CleanGo Innovations Inc. (CSE: CGII; OTCQB: CLGOF; FRA: APO) announced that its wholly-owned subsidiary, Kubera Black Technology Inc., has entered into a non-binding Letter of Intent (LOI) to acquire Freia Farmaceutici Srl, a European pharmaceutical company specializing in plant-based therapeutic solutions. The proposed transaction is a strategic move to expand CleanGo's market presence into the global health sector.
Freia Farmaceutici, headquartered in Milan, Italy and established in 2009, is recognized as a leading expert in Vegetable Omegas. The company develops non-drug therapeutic solutions based on plant-derived actives, including medical devices, nutritional supplements, and food for special medical purposes. Its approach aligns with growing consumer awareness regarding well-being and disease prevention, offering solutions from vegetable sources with no known side effects.
Key product highlights include the ALFALIFE brand, a plant-based omega oil with significant anti-inflammatory properties, with applications in cardiovascular diseases, obesity, and child neuropsychiatry. Several products in the Dermolife line are CE marked as Class IIA Medical Devices for dermatological conditions such as radiodermatitis, atopic dermatitis, and scar remodeling. In 2016, Freia partnered to develop the PROMEDIAL brand for aesthetic medicine, offering topical and nutraceutical solutions.
Freia's pipeline focuses on new solutions in gynecology, gastroenterology, and pneumology, including a product for Multiple Sclerosis currently in clinical trials. In 2024, Freia's gross revenue exceeded €3.1 million, all from the Italian market, with a net positive balance sheet. The company is on pace to exceed that in 2025. Its expansion strategy involves entering other European markets, and through this transaction, it gains immediate access to Canadian and US markets via CleanGo's corporate structure.
Under the LOI dated December 9, 2025, Freia shareholders will exchange their securities for up to 25,000,000 common shares of Kubera, with valuation to be detailed in the definitive agreement. The resulting issuer will continue Freia's business, aim for a subsequent equity financing, and establish a board of five directors (four from Freia, one from CleanGo). No long-term debt will be assumed by Kubera. Completion is subject to due diligence, negotiation of a definitive agreement within 45 days, and regulatory approvals.
CleanGo Innovations Inc. (CSE: CGII) develops non-toxic, biodegradable cleaning and industrial solutions for oil services and industrial cleaning markets. This acquisition is expected to enhance its market position by integrating Freia's pipeline of plant-based therapeutic solutions, particularly in the nutraceutical and aesthetic medicine sectors.
