AREV NanoTec Brands Inc. announced that it has completed the first stage of its Joint Venture agreement with Absolem Mushroom Extrac-tion Inc. ("Absolem) (a subsidiary of Absolem Health Inc.) as announced July 17, 2020, where Absolem selected AREV Brands to develop an exclusive extraction method for functional and medicinal mushrooms. Absolem has paid CAD 20,000 as its cash portion for participation in the Joint Venture and issued 2,133,334 shares of Absolem Health Inc. to AREV Brands. AREV Brands has utilized the cash payment acquire certain extraction equipment that will be utilized to conduct research for the benefit of Absolem. Financial y, AREV Brands owns 50% of the Joint Venture and holds a 6.6% equity interest in Absolem Health Inc. and accordingly will earn participatory revenues from the sale of extracts utilizing its equipment and SOP's. The Company has taken delivery of the pharmaceutical grade nanotechnology equipment and integrated it into its propri-etary extraction systems. As the Company's work has identified green solvents suitable for extraction of functional and medicinal fungi and commenced trials on optimizing extraction of phyto-compounds found in lions mane. Lions mane was selected as the initial mushroom to work with due to its legal status and unique functional properties for mental health, particularly dementia.