SNNC Sibannac Inc (PK)

The following shall constitute an update on the previously announced entry into a material agreement. The target acquisition is for a controlling interest in Richardson Nutritional Center (RNC), a California based Apricot seed marketing and sales firm founded by John Richardson, Jr., son of renowned physician, John A. Richardson, M.D. See, Laetrile Case Histories: The Richardson Cancer Clinic Experience, July 2005. The main compound found in Apricot seed kernels is B17, which is found in citrus fruits as well. Laetrile is concentrated B17. Until such time as clinical trials and other medical support involving B17 establish its benefits, the Company will not market products with any medicinal or drug claims.

Mr. Richardson, Jr. has been in the business of processing, formulating and selling Apricot seed-based products for more than 20 years. Apricot seeds are primarily grown in northern California, which produces approximately 85% of the entire domestic U.S. output. Through the proposed acquisition, Sibannac would assume the offtake contracts for the entirety of the annual harvests. Sibannac can treat the raw seeds with CBD, offering a natural food product as a hybrid as it is currently marketed or as a stand-alone product. While there is potential synergy with CBD in formulations such as capsules, the strength of this acquisition results from Sibannac’s ability to grow its footprint in the natural health space, independent of CBD and the uncertainty of the future regulatory framework surrounding it. Foremost, however, is that Sibannac will control the U.S. Apricot seed market and intends to use this to the company’s advantage to set it apart in the evolving competitive landscape. Mr. Richardson is well known throughout the country in the alternative health space for his long history and work in the Apricot kernel marketplace. He was interviewed by BuzzFeed News as a recognized authority on B17 and is a frequent lecturer on the topic throughout the United States.

In anticipation of the closing of the acquisition, the RNC personnel have relocated from California to Arizona, and all operations, including sales and distribution are being conducted out of Sibannac’s facility in Scottsdale.