Pressure BioSciences expects to close on sale of all five licenses in 15-60 days

Pressure BioSciences provided a progress update on their April 21, 2023, announcement. On that day, the Company announced their strategic decision to offer up to five exclusive statewide THC-processing licenses to their revolutionary, patented UltraShear Technology platform for the preparation of oil-soluble THC concentrates into long-term stable, effectively water-soluble, and highly bioavailable nanoemulsions of THC oil in water. Following closure of each license purchase, the Licensee becomes the exclusive producer of UltraShear THC nanoemulsions within their designated licensed state for a three-year period. Critical terms of each exclusive license include: License applicable for nanoemulsification of THC as the primary active ingredient. One license per state: all states are currently available but will not be available upon closure of the first five licenses. THC products can only be shipped within the state of license. Licensee pays an upfront license fee to PBIO. Licensee pays upfront for the manufacture of a custom-designed UltraShear instrument for their facility. The final cost of the license and the UltraShear instrument will be negotiated between Licensee and PBIO. Licensee will have a zero-cost instrument lease for three years post-instrument commissioning. Licensee will have a first right to negotiate an extension to exclusivity when the three-year exclusive period ends. Based upon the strong and diverse initial response to this opportunity, the Company believes it will close on the sale of all five licenses within the next 15-60 days. A