- LXRP’s patented DehydraTECH technology will be employed by each wholly owned subsidiary, with applications applied to the industry segments
- At its 2018 Annual General and Special Meeting (AGM), all motions were passed, including election of board members and approval of its conversion plan
- Move to convert the company from a U.S.-based firm to Canada-based is placed on ‘indefinite hold’ due to inequitable tax treatment issue; LXRP to seek a resolution
At Lexaria Bioscience Corp.’s (CSE: LXX) (OTCQX: LXRP) 2018 Annual General Meeting, all motions were passed. The company is proceeding on schedule with its reorganization into four new wholly owned subsidiaries to serve the nicotine, hemp, pharmaceutical and cannabis industries. All of these subsidiaries will utilize the company’s patented DehydraTECH® proprietary absorption technology for application to their own sectors (http://cnw.fm/9f8pK). The company said that the reorganization will assist in the growth and evolution of each of the four subsidiaries, including, but not limited to, the areas of research, development and finance.
Also during the annual meeting, Chris Bunka, John Docherty, Nick Baxter and Ted McKechnie won election as directors. In addition, the appointment of auditors was approved, as was the plan of conversion.
LXRP is a biotechnology company that out-licenses its disruptive delivery technology that promotes healthier ingestion methods. It results in lower dosing and higher effectiveness. LXRP holds a patent for oral delivery of all cannabinoids. It has a growing IP portfolio and will license in any of the 40 countries worldwide where its technology already has a patent or is patent-pending.
It was also decided that the planned change of domicile of LXRP from a U.S.-based company to a Canadian-based firm will be placed on ‘indefinite hold’ due to the issue of inequitable tax treatment of a certain class of stockholders. LXRP reported that tax experts informed the company that the move may create punitive taxes for some shareholders.
If a resolution to the tax issue is found, the plan of conversion could take place in the future. If inequitable tax treatment cannot be resolved, the conversion will not occur, LXRP noted.
For more information, visit the company’s website at www.LexariaBioscience.com
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