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Bluewater Acquisition Corp. Announces TSXV Conditional Acceptance of Qualifying Transaction and Extension of Deadline to Complete Qualifying Transaction

Not for distribution to U.S. news wire services or for dissemination in the United States.

CALGARY, Alberta, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Bluewater Acquisition Corp. (“BAQ”) (TSXV: BAQ.P) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the “TSXV”) for the closing of its proposed qualifying transaction (the “Qualifying Transaction”) with VM Agritech Limited (“VMA”).

Further to its news release dated October 26, 2021, BAQ entered into a share exchange agreement (the “Share Exchange Agreement”) with VMA and its shareholders, with respect to the acquisition by BAQ of all the issued and outstanding share capital of VMA. Upon completion of the acquisition contemplated in the Share Exchange Agreement, VMA will become a wholly-owned subsidiary of BAQ, and it is anticipated that the resulting issuer will be listed on the TSXV as a “Tier 2 Issuer” in its Technology industry segment, and will engage in the existing business of VMA.

The completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, receipt of all required regulatory approvals, including final TSXV acceptance and satisfaction of other customary closing conditions. Assuming all conditions for closing are satisfied, the closing of the Qualifying Transaction is expected to occur on or before January 31, 2022, or such other date as BAQ and VMA may determine.

For further information regarding the Qualifying Transaction, please refer to BAQ’s news releases dated October 26, 2021, which is available under BAQ’s profile on SEDAR at www.sedar.com. BAQ intends to file a CPC Filing Statement under BAQ’s profile on SEDAR at least seven business days prior to the completion of the Qualifying Transaction.

About BAQ

BAQ is a capital pool company (“CPC”) within the meaning of the policies of the TSXV, incorporated under the Canada Business Corporations Act (the “CBCA”). BAQ has not commenced operations and has no assets other than cash. BAQ’s principal business is the identification and evaluation of assets or businesses with a view to completing a “Qualifying Transaction” under Policy 2.4 - Capital Pool Companies of the TSXV.

About VMA

VMA is a private limited company existing under the laws of England and Wales, incorporated on May 27, 2014. VMA has developed and patented a solubilised copper-zinc phosphite complex that appears to kill pathogenic fungi in plants directly while also potentially triggering a plant’s immune system to defend itself against further fungal attack. VMA is currently engaged with Cornell University’s College of Agriculture and Life Sciences (CALS) to further research and develop its technology with the end goal of commercialization applicable to the entire global plant-based agricultural industry. VMA’s patented formulae are directed at controlling both fungal and bacterial plant pathogens in a novel safe, effective and organic way. The original efficacy research was conducted at the University of Exeter, England, and in 2016 and 2017, VMA, in collaboration with the research team at the University of Exeter, was granted two Industrial Partnership awards with the Biotechnology and Biological Sciences Research Council in the United Kingdom worth over £1.19 million (approximately CA$2.06 million), the results of which were delivered in 2019 and 2020.

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Bluewater Acquisition Corp. Announces TSXV Conditional Acceptance of Qualifying Transaction and Extension of Deadline to Complete Qualifying Transaction Not for distribution to U.S. news wire services or for dissemination in the United States. CALGARY, Alberta, Jan. 20, 2022 (GLOBE NEWSWIRE) - Bluewater Acquisition Corp. (“BAQ”) (TSXV: BAQ.P) is pleased to announce that it has received …

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