09:54 AM EST - AREV Nanotec Brands Inc. : Announced that it has completed the first stage of its Joint Venture agreement with Absolem Mushroom Extraction Inc. (a subsidiary of Absolem Health Inc.) as announced July 17, 2020, where Absolem selected AREV Brands to develop an exclusive extraction method for functional and medicinal mushrooms. Absolem has paid CAD $20,000 as its cash portion for participation in the Joint Venture and issued 2,133,334 shares of Absolem Health Inc. to AREV Brands. AREV Brands has utilized the cash payment acquire certain extraction equipment that will be utilized to conduct research for the benefit of Absolem. Financially, AREV Brands owns 50% of the Joint Venture and holds a 6.6% equity interest in Absolem Health Inc. and accordingly will earn participatory revenues from the sale of extracts utilizing its equipment and SOP’s. AREV Nanotec Brands Inc.
shares C.AREV are trading up 3.08 percent at $0.34.
