Lexaria Bioscience Corp. (CSE: LXX) (OTCQB: LXRP), a biosciences company that has developed delivery technologies to improve absorption of bioactive compounds, this morning announced that it has acquired 100 percent ownership interest in its majority owned subsidiary, Poviva Tea, LLC. Lexaria previously owned 51 percent interest in Poviva Tea. “This acquisition strengthens Lexaria’s intellectual property positioning and we reaffirm our commitment to the ViPova Tea product lines,” Chris Bunka, chief executive officer of Lexaria, stated in the news release. “Lexaria thanks the founders of Poviva Tea, LLC for their assistance and vision in this transaction.” Per the update, compensation related to this acquisition was $70,000 in the form of a waiver on certain debts and a five percent, 20-year royalty on net profits related to ViPova Tea™, coffee and hot chocolate sales. No Lexaria stock or options were issued.
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About Lexaria Bioscience Corp.
Lexaria Bioscience Corp. has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria has multiple patents pending in over 40 countries around the world and was granted its first patents in the USA and in Australia related to edible forms of cannabinoids. Lexaria’s technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules. For more information, visit www.LexariaBioscience.com
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