{"id":692197,"date":"2022-10-04T17:40:00","date_gmt":"2022-10-04T21:40:00","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bright-green-announces-close-of-transaction-with-alterola-biotech\/"},"modified":"2022-10-04T17:40:00","modified_gmt":"2022-10-04T21:40:00","slug":"bright-green-announces-close-of-transaction-with-alterola-biotech","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bright-green-announces-close-of-transaction-with-alterola-biotech\/","title":{"rendered":"Bright Green Announces Close of Transaction with Alterola Biotech"},"content":{"rendered":"
\n

\n Bright Green acquired 25% of Alterola\u2019s issued and outstanding common stock<\/em>
\n \n <\/p>\n

\n Acquisition will support Bright Green\u2019s ability to manufacture and distribute federally compliant, pharmaceutical-grade cannabis and derivatives<\/em>\n <\/p>\n

\n Acquisition of remaining Alterola stock anticipated over coming months<\/em>\n <\/p>\n

GRANTS, N.M., Oct. 04, 2022 (GLOBE NEWSWIRE) — Bright Green Corporation<\/a>\u00a0(NASDAQ: BGXX) (\u201cBright Green\u201d or \u201cthe Company\u201d), one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced<\/a> strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc.<\/a>\u00a0(OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products, for total consideration of $4 million.<\/p>\n

Bright Green may exercise its option to purchase Alterola\u2019s remaining issued and outstanding common stock over the coming months for a total enterprise value of $50 million with the balance to be paid in a combination of cash and Bright Green common stock.<\/p>\n

\u201cToday\u2019s announcement is the first stage of a long-term partnership with Alterola,\u201d said Bright Green\u2019s Chief Executive Officer and Executive Chairman of the Board, Terry Rafih. \u201cThis announcement \u2013 which follows the recent site visit<\/a> by the U.S. Drug Enforcement Administration to our world-class agricultural complex in Grants, New Mexico \u2013 enables us to leverage Alterola\u2019s extensive knowledge, sector experience and pharmaceutical assets to help us more efficiently scale our operations and harness the therapeutic benefits of their cannabinoid and cannabinoid-like medicines.\u201d<\/p>\n

\u201cWe are excited about the partnership with Bright Green,\u201d said Alterola\u2019s Executive Chairman, Tim Rogers. \u201cOur organizations share a common mission to harness the therapeutic potential of pharmaceutical-grade cannabis-based medicines. We look forward to helping Bright Green \u2013 particularly at this important period in the company\u2019s trajectory \u2013 to accelerate the pharmaceutical development and commercialization of these important products. The Bright Green facility in New Mexico and the opportunity to advance pharmaceutical-grade cannabis and cannabis-related products for research complements and allows both companies to accelerate the development of their respective pipelines.\u201d<\/p>\n

\n About Bright Green<\/strong>
\n
Bright Green is one of the very few companies selected by the US government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. Our conditional approval based on already agreed terms from the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit\u00a0www.brightgreen.us<\/a>.<\/p>\n

\n About Alterola Biotech<\/strong>
\n
Alterola Biotech Inc. is a U.K.-based pharmaceutical company developing cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs) and targeting European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products.<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements:<\/strong>
\n
This press release contains \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as \u201cexpect,\u201d \u201canticipate,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201chope,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201cgoals,\u201d \u201cestimate,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cmight,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201cshall\u201d and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company\u2019s control. The Company\u2019s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company\u2019s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 29, 2022 and declared effective May 13, 2022, and in the Company\u2019s Quarterly Report on Form 10-Q\/A filed with the SEC on August 19, 2022, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company\u2019s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company\u2019s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company\u2019s results is included in the Company\u2019s SEC filings, which may be obtained by visiting the SEC’s website at www.sec.gov<\/a>.<\/p>\n

\n Bright Green Media Contact<\/strong>
\n
\n BrightGreen@edelman.com<\/a>\n <\/p>\n

\n Bright Green Investor Relations Contact<\/strong>
\n
\n BrightGreenIR@edelman.com<\/a>\n <\/p>\n

\n Alterola Investor Relations Contact<\/strong>
\n
\n ir@alterolabio.com<\/a>\n <\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Bright Green acquired 25% of Alterola\u2019s issued and outstanding common stock Acquisition will support Bright Green\u2019s ability to manufacture and distribute federally compliant, pharmaceutical-grade cannabis and derivatives Acquisition of remaining Alterola stock anticipated over coming months GRANTS, N.M., Oct. 04, 2022 (GLOBE NEWSWIRE) — Bright Green Corporation\u00a0(NASDAQ: BGXX) (\u201cBright Green\u201d or \u201cthe Company\u201d), one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc.\u00a0(OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing … <\/p>\n

Continue reading “Bright Green Announces Close of Transaction with Alterola Biotech”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-692197","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBright Green Announces Close of Transaction with Alterola Biotech - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bright-green-announces-close-of-transaction-with-alterola-biotech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bright Green Announces Close of Transaction with Alterola Biotech - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Bright Green acquired 25% of Alterola\u2019s issued and outstanding common stock Acquisition will support Bright Green\u2019s ability to manufacture and distribute federally compliant, pharmaceutical-grade cannabis and derivatives Acquisition of remaining Alterola stock anticipated over coming months GRANTS, N.M., Oct. 04, 2022 (GLOBE NEWSWIRE) — Bright Green Corporation\u00a0(NASDAQ: BGXX) (\u201cBright Green\u201d or \u201cthe Company\u201d), one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it has completed its previously announced strategic partnership and acquisition of 25% of the issued and outstanding common stock of Alterola Biotech Inc.\u00a0(OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing … Continue reading "Bright Green Announces Close of Transaction with Alterola Biotech"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/bright-green-announces-close-of-transaction-with-alterola-biotech\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-04T21:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1OTAwMSM1MTg3NjU4IzIyNDYxNTU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Bright Green Announces Close of Transaction with Alterola Biotech\",\"datePublished\":\"2022-10-04T21:40:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/\"},\"wordCount\":842,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODY1OTAwMSM1MTg3NjU4IzIyNDYxNTU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bright-green-announces-close-of-transaction-with-alterola-biotech\\\/\",\"name\":\"Bright Green Announces Close of Transaction with Alterola Biotech - 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