Pressure BioSciences, Inc. completed the acquisition of CBH International LLC.
January 21, 2024
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Pressure BioSciences, Inc. (OTCPK:PBIO) entered into a definitive agreement to acquire CBH International LLC on January 11, 2024. Under the terms of the agreement, Uncle Bud's stockholders will be entitled to receive preferred stock of PBIO that is convertible into shares of PBIO common stock and no cash at the closing of the transaction. In addition, the parties agreed to an earnout for additional shares of PBIO common stock based on the achievement of revenue and net profit results in 2024. Such shares will be subject to standard restrictions on resale. Upon the closing of the transaction, the combined company intends to become a leading provider of topicals and other consumer products, leveraging PBIO?s UltraShear technology platform for nanoemulsified products that deliver industry-leading speed of action and bioavailability. All employees of CBH International became employees of Pressure BioSciences and CBH International became the Consumer Products Business Unit of Pressure BioSciences. The transaction has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions. Subject to the satisfaction or waiver of the closing conditions, the transaction is expected to close by January 19, 2024.
Pressure BioSciences, Inc. (OTCPK:PBIO) completed the acquisition of CBH International LLC on January 22, 2024.
Pressure BioSciences, Inc. is engaged in providing broadly enabling, high pressure-based solutions for a range of industries, including biotechnology, pharmaceutical, nutraceutical, cosmeceutical, and agrochemical, as well as food and beverage manufacturing. The Company's enabling platform, Pressure Cycling Technology (PCT), utilizes alternating cycles of pressure to control bio-molecular interactions (such as cell lysis and biomolecule extraction) safely and reproducibly. The Company's BaroFold technology platform allows it to enter the bio-pharma contract services and GMP manufacturing equipment sector. It has also developed the scalable and pressure-based UltraShear Technology platform, which allows for the creation of stable nanoemulsions of otherwise immiscible fluids. It also allows for the preparation of homogenized, extended shelf-life or room temperature-stable low-acid liquid foods that cannot be preserved using existing non-thermal technologies.