Thealikasa (Australia) Pty Ltd.

Queensland, Australia, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Rayont Inc. (“Rayont” or the “Company”) (OTC PINK: RAYT), an expanding company focused on biotechnology, education and technology industries globally, today completed the acquisition of naturopathic and homeopathic manufacturer and distributor, Prema Life Pty Ltd (Prema Life). The Company also acquired 100% ownership of GGLG Properties Pty Ltd (GGLG) as trustee for (ATF) Gillard Property Trust, the property where Prema Life operates. Whilst this is a related party transaction, all relevant documents are being executed on an arm’s length basis and in keeping with all necessary legal and regulatory requirements. Under the agreement Rayont Inc, through its wholly owned subsidiary Rayont (Australia) Pty Ltd, acquires 100% of the total outstanding shares and units of Prema Life, and GGLG in exchange for AU$1.5M (approximately US$1.1M) cash payable over seven installments within 180 days to Thealikasa (Australia) Pty Ltd who is the sole shareholder of record of Prema Life and GGLG, a major shareholder in Rayont Inc. The price is a 10% discount of the combined Net Tangible Asset value of both Companies. In the event that Rayont Inc is unable to pay in cash, Thealikasa (Australia) Pty Ltd will accept shares based on a 20% discount of the average share price for the last 30 trading days from the December 22, 2020, that is USD 0.87 per share. To comply with Australian foreign investment rules and regulations, Rayont (Australia) Pty Ltd is required to obtain written consent from the Australian Foreign Investment Review Board before the transfer of shares and units of GGLG Properties Pty Ltd (ATF) Gillard Property Trust. Marshini Thulkanam, President and CEO of Rayont Inc stated, “the acquisition of Prema Life and GGLG, in addition to our earlier investments in Next Generation Photo Dynamic Therapy (NGPDT) to treat cancer, enables Rayont to become one of the premiere one-stop nutraceutical biotechnology companies with research & development, manufacturing, distribution, education and support capabilities in Australia and the South East Asian region. With more than 20 years of trading history, Prema Life is positioned to increase revenue and profitability moving forward.