NEW YORK, NY - (NewMediaWire) - May 10, 2023 - Hestia Insight Inc. (OTCQB: HSTA) (“Hestia Insight” and the “Company”), a company focused on the development and operation of novel technologies in the healthcare and biotech sectors, as well as providing sales and marketing guidance and capital markets advisory services to its clients, today announced that it has entered into a Letter of Intent with Prisma Biotech Corporation, Taipei, Taiwan, (“Prisma Biotech”), beginning the potential M&A transaction due diligence process.
Hestia Insight has been active in searching for attractive potential acquisition targets in the healthcare sector with the goal of strengthening the Company’s business model and adding to its revenue, intellectual property, and global presence.
Prisma Biotech, established in 1995, is a leading distributor in the Asian-Pacific region providing high quality products and services in the clinical genomic, in-vitro diagnostics and life sciences sectors. The medical device and equipment brands that Prisma Biotech distributes include Illumina, Biodot, Sage Science, Vitrolife and other healthcare products. Prisma Biotech’s annual revenue in 2022 exceeded $7 Million USD, and it projects 2023 annual revenue of approximately $10 Million USD.
Edward Lee, CEO of Hestia Insight, stated, “We will continue to work diligently to refine our business model and seek to identify strong international companies primarily focused on the healthcare industry consistent with our mission to help people become more healthy and to build a better world.”
About Hestia Insight Inc.
Hestia Insight Inc. (“Hestia Insight” and the “Company”) is focused primarily on the healthcare and biotech sectors through the Company’s two wholly owned operating subsidiaries, Hestia Investments Inc. (“Hestia Investments”), and HSTA Health Inc. (“HSTA Health”). Hestia Investments provides strategic consulting, medical supply sales and marketing support, management, and capital markets advisory services for select micro, small and medium sized companies within the healthcare and biotech sectors. HSTA Health operates within the healthy food, beverage and wellness products industry and the smart vending machine industry. The Company is positioned to make strategic acquisitions of emerging growth companies with unique sciences and technologies. The Company intends to pursue the acquisition and development of healthcare related technologies in the healthcare and biotech sectors through acquisition, licensing, or joint ventures. The Company will also consider a third avenue of investing in certain technologies. The Company entered the healthcare sector to explore emerging healthcare technologies, especially growth companies that own and develop unique sciences and technologies.
For more information about Hestia Insight, please visit the Company’s website: www.hestiainsight.com
Hestia Insight Investor Relations: investors.hestiainsight.com
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Hestia Insight is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended, and, in accordance with the Securities Exchange Act, the Company files periodic reports, documents, and other information with the SEC relating to our business, financial statements, and other matters. These filings are available to the public on the Commission’s website at http://www.sec.gov.
Safe Harbor Provision
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors set forth in the Company's Annual Report on Form 10-K for the year ended November 30, 2022 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
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