November 28, 2018 – Vancouver, British Columbia – Eastwood Bio-Medical Canada Inc. (TSX-V: EBM) (the “Company”) further to its news release dated August 9, 2018, the Company announces that it has settled the remaining outstanding balance of a loan (the “Loan”) in the amount of $1,140,700 owed by Eastwood Bio-Medical Research Inc. (“EBMR”) under a loan agreement dated June 24, 2016. Details of the Loan repayment terms are set out in the Company’s August 9, 2018 news release.
EBMR holds 69.5% of the issued and outstanding common shares of the Company. The proposed settlement of the Loan therefore constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101, on the basis that the Company is not listed on specified markets and the fair market value of the transaction does not exceed 25% of the Company’s market capitalization.
About Eastwood Bio-Medical Canada, Inc.: The Company is a Vancouver based biotechnology company whose Eleotin® brand of products provide natural sourced solutions for metabolic syndromes such as blood glucose control, obesity, and hypertension.
Eleotin® was initially developed by the scientists at the Julia McFarlane Diabetes Research Center (JMDRC) at the University of Calgary in Alberta, Canada. The JMDRC is a leader in research on the cause, cure, and prevention of Type I and Type II diabetes. After the initial development by the JMDRC, research and development were continued by Eastwood Biomedical Research Inc., the Company, and other institutions around the world, including Tsinghua University of the People’s Republic of China. Eleotin® products have been endorsed by thousands of doctors and diabetes associations around the globe.
More information on Eastwood Bio-Medical Canada Inc., can be found on the websitewww.eleotin.ca.
For further information, please contact:
Eastwood Bio-Medical Canada Inc.
Yunji Kim, President and Chief Executive Officer
Telephone: (604) 247-2100
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
