 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 22, 2020 GLOBE NEWSWIRE -- Andina Acquisition Corp. III NASDAQ: ANDA, ANDAW, and ANDAU Andina and EMMAC Life Sciences Limited EMMAC jointly announced today that they have signed a non-binding letter of intent the LOI relating to a business combination, pursuant to which EMMAC would become a publicly traded company on the NASDAQ Stock Market with EMMACs shareholders rolling over all of their equity in EMMAC into the combined public company. 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. EMMAC 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.Additional information 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 contemplated by the LOI, EMMACs executive team, led by Chairman Lorne Abony, CEO Antonio Costanzo, CFO Thomas Ellen, and COO Tom Rooke, would continue leading the combined company. These executives and their management team have extensive experience operating in highly regulated industries across key sectors. In total, EMMAC has approximately 130 employees, including 17 Ph.Ds.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.Luke Weil, Chairman of Andina, and Julio A. Torres, CEO of Andina, said, As the largest independent European cannabis company, we believe that EMMAC is an extremely attractive investment opportunity and would be a tremendous merger partner for Andina. Given Europes large population, addressable market with strong pricing, and meaningful barriers to entry, EMMACs vertically-integrated pan European footprint ideally position the company to realize significant opportunities in both medical cannabis and CBD wellness. By 2023, these markets are estimated to reach 8 billion and 5 billion, respectively, according to industry research 1. We are looking forward to partnering with EMMACs world-class team and supporting them as they continue their expansion and enter this new phase as a public company.Lorne Abony, Executive Chairman of EMMAC, and Antonio Costanzo, CEO of EMMAC, said, The Andina team possesses significant experience assisting companies like ours and will add significant value to us as a strategic partner. As a fully-integrated company with strength across the value chain, we are proud of what EMMAC has already accomplished in maximizing value from upstream and downstream assets, while controlling quality, supply, distribution and marketing in each region. Our executive team is eager to begin work with Andina as we continue to aggressively pursue opportunities within the European cannabis market.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.1 Brightfield Group European CBD and Cannabis Market 2019 Report Canaccord 2018 Cowen Data for U.S. CBD Market Applied to Europe 2023About 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. 