To Our Valued Shareholders,
Further to our October 9, 2020 Press Release we are pleased to announce P Squared Renewables has entered into an Amalgamation Agreement with Universal Ibogaine Inc as it’s Qualifying Transaction.
About Universal Ibogaine Inc.
Universal Ibogaine is a privately held company formed in2018 and based in Vancouver, BC. UI is in the initial stages of implementing and financing its business plan, which is to develop a network of global ibogaine assisted psycho-therapy clinics for the treatment and ideally the cure of addictions to opioids such as heroin morphine and fentanyl as well as alcohol, cocaine and other stimulants.
Opioid related overdose has claimed more lives than COVID-19 in Canada.
The statistical evidence of rates of addiction is staggering. 1 in 5 Canadians will suffer fromsome form of addiction in any given year. Substance use in Canada is a $46billion dollar per year problem. While in the United States, the opioid crisiscost $696 billion in 2018 alone, or 3.4% of its GDP. For the four-year periodfrom 2015-2018, the opioid crisis cost the United States a staggering $2.5trillion.
Opioid overdose is the number one cause of accidental death in North America for people under 50.
The world needs a solution to the opioid and addiction crisis. And it needs it now.
The individual states of the USA are currently seeking a collective $2.2 TRILLION in damages from themakers of prescription opioid medication,
80% of which is reserved for opioid addiction recovery treatment.
Universal Ibogaine treatment protocol has successfully disrupted addiction
in over 3700 cases over the last 17 years.
What keeps people in addiction for decades at a time is the pain of going through detox. When applied in a medically supervised clinical setting Ibogaine can get an addict through detox, relatively painlessly in 48 hours. Ibogaine’s unique chemical structure allows the positive effects to last for 2 to 4 months. When combined with UIs unique after care program the client has a strong possibility of restarting their life.
Shabir Premji, Executive Chairman and CEO P Squared
“We are pleased to have identified a qualifying transaction with a company who is solving one of the largest problems we face as a society. Addiction can touch any family, new and novel approaches to addiction treatment and detox are needed now more than ever.”
As noted above, UI intends to acquire an initial facility in west central Canada in conjunction with closing of the QT. In addition, UI plans to submit a Clinical Trial Application to Health Canada to undertake clinical trials in Canada to prove the efficacy of the use of ibogaine, a natural substance, in the treatment of polysubstance addictions including opioids. In the longer term, UI plans to introduce ibogaine into the addiction treatment protocols to be used in its future facilities.
UI is also in the process of final closing of the acquisition of a 20 acre property on an island near San Pedro, Belize for a unique Ibogaine after care facility. UI is reviewing the concept of having a joint venture partner finance and develop a potential future resort or after-care facility on this site.
UI has also identified opportunities and partnerships globally to operate treatment facilities in jurisdictions where Ibogaine is already legal, and partner with local clinical operations to advance the unique treatment modality globally.
Shayne Nyquvest, Chairman Universal Ibogaine
“We would like to thank P Squared and all its shareholders at this time. We have worked diligently for the last two years to develop our business plan, team and key relationships. We are looking forward to working with Health Canada in Clinical Trials and expanding our treatment program to help Canadian families and eventually to serve the global community.”
The Amalgamation will result in a reverse take-over of PSQ by UI, which shall constitute PSQ’s qualifying transaction (the “Qualifying Transaction” or “QT”, as defined under TSXV policies). It is anticipated that upon completion of the Qualifying Transaction, the resulting issuer will meet the Tier 2 listing requirements of the TSX Venture Exchange (“TSXV”) for a Technology/Industrial issuer. This is the final step in towards completing our prospectus and achieving a listing on the TSX.V
Please visit Universal Ibogaine at http://ibogaineinc.com to learn more and stay abreast of developments and opportunities.
Thank you all for your continued support, we see great things ahead for all of our shareholders and the communities we all serve.