CleanGo Innovations Inc. (CSE: CGII; OTCQB: CLGOF; FRA: APO) announced that its wholly-owned subsidiary, Kubera Black Technology Inc., has entered into a non-binding Letter of Intent to acquire Freia Farmaceutici Srl, a Milan-based pharmaceutical company specializing in plant-based therapeutic solutions. This strategic move is intended to expand CleanGo's market presence into the global health sector, leveraging Freia's expertise in vegetable omegas and medical devices.
Freia Farmaceutici, established in 2009, is recognized as a leading expert in Vegetable Omegas and focuses on developing non-drug therapeutic solutions from plant-derived actives. Its product portfolio includes medical devices, nutritional supplements, and food for special medical purposes. Key highlights include the ALFALIFE brand, which has anti-inflammatory properties for cardiovascular diseases, obesity, and child neuropsychiatry. Additionally, Freia's Dermolife line features CE-marked Class IIA medical devices for dermatological conditions such as radiodermatitis and atopic dermatitis. The company also has a partnership in aesthetic medicine under the PROMEDIAL brand, offering topical and nutraceutical solutions.
Financially, Freia reported gross revenue exceeding €3.1 million in 2024, with a positive balance sheet, and is on track to surpass that in 2025. Its pipeline includes products for gynecology, gastroenterology, and pneumology, as well as a food supplement for multiple sclerosis undergoing clinical trials. The acquisition will provide Freia with immediate access to Canadian and U.S. markets through CleanGo's corporate structure.
Under the LOI terms, Freia shareholders will exchange their securities for up to 25 million common shares of Kubera, with valuation details in a definitive agreement. The resulting issuer will continue Freia's business, pursue equity financing, and establish a board of five directors, with four nominated by Freia and one by CleanGo. The transaction is subject to due diligence, a definitive agreement within 45 days, and regulatory approvals.
CleanGo Innovations Inc. believes this acquisition will enhance its market position by integrating Freia's innovative plant-based therapeutic solutions, particularly in the nutraceutical and aesthetic medicine sectors. The company is currently focused on commercializing non-toxic cleaning and industrial solutions but sees this as a significant growth opportunity.
Forward-looking statements in this release are subject to risks and uncertainties, including general economic conditions and regulatory changes. The company does not intend to update these statements except as required by law.
