Ovation Provides Corporate Update and Plans for Continued Growth Due to Coronavirus (Covid-19)
Vancouver, British Columbia; Las Vegas, Nevada – (April 7, 2020) – Ovation Science Inc. (CSE: OVAT) (“Ovation” or the “Company”), is providing a Corporate update. The Company is enjoying a record first quarter which will continue to add shareholder value. The extraordinary opportunity to help fight the coronavirus (Covid-19) pandemic globally is boosting revenues and the Company expects to enjoy several consecutive record quarters. Management has been working diligently these past months to not only expand the Company’s diverse operations, but to continue to build on the Company’s solid foundation.
Some of the exciting developments include:
- DermSafe® – An Unprecedented Opportunity: Ovation’s opportunity with DermSafe is unprecedented due to not only the current high demand for hand sanitizers, but the on-going need for hand protection globally for years to come. DermSafe is alcohol-free so does not dry out your hands and 1 application is proven to deliver a 4 hour kill on viruses and bacteria. The demand for DermSafe continues to grow at a rapid rate and as a result the Company has put significant focus on both regulatory approvals, manufacturing and fulfilling purchase orders:
- Ovation has scaled up its ability to deliver DermSafe by making major raw ingredient purchases in addition to ordering 1.5 million bottles; all to be paid in full and without financing. In order to increase our manufacturing capacity, we have selected additional manufacturers in the US and Canada. This will more than triple our current capacity. It will also allow Ovation to complete global inquiries for orders and to facilitate the continuous demand from new incoming orders. Currently the Company has USD $875,000 (Approximately $1.3 million Canadian) of DermSafe inventory manufactured and ready to ship.
- Internationally, the Company has announced sales of DermSafe to China, the United Kingdom and Canada; with additional orders continuing to be received. In the past quarter, Ovation has received requests from Korea, Japan, Israel, Brazil, Columbia, Mexico, Kuwait and Greece.
- DermSafe has been accepted by Health Canada under its list of “Disinfectants and hand sanitizers accepted under COVID-19 interim measure”. This further validates DermSafe as an approved product to help fight this pandemic, in addition to the Drug Identification Numbers (DIN) already in place for two DermSafe products (personal use and personal commercial use).
- OTCQB Listing In Progress: In March Ovation began the process to inter-list in the United States on the OTCQB. Along with our Canadian Securities Exchange listing (symbol: OVAT), we believe an OTCQB listing (symbol: OVATF) will increase our visibility and provide greater opportunities for our current and future shareholders. We will provide updates on this listing as soon as it is completed.
- US and Canadian Patent Applications: On February 25, 2020 we announced the filing of Ovation’s first provisional patent application with the U.S. Patent and Trademark Office (USPTO). This was followed shortly thereafter with a filing in Canada. These applications represent our highly effective ability to deliver cannabinoids transdermally using Invisicare® technology.
- Cannabis / Hemp: Ovation’s own CBD (from hemp) product lines Invibe® MD and ARLO CBD Beauty products continue to be sold on our e-commerce platforms and are being represented by various brokers in the US for potential regional and national retail distribution. Our licensee in the USA for State approved dispensaries continues to increase sales with our topical and transdermal hemp and cannabis products. Three of our formulations continue to rank in the top 5 selling products in Nevada (Source: Headset.io); and have remained in the top 5 for over the past 12 months. We believe that Ovation Science is strongly positioned to capitalize on this continued growth in 2020, not only in the USA but globally as we discuss additional licensees.
- Increased Investor Relations Support: We are using various channels to increase our level of shareholder communication and engagement. Along with news releases, social media and person-to-person investor calls, the Company has had two new videos produced, one with Chinese translation. Both videos can be found on our investor page at https://ovationscience.com/investors/ or these links:
(1) https://www.youtube.com/watch?v=jpSZysifvrg&feature=youtu.be (This is being shown daily on BNN Bloomberg (Business News Network) in Canada).
(2) https://ovationscience.com/investors/#single/0 (CEO Interview)
“For Ovation Science, 2020 will be a transformative year as we execute our revenue growth plans and continue to negotiate licensing deals and partnerships”, said Terry Howlett, President of Ovation. “We are well prepared for a strong 2020 with opportunities carrying into 2021 and beyond. The progress we are announcing today is just the foundation we are building on to accelerate the revenue and bottom-line growth of the Company. We also continue to be focused on achieving our ultimate goal which is increasing shareholder value.
For more information about Ovation Science products visit https://ovationscience.com/products/.
Statements have not been evaluated by the Food and Drug Administration or Health Canada. These products are not intended to diagnose, treat, cure, or prevent any disease. Ovation does not sell or distribute any products that are in violation of the United States Controlled Substances Act (US.CSA).
To learn more about Ovation Science, please visit:
www.ovationscience.com for corporate information
About Ovation Science Inc.
Ovation Science Inc. is a research and development company that develops topical and transdermal consumer products including DermSafe, all made with patented Invisicare® skin delivery technology. The technology enhances the delivery of ingredients to and through the skin and is protected by patents in eleven countries. With over twenty years of topical and transdermal drug delivery experience in the pharmaceutical market, Ovation’s management and science team have created a unique pipeline of over twenty-five patent-protected medical / wellness topical and transdermal products along with a line of anti-aging / beauty. Ovation earns revenues from licensing and development fees, royalties, the sale of Invisicare to its licensees and now revenue from its own product sales. Ovation has offices in Vancouver, BC Canada and Las Vegas, Nevada, USA. Ovation trades on the CSE under the symbol OVAT. Visit our website ovationscience.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Ovation Science Inc. cautions that all forward looking statements are inherently uncertain and that actual results may be affected by a number of material factors, many of which are beyond Ovation Science Inc.’s control. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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