RAMM Pharma Corp. Provides Update on Litigation

RAMM Pharma Corp. Provides Update on Litigation

Not for Dissemination in the US or through US Newswire Services

RAMM Pharma Corp. (including its wholly owned subsidiaries, the " Company " or " RAMM") (CSE: RAMM) is providing an update on its dispute with Sergio Martines and NATURALE SCIENCE INC. (together the plaintiffs), the former Chief Executive Officer of Canapar Corp. (" Canapar ") and a former director of the Company as reported in its audited financial statements for the year ended October 31, 2023. The trial in respect of the dispute, as further described below, occurred from April 29 th 2024, to May 16 th 2024. The judge has reserved his decision.

In connection with the dispute, Mr. Martines and NATURALE SCIENCE INC., an entity controlled by Mr. Martines, have filed pleadings demanding payment from RAMM of an aggregate amount of approximately C$ 3 million comprised of damages: (i) for breach of contract at the time of Mr. Martines' termination for cause as a director of RAMM; (ii) specific performance of RAMM's obligation to purchase shares according to the plaintiff; and (iii) out-of-pocket expenses. RAMM has filed a counterclaim for payment from Mr. Martines of approximately C$14 million in damages for fraudulent misrepresentation in connection with RAMM's acquisition of Canapar in June 2021, among other matters. RAMM has accrued C$300,000 in its audited financial statements for the year ended October 31, 2023. The amount of the accrual may be increased or reduced in future financial statements.

About RAMM Pharma Corp.

RAMM Pharma is a leader in the field of cannabinoid formulation for certain cannabis-based pharmaceuticals and other botanical-based products. RAMM currently has multiple approved and registered products that have been authorized for sale, as well as other products in various stages of development. RAMM also operates a state-of-the-art GMP certified cannabis formulation facility in Uruguay and another GMP (food and cosmetic grade) facility in Poland. RAMM also operates a medical device business in Uruguay and a cosmetic and nutraceutical business in the European Union.

In Europe, RAMM's vertically integrated operations are based in Ragusa, Italy and Elbląg, Poland (60 kilometres east of Gdańsk), and include large extraction and processing facilities (in the final stages of commissioning in the case of Canapar Corp.). RAMM Pharma includes wholly owned subsidiaries Canapar Corp., HemPoland S.p.a. Z.o.o., Medic Plast SA, Yurelan SA, Glediser SA and RAMM Pharma Holdings Corp.

Additional information about the Company is available at www.wearerammpharma.com .

For further information, please contact:

Jimena Reyes
Executive Assistant
+598 2513 99 58

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, " forward looking statements ") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, the Company's strategies and objectives, and future expansion plans.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the resolution of the litigation that Ramm is pursuing and defending; financial risk in connection with the litigation; the amount accrued in the Company's financial statements in respect of the litigation; future growth potential of the Company; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Uruguayan, Latin American, European and international medical and recreational cannabis markets and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Uruguay or internationally; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)

RAMM Pharma Corp. Announces Intention to Commence Normal Course Issuer Bid

RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE:RAMM)announces its intention to commence a normal course issuer bid (the “NCIB”), under which it may purchase up to 5% of the current number of issued and outstanding common shares of the Company (the “Common Shares”).

The NCIB may commence on or about April 20, 2020 and shall expire on the 12-month anniversary of the effective date of the NCIB. All Common Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE”). The Company has appointed Clarus Securities Inc. to co-ordinate and facilitate the NCIB purchases. All purchases made under the NCIB will be at the prevailing market price for such Common Shares on the CSE at the time of purchase, and shall be duly cancelled and returned to treasury. The Company has implemented the NCIB should it view the market price for its Common Shares to not adequately reflect the value of the Company.

Keep reading...Show less

RAMM Pharma Corp. Announces Postponement of Filing of Interim Financial Statements

RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE:RAMM), a leader in plant-derived cannabinoid pharmaceutical products, announces that pursuant to the blanket relief granted by the Canadian Securities Administrators it will not be filing its interim financial statements for the quarter ended January 31, 2020, and  the  related  management’s  discussion  and analysis, as required by Parts 4 and  5 of National Instrument 51-102 – Continuous Disclosure Obligations (collectively, the “Interim Filings”) by the filing deadline of March 31, 2020. The Company expects to report results within the next two weeks, and is afforded a postponement up to a maximum 45-day extension pursuant to blanket relief for all market participants granted by the Canadian Securities Administrators.

Keep reading...Show less

RAMM Pharma Corp. Receives Federal Approval and Registration of XALEX™ 10 (cannabidiol) Oral Solution

RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE:RAMM), a leader in plant-derived cannabinoid pharmaceutical products, is pleased to announce that the Uruguayan Ministry of Public Health, (Ministerio de Salúd Publica or “MSP”) has approved and registered XALEX™ 10 (cannabidiol) oral solution, a prescription pharmaceutical formulation of highly-purified, plant-derived cannabidiol (CBD) free of tetrahydrocannabinol (THC), for the treatment of refractory epilepsy. RAMM has also been granted a license expansion and approval by the Instituto de Regulación y Control de Cannabis (“IRCCA”) for additional proprietary cannabis-based products and to include certain products for veterinary use, further expanding the Company’s robust portfolio of product offerings to the Latin American market.

Keep reading...Show less

RAMM Pharma Corp. Provides Details on Operational Activities to Support COVID-19 Medical Response Effort & Corporate Update

RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE: RAMM), a leader in plant-derived cannabinoid pharmaceutical products, is providing a corporate update and information regarding the Company’s ongoing support of the medical community’s response to COVID-19. As an essential medical service provider, the Company’s priority continues to be the health and safety of our employees, patients and customers to ensure the Company’s ongoing ability to provide necessary medical and pharmaceutical products and support.

Since its inception in 1988, RAMM’s wholly owned subsidiary Medic Plast SA has manufactured and supplied medical devices, antiseptic and sterile products and other medical supplies and continues to be a strategic supplier to the medical community in Uruguay. With a current portfolio of over 150 products registered with the Ministry of Health, Medic Plast is an established leader in the Uruguayan market for sales of recognized quality products under the Bioset brand, including alcohol-based hand sanitizer and antiseptic soaps, sterile hospital devices and sterilization equipment, syringes and various other surgical and medical supplies. Medic Plast also supplies disposable medical clothing, including surgical masks, gowns and gloves for use by patients, doctors, nurses and clinicians.

Keep reading...Show less

RAMM Pharma Corp. to Acquire NettaLife, a Leading Developer of Cannabis-Based Products for Pets and Large Animals

RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or “RAMM”) (CSE:RAMM), a leader in plant-derived cannabinoid pharmaceutical products, has entered into a definitive agreement dated February 24, 2020 to acquire Glediser S.A. operating as NettaLife™ (“NettaLife”) a leading developer of cannabis-based products for pets (the “Transaction”).

Acquisition Highlights:

Keep reading...Show less

Latest Press Releases

Related News