Mon. 23 May 2022, 12:00am ET Benzinga Biotech, M&A, Press Releases

SAN DIEGO, CA / ACCESSWIRE / May 23, 2022 / Plandai Biotechnology Inc. (OTC:PLPL) (the "Company") today announced its entry into a non-binding letter of intent to enter into a new business through a proposed product and technology rights licensing agreement with the holder of rights to the unique Puriblood Leukocyte Reduction Blood Filtration System.

Puriblood Medical Co., Ltd. [Taipei Exchange], develops and sells blood cell separation products including its leukocyte reduction filters for red blood cells, platelets, and whole blood, as well as real-time filtration sets for whole blood. The Puriblood Leukocyte Reduction Blood Filtration System helps ensure the quality of blood used for transfusions, by effectively removing Leukocytes from blood, thereby minimizing acute or delayed adverse transfusion reactions, including infection and death. Currently, approximately thirty countries around the world require leuko-reduction in blood supplies. Puriblood's core blood purification filters reduce up to over 99% of leukocytes, in substantially less time, with minimal blood loss, while retaining a high level of red blood cells (where a higher number of red blood cells retained is desirable). Puriblood's technology is patented in multiple strategic countries, including the United States, and cleared for marketing by the U.S. Food and Drug Administration under Section 510(k) of the Federal Food, Drug, and Cosmetic Act.

Under the terms of the proposed agreement, the current holder of the worldwide rights, exclusive of Taiwan, Jessie Chiang, via entities she controls, will license to Plandai the exclusive rights to the Puriblood technology for North, Central, and South America for a period of 30 years. Upon closing of the proposed transaction, Ms. Chiang will acquire the controlling interest in the Company and will become the Company's Director, President, and Chief Executive Officer. Ms. Chiang will then appoint new members to the board of directors and will move to establish a board of advisors consisting of leading industry, finance, and business experts.

Tad Mailander, the Company's CEO and director commented, "We have been very clear with our shareholders that Plandai has planned to create increased value by merging with another business entity or implementing a positive change in business direction via a new management team. We have been carefully vetting such opportunities, and we are now pleased to present this opportunity to our shareholders. We view this proposed transaction as being in the best interest of our shareholders. Our team is looking forward to completing our due diligence process and ultimately closing on this transaction."

Jessie Chiang commented: "This is an extremely exciting opportunity for the teams of our companies to all work together in synergy to maximize the potential of this frequently essential medical device in the international and domestic market."

The global leukapheresis market is primarily driven by solid growth in voluntary blood donations, rising incidence of hematologic diseases, such as leukemia, and an aging population in many countries. As a result, several industry analysts are forecasting continued strong growth in technologies and products designed for this market. For example, Quince Market Insights, in a report issued late in 2021, estimates the global leukapheresis market will grow at a compound annual growth rate of 43.9% until 2030.

While the parties have agreed to non-binding terms in a letter outlining their intentions, the transaction has not yet been consummated, and there is no assurance that any such transaction will ultimately close. Plandai plans to release additional information concerning the progress of the proposed transaction as soon as possible, upon the completion of its due diligence investigation.

Puriblood is a U.S. registered trademark of Puriblood Medical Co., Ltd. Corporation Taiwan 2f., No. 11, Gongye E. 9th Rd. Hsinchu County 30075 Taiwan R.O.C.

About Plandai, Inc.

Plandai Biotechnology, Inc., a Nevada corporation, is a publicly quoted shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash, and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others, such as but are not limited to; economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition, uncontrollable forces of nature, and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

Corporate Contact:

Tad Mailander

SOURCE: Plandai Biotechnology, Inc.

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