Khiron to Report 2019 Fiscal Year End Results and Provides Corporate Update
- Khiron to report Q4 and Year End Results on April 28, and webcast Q&A will be held the following day
- Khiron finished the 2019 calendar year with approximately $36 Million CAD in cash and working capital
- Khiron and its clinics operational during COVID-19 pandemic under an exemption decreed by the Government of Colombia, without any requirement for further authorization
- Active teleconsultation services complement Khiron's delivery service that is already delivering medical cannabis prescriptions directly to patients' homes
- Online education program bringing medical cannabis education to 1,500 doctors in Latin America, consolidating Khiron's digital strategy
- In efforts to assist with the COVID-19 pandemic, the Company has purchased automatic testing equipment, and is in discussions on how best to deploy this
- Khiron further demonstrates its commitment to the community with social responsibility activities during the COVID-19 crisis supporting family health and wellbeing in Doima, Colombia
- Cost reduction measures in response to COVID-19 include pay cuts for the Company's CEO and President, as well as board members and members of the management team
TORONTO, April 3, 2020 /PRNewswire/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America, announces that it will report Q4 and year-end financial results on April 28, 2020 and webcast Q&A the following day. The Company also provides the following update on COVID-19 related and social responsibility activities.
"While operating in a complex, and sometimes challenging market, the Company has achieved significant milestones towards becoming the most recognized medical cannabis brand in Latin America. This includes progress towards medical product distribution in Peru and Brazil, the successful roll-out of our Kuida CBD brand to over 300 stores in Colombia, the launch of our Zerenia integrated health facility, and in March 2020 receipt of our GEP lab certification, making Khiron the first and only company in Colombia to sell medical cannabis." Commented Alvaro Torres, Khiron CEO and director.
"The current COVID-19 pandemic is bringing unprecedented pressures to communities and businesses globally. Khiron is not immune to these pressures, however we have a large patient network, active online strategy, established supply chain and closed 2019 with approximately $36 Million CAD in cash, positioning us well during this challenging time. We are ensuring the physical and mental health of our employees remains a top priority and I would like to personally thank them all for their extraordinary hard work and dedication," said Mr. Torres.
Khiron has established contingency plans in place for all its facilities, including medical facilities which are essential to serving the community. Those plans were put into action and the Company's facilities and supply chain remain operating within strict government guidelines established as a result of the current pandemic.
Khiron's ILANS and Zerenia clinics have been deemed essential services by the government of Colombia and continue to operate without requirement of any further authorization. The Company's recently announced teleconsultation services ensure patients, including those from its ILANS and Zerenia network, have access to clinic services and doctors trained to prescribe medical cannabis and other treatments.
The Company is actively executing on its Latin American doctor education strategy with a recently announced agreement to bring online learning to 1,500 doctors at Mexico's Tec Monterrey, one of the leading and most highly respected universities in Latin America.
Corporate Social Responsibility
Recognizing the Company's important role in supporting the health of Colombians, Khiron has acquired COVID-19 automatic testing equipment and is in discussions with the government on how best to put it to use in the coming days. This equipment will have further application in the future to bring increased respiratory testing services to Khiron patients.
Khiron continues to work closely with its community in the Doima region of Colombia, providing nutrition kits to vulnerable families in need. The Company donates essential hospital supplies to improve the endowment of the Hospital of San Sebastián in Piedras, Tolima and a health professional who will have the role of supporting the work of the hospital centre, improving the care of the Doima community during the health emergency caused by the coronavirus.
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. is the dominant integrated medical cannabis company in Latin America. Khiron has core operations in Latin America, along with activity in North America and Europe, and is licensed in Colombia for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. The Company delivers best in class regulatory compliance, has the first approved line of CBD cosmetic products on shelf in Colombia, and is fully authorized to manufacture high- and low-THC medical cannabis, and to fill prescriptions for low-THC medical cannabis in the country.
With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.
Visit Khiron online at www.khiron.ca and on Instagram @khironlife
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron's control, including the risk factors discussed in Khiron's Annual Information Form which is available on Khiron's SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
United States Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Khiron Life Sciences Corp.
Released April 3, 2020