Universal Ibogaine Inc. (TSXV: IBO) (" UI " or the " Company ") a life sciences company with a mission to develop and deliver medicalized ibogaine-centered addiction care, advises that it has temporarily closed the Kelburn Recovery Centre (" Kelburn ") due to an on-site flooding issue.
Kelburn is UI's addiction treatment site operating near Winnipeg, Manitoba , and which experienced abnormally high winter snowfall conditions, resulting in high current groundwater levels arising from spring melt conditions. Kelburn is currently assessing options for continuation of in-process patient treatment, and remediation of damages, which will fall under Kelburn's property and business interruption insurance coverage, subject to policy limits. The timing for remediation and ultimate re-opening of operations at Kelburn is not determinable, but will likely require a minimum of 2 to 3 months.
Nick Karos (CEO) noted "this is of course an unfortunate unforeseen event, and our first priority is to ensure the continuity of ongoing care of our patient group. The extent of damage will hopefully be contained to a portion of the basement, and allow us to resume on-site operations in a reasonable time frame."
UI is a life sciences company, with a mission to demonstrate the safety and efficacy of its ibogaine based drug detox protocol through a planned Canadian Clinical Trial (focused on opioid use disorder), and ultimately to utilize that protocol around the globe through planned future licensing agreements. UI is concurrently developing a state of the art holistic addiction treatment protocol at its Kelburn Recovery Centre that, when paired with the planned ibogaine detox protocol, is intended to revolutionize the way we treat addiction and drastically improve the lives of individuals and families affected by addiction.
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Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which include, but are not limited to, risks that required regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by UI at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only to conditions as of the date hereof. UI does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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SOURCE Universal Ibogaine Inc.
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