Leonovus Terminates Acquisition Letter of Intent With PureColo

Leonovus Inc. announced that, given the current economic environment, it was unable to secure financing to purchase the shares of PureColo Inc., and, effective June 18, 2020, has terminated the Letter of Intent (LOI) between the parties originally announced on March 5, 2020.

“We hope to have the opportunity to revisit this opportunity in the future. However, given today’s economic realities, we felt it was better to focus on a smaller financing to support our current commercial activities. We expect trading in the company’s shares to resume following a regulatory review of the termination of the LOI,” said Michael Gaffney, chair and CEO.