Vancouver, BC (FSCwire) - ALCHEMIST MINING INC. (CSE: AMS) (“AMS” or the “Company”) is pleased to announce the signing of a non-binding Letter of Intent (LOI) for the acquisition of a 100% stake in Cannabis Data Science Inc. and the software application: Cannametrics^TM. This transaction replaces the contemplated 40% acquisition announced Dec 19th, 2017, with the interceding time spent on due diligence. 

 

Cannametrics^TM is a machine learning platform that helps users find their favourite cannabis products. The platform collects data on user experiences with cannabis products through a patent-pending touchscreen graphical interface (The Experience Signature^TM.). Cannametrics^TM is poised to be an industry disrupter by acknowledging the fact that people respond in their own unique way to cannabis products and leveraging this fact by providing personalized recommendations through advanced machine learning. 

 

The Experience Signature^TM provides an easy to understand infographic that serves as a product profile, strengthening branding for licensed producers and retailers, and providing confidence for the consumer as well as saving them time and money. These product profiles are currently being developed as subscription-based data products for the North American online and in-store retail industry.

 

Cannametrics was developed by Eric Jacobsen, MFC, and Dr. Gina Conte, Ph.D., to address the pressing concern of credibility in the marketplace: “Our goal is to fill the massive void of consumer confidence that exists today. Presently, there is very little existing data on the experiential effects of cannabis strains and products. We want to present consumers with a tool that makes it easy for them to meet their goals,” stated Mr. Jacobsen.

 

Pursuant to the non-binding LOI, AMS will pay the vendors a total value of $1,000,000 with 50% of such payment to be in cash, and the remaining 50% of such payment to be in shares of AMS. AMS will acquire a 100% interest in the entity owning the software and a 100% interest in and to the software itself.

 

The acquisition of Cannabis Data Science Inc. is subject to AMS and the vendors entering into formal agreements with respect to the acquisition, and the satisfaction of closing conditions, to be negotiated. Such conditions will be in addition to AMS receiving all necessary approvals from the Canadian Securities Exchange. AMS cautions that there can be no assurance or guarantee that the parties will enter into a formal agreement concerning the acquisition, that any closing conditions will be satisfied or waived, that it will receive all necessary prior approvals, nor that the acquisition will be completed at all.

 

Alchemist cautions that: (i) completion of the acquisition remains subject to conditions precedent, including but not limited to Alchemist receiving all necessary prior approvals of the CSE, and completing its due diligence review of the signature app; (ii) at this time, it does not plan to become a licensed producer itself under the ACMPR; and (iii) the requirements of Health Canada under the ACMPR are stringent and may apply to Alchemist & proposed business objectives following completion of the acquisition. Alchemist will provide further updates as they become available.

 

ON BEHALF OF THE BOARD For further info on the Company, please email

dgdanski@alchemistmining.com.

 

On Behalf of the Board

 

Dave Gdanski, President/CEO

Alchemist Mining Inc.

(778) 903-7325

 

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements.

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Source: Alchemist Mining Incorporated (CSE:AMS)

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