
"While introducing the QuickStrip™ nutraceutical product line to our network, we were overwhelmed by the positive response. We concluded that we needed to expand our reach and requested an expansion of our approved territories from RDT," said Veronica Burke, CEO of Ukraine Pharma. "Once we fulfill current demand, we aim to make QuickStrip™ available to an even broader audience," added Burke.
About Rapid Dose Therapeutics
Rapid Dose Therapeutics Corp. is a publicly-traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key Managed Strip Service Program which enables RDT's QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT's service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. Rapid Dose Therapeutics is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.
For more information, visit: www.rapid-dose.com
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward- looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of products using the QuickStrip™ product delivery method, express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of RDT as to future events or results and are believed to be reasonable based on information currently available to them. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Rapid Dose Therapeutics Corp.
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