NetworkNewsBreaks – Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) (FRA: NPAT) Terminates LOI for the Acquisition of Agro-Biotech
Vancouver-based biopharmaceutical company Pivot Pharmaceuticals Inc. (CSE: PVOT) (OTCQB: PVOTF) (FRA: NPAT) this morning reported that it has terminated the previously announced letter of intent (“LOI”) that it had entered into for the acquisition of Agro-Biotech. The company is currently reviewing its available legal alternatives to recover the amounts expended by the company in the pursuit of the transaction, as well as additional damages resulting from the non-completion of the transaction. “Despite our extensive efforts, we have been unable to complete the acquisition of Agro-Biotech in accordance with the terms and conditions initially agreed upon by the parties. While we are extremely disappointed with this outcome, Pivot continues to pursue other value-enhancing opportunities for the Company and its shareholders,” Pivot CEO Patrick Frankham stated in the news release.
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