PRESSURE BIOSCIENCES, INC. (OTCMKTS:PBIO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On April 29, 2020, Pressure BioSciences, Inc. (the “Company”) entered into a binding letter of intent to merge with Cannaworx Holdings, Inc. (the “Binding LOI”). The Binding LOI had a June 30, 2020 deadline for the (i) negotiation of definitive documentation regarding the merger transaction and (ii) exclusivity period with regard to each of the Company and Cannaworx Holdings, Inc (“CWX”) being prohibited from negotiating a controlling interest transaction with any third party.
On July 6, 2020, the Company and CWX entered into the First Amendment to the Binding LOI (the “First Amendment”). to the First Amendment, the parties extended the June 30, 2020 deadline to July 31, 2020 followed by two 30-day automatic extensions.
The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by its full text, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period that ended on June 30, 2020.
About PRESSURE BIOSCIENCES, INC. (OTCMKTS:PBIO)
Pressure BioSciences, Inc. is focused on solving the problems inherent in biological sample preparation. The Company has developed and patented a technology platform that can control the sample preparation process. This process, called pressure cycling technology (PCT), uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels, such as approximately 35,000 pounds per square inch (psi) or greater to control the actions of molecules in biological samples, such as cells and tissues from human, animal, plant and microbial sources. Its laboratory instrument, the Barocycler, and its consumables product line, which include its Pressure Used to Lyse Samples for Extraction (PULSE) tubes, and other processing tubes, and application specific kits, such as consumable products and reagents, together make up its PCT Sample Preparation System (PCT SPS). The Company is also the distributor for the Constant Systems cell disruption equipment, parts, and consumables.