The purchase of Alvera Inc.’s intellectual property, technology, and patents by Emergence Global Enterprises Inc. has been finalized. There is a mandatory four-month hold period in place for the Assets. As of now, Emergence’s new president is Harvinder Panesar. Rick Purdy, who served as interim president for the previous nine months, has resigned. The board of directors of the company now includes Alex Tarrabain.
The completion of the acquisition of Alvera Inc.’s intellectual property, technology, and patents was announced by Emergence Global Enterprises Inc. Alvera is a health and wellness firm with its headquarters in Alberta that focuses on endocannabinoid-focused technology and customized delivery methods. 18,000,000 shares of the company’s stock, valued at $0.05 per share, constitute the consideration for the assets, amounting to a presumed consideration of $900,000. A mandatory four-month hold period applies to the shares issued in conjunction with the purchase of the Assets.
“The addition of these fascinating patents to the Emergence portfolio makes us quite happy. The patents diversify our assets and have a current worth of about $21 million USD. Along with the IP acquisition, the elite Agri-tech team at Alvera will guide Emergence in building its leadership position in the expanding vertical farming and food security industries.” The company states in its press release.
Harvinder Panesar has been named the new president of Emergence, according to a statement from the company. Rick Purdy, who served as interim president for the previous nine months, has resigned. Mr. Panesar will be in charge of the company’s daily operations and concentrate on new technologies and business in Western Canada.
“Mr. Panesar brings a wealth of experience as a corporate executive. His vision, experience, and skill set navigating capital markets will be a welcome addition to the team,” stated Joe Byrne, CEO, Director of Emergence Global. “Our immediate focus is to prepare our 20-acre farm and 8000 sq. ft. state-of-the-art vertical farming center to fill the supply shortage of lettuce across the country.”
Image provided by Emergence Global Enterprises Inc.
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