Palo Alto, California, June 29, 2022 (GLOBE NEWSWIRE) — Rayont Inc. (“Rayont” or the “Company”) (OTC QB: RAYT), an international healthcare company specializing in the manufacturing, distribution of alternative medicine products and services across the entire value chain, announced that on 29 of June 2022 it has signed the Asset Sale Agreement for sale of Next Generation Photo Dynamic Therapy (NGPDT) License for Sub-Sahara Africa and its equipment.
The sale as described in Asset Sale Agreement between Rayont (Australia) Pty Ltd (“Asset Seller”), Rayont International (L) Limited (“License Seller”) and Nova Medical Group Pty Ltd (“Buyer”) is for a consideration of USD 3,500,000 or equivalent to AUD 5,000,000 where the consideration is split as follows:
- License for Sub-Sahara Africa – USD 2,500,000
- Equipment – USD 1,000,000
The company shall file an 8K with The Securities and Exchange Commission within time required to disclose the details of the deal.
The decision to sell NGPDT License and equipment was a difficult one given the promise the technology could offer to cancer patients. This sale following the sale of Rayont Technologies earlier this year is a clear indication of our strategic intent to focus of Complementary Alternative Medicine and profit generating assets within the segment. The cash to be generated over time from this sale improves the cash position and liquidity of Rayont Group
said Rayont’s President & CEO, Ms Marshini Aliya Moodley.
About Rayont Inc.
Rayont, Inc. (RAYT) is a public traded company incorporated in Nevada, USA since its inception in 2011. In 2018, the Company repositioned itself to focus on healthcare including the manufacturing of alternative medicine products and services across the entire value chain.
Longer term, it has also invested in a groundbreaking cancer treatment technology through an exclusive license arrangement for the Sub-Saharan African territories.
Headquartered in Australia with expanding operations internationally, Rayont`s purpose is “Making Natural Products to Improve People`s Health”. We do this by investing in early research and development, establishing high quality manufacturing assets for regional distribution and operating across the alternative medicine value chain.
Our underlying strategy is to grow organically, selectively acquire, scale profitable assets and improve efficiency through digitalization.
For further information, please visit www.rayont.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.