(MENAFN- Newsfile Corp) Trinity Resources Inc. Finalizes the Purchase of Alzex Biomedical Assets and Intellectual Property
-Planning a New Approach to Treat Alzheimer's Disease-
Las Vegas, Nevada--(Newsfile Corp. - August 4, 2022) - TRINITY RESOURCES INC. ( OTC Pink: TRRI ) (the 'Company' or 'Trinity') is pleased to announce that following approval by a super majority of Alzex Biomedical Group Inc. ('Alzex') shareholders obtained on June 30, 2022, it has now entered into a binding Asset purchase agreement (the 'Agreement') with Alzex whereby it will receive all of the assets and intellectual property (the 'Assets') of Alzex Biomedical.
The purchase price for the Assets shall be ten million (10,000,000) restricted shares of Trinity's Series A Convertible Preferred Stock. Trinity will also advance the sum of one hundred and fifty thousand dollars ($150,000 USD), to be disbursed by mutual agreement within the Alzex team, to settle certain outstanding liabilities of Alzex as well as to further secure and refile additional patent protection covering the acquired intellectual property. The shareholders of Trinity's Series A Convertible Preferred Stock will retain security over the intellectual property until Trinity has successfully raised the first five million dollars ($5,000,000 USD) that shall be deployed towards the pre-clinical and clinical development of the acquired Alzex assets, at which point the preferred shares will automatically convert into common shares on a one-to-one basis.
Additionally, Trinity will be issuing 20,000,000 of its Series B Convertible Preferred Shares, convertible on a one to one basis, which do not carry priority liquidation rights, nor a forced conversion. These shares will be allocated to the core French science team which developed the intellectual property which will form the basis of the Company going forward, as well as management and key advisors to the Company.
Alzex is a Canadian based development stage biopharmaceutical company which has developed and patented precision therapeutics for the treatment of Alzheimer's Disease and other neurological diseases. It currently holds two families of patents via an exclusive and unlimited licensing agreement with INSA (Institut National des Sciences Appliquées) a major French academic engineering and research institute.
Alzex has devised an innovative therapeutic approach aimed at treating brain diseases by means of highly selective bio precursor drugs (prodrugs). The validity of this approach is evidenced by the company's progress on Alzheimer's Disease. The company has developed and patented two families of this new class of drugs, for which 'proof of concept' in animal trials (in-vitro) has been established.
This new class of drugs do not deploy any biological activity before they have crossed the blood-brain barrier, and hence do not induce significant side effects. The therapy can then target specific receptor sites in a more selective way, forming a superior delivery system through the blood-brain barrier.
The therapy can then target specific receptor sites in a more selective way, forming a superior delivery system through the blood-brain barrier. This technology could potentially be applied to any number of brain diseases.
Robert Rosner, President of Trinity Resources Inc. stated, 'The acquisition of Alzex's assets and intellectual property represents a major step in furthering our business plan and the Company's transformation into a bio medical company. We will be able to utilize further the extensive research that's been conducted to date to the benefit of our enlarged shareholder base, as well as patients and in need.'
In the coming weeks it is anticipated that Mr. Fabrice Heitzmann, currently CEO of Alzex and a seasoned former Sanofi Aventis senior executive, will be joining Trinity's board and management where he will play a leading role. The Company will be issuing a series of additional press releases in the future related to additional board and management changes as well as the composition of its newly formed scientific team.
This release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words 'estimate', 'project', 'intend', 'forecast', 'anticipate', 'plan', 'planning', 'expect', 'believe', 'likely', 'should', 'could', 'would', 'may' or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Robert Rosner, President
Trinity Resources Inc.
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