 EMMAC is the Largest Independent European Cannabis Company with Low-Cost Cultivation, EU-GMP Manufacturing and Processing, and an Import Distribution Network in all Key European MarketsNEW YORK and LONDON, July 24, 2020 GLOBE NEWSWIRE -- Andina Acquisition Corp. III NASDAQ: ANDA, ANDAW, and ANDAU Andina and EMMAC Life Sciences Limited EMMAC jointly announced that the companies will host a Zoom webcast and conference call at 11:00 AM ET today to discuss their non-binding letter of intent the LOI for a business combination, pursuant to which EMMAC would become a publicly traded company on the NASDAQ Stock Market. As consideration for the transaction, it is anticipated that the current EMMAC shareholders would collectively own a majority of the equity of the combined public company. Hosting the Zoom webcast and conference call from Andina with be Chairman Luke Weil and CEO Julio A. Torres and from EMMAC will be Executive Chairman Lorne Abony, CEO Antonio Costanzo, and CFO Thomas Ellen.The Zoom webcast can be accessed via and the conference call can be accessed by dialing 301 715-8592, passcode 98346862705Information on EMMAC can be found in an investor presentation that has been furnished by Andina to the SEC as an exhibit to a Current Report on Form 8-K, which can also be found on Andinas website at or on EMMACs website at is Europes largest independent cannabis company, bringing together cutting-edge scientific research with the latest innovations in medical cannabis cultivation, extraction and production. The company is a trusted cannabis partner for the medical and wellness communities and leader in the production and supply of medical cannabis, wellness CBD, hemp, and other derivative products with large scale, low-cost, cultivation, EU-GMP manufacturing and processing, import distribution network across all critical European markets. EMMAC has established pharmaceutical and medical cannabis manufacturing credibility and a direct-to-patient pharmacy license, multiple take-or-pay contracts for wholesale cannabis, and a strong portfolio of wellness brands and wellness products. EMMAC is also the first European cannabis company to sell and export product to Israel and will be launching white-label CBD products in the US.EMMAC has an extensive research platform spanning genetics, technology, and medicalclinical programs with Imperial College London and other leading European research centers. EMMACs wealth of experience, combined with a network of supply and distribution partnerships throughout Europe, mean that it is uniquely positioned to meet the rapidly growing demands of the market, led by regulatory change and the increasing demand for access to premium quality cannabis product.Completion of the business combination is subject to, among other matters, the completion of due diligence, the negotiation and execution of a definitive agreement for the business combination, satisfaction of the conditions negotiated therein and approval of the transaction by Andina stockholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to the approval of the two companies boards and shareholder approvals, as well as other customary conditions.Cowen is serving as financial and capital markets advisor to Andina and Ellenoff Grossman Schole LLP is serving as legal advisor to Andina. Stifel is serving as financial advisor to EMMAC. Winston Strawn LLP is serving as legal advisor to EMMAC.About Andina Acquisition Corp. III Andina Acquisition Corp. III NASDAQ: ANDA, ANDAW, and ANDAU is a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. For information about Andina, please visit EMMAC Life Sciences Limited EMMAC Life Sciences Limited is Europes largest independent cannabis company, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. With a unique supply and distribution network throughout Europe, EMMACs vision is to bring the life-enhancing potential of cannabis to the people who need it. For more information about EMMAC, please visit Information and Where to Find It If a definitive agreement is entered into and in connection with the proposed transactions described herein, a full description of the terms of the transaction will be provided in a proxy statementprospectus for Andinas stockholders to be filed with the U.S. Securities and Exchange Commission the SEC. Andina urges investors, stockholders and other interested persons to read, when available, the preliminary proxy statementprospectus, as well as other documents filed with the SEC, because these documents will contain important information about the Company, EMMAC and the proposed business combination transaction. The definitive proxy statementprospectus will be mailed to stockholders of Andina as of a record date to be established for voting on the proposed transaction. Shareholders may obtain copies of the proxy statementprospectus, when available, without charge, at the SECs website at or by directing a request to: Andina Acquisition Corp. III, Calle 113 7-45 Torre B, Oficinia 1012, Bogota, Colombia.In addition, Andina has filed a definitive proxy statement the Extension Proxy Statement to be use at its special meeting of shareholders to approve an extension of time in which Andina must complete its initial business combination or liquidate the trust account that holds the proceeds of the Companys initial public offering the Extension. Andina mailed the Extension Proxy Statement and other relevant documents to its shareholders of record as of July 1, 2020 in connection with the Extension. Investors and security holders of Andina are advised to read the Extension Proxy Statement because this document contains important information about the Extension. Shareholders are able to obtain copies of the Extension Proxy Statement, without charge, at the SECs website at or by directing a request to: Andina Acquisition Corp. III, Calle 113 7-45 Torre B, Oficinia 1012, Bogota, Colombia.Participants in Solicitation Andina and its directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies of Andina stockholders in connection with the Extension and the potential transaction described herein under the rules of the SEC. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Andinas directors in the Extension Proxy Statement, which was filed with the SEC on July 6, 2020 and will also be contained in the proxy statementprospectus relating to the proposed transaction when it is filed with the SEC. These documents may be obtained free of charge from the sources indicated above.Non-Solicitation This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Andina, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.Forward Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, Andinas and EMMAC inability to enter into a definitive agreement with respect to the proposed business combination transaction or to complete the transactions contemplated by the non-binding letter of intent; matters discovered by the parties as they complete their respective due diligence investigation of the other; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by Andina stockholders; the ability to meet NASDAQs listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; expectations with respect to future operating and financial performance and growth, including when EMMAC will become cash flow positive; the timing of the completion of the proposed business combination; EMMAC ability to execute its business plans and strategy and to receive regulatory approvals; and other risks and uncertainties indicated from time to time in filings with the SEC, including Andinas Annual Report on Form 10-K for the fiscal year ended December 31, 2019 under the heading Risk Factors and other documents of Andina filed, or to be filed, with the SEC. 