Bluewater Acquisition Corp. Extension of Deadline to Complete Qualifying Transaction

Not for distribution to U.S. news wire services or for dissemination in the United States.

CALGARY, Alberta, Feb. 03, 2022 (GLOBE NEWSWIRE) — Bluewater Acquisition Corp. (“BAQ”) (TSXV: BAQ.P) announces that it has entered into an agreement, effective January 31, 2022, with VM Agritech Limited (“VMA”) to extend the deadline for the completion of their proposed qualifying transaction from January 31, 2022, to February 14, 2022. For further information regarding the proposed qualifying transaction, please refer to BAQ’s Filing Statement dated January 28, 2022, which is available under BAQ’s profile on SEDAR at www.sedar.com.

About BAQ

BAQ is a capital pool company (a “CPC”) within the meaning of the policies of the TSX Venture Exchange (the “TSXV”). BAQ has not commenced operations and has no assets other than cash. BAQ’s principal business is the identification and evaluation of assets or businesses with a view to completing a “Qualifying Transaction” under Policy 2.4 – Capital Pool Companies of the TSXV.

About VMA

VMA is a private limited company existing under the laws of England and Wales, incorporated on May 27, 2014. VMA has developed and patented a solubilized copper-zinc phosphite complex that appears to kill pathogenic fungi in plants directly while also potentially triggering a plant’s immune system to defend itself against further fungal attack. VMA is currently engaged with Cornell University’s College of Agriculture and Life Sciences (CALS) to further research and develop its technology with the end goal of commercialization applicable to the entire global plant-based agricultural industry. VMA’s patented formulae are directed at controlling both fungal and bacterial plant pathogens in a novel safe, effective, and organic way. The original efficacy research was conducted at the University of Exeter, England, and in 2016 and 2017, VMA, in collaboration with the research team at the University of Exeter, was granted two Industrial Partnership awards with the Biotechnology and Biological Sciences Research Council in the United Kingdom worth over £1.19 million (approximately CA$2.06 million), the results of which were delivered in 2019 and 2020.

Further Information

All information contained in this news release with respect to BAQ and VMA was supplied by the respective party, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.

Completion of the qualifying transaction is subject to a number of conditions, including but not limited to final TSXV acceptance. The qualifying transaction cannot close until such approvals are obtained. There can be no assurance that the qualifying transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement of BAQ to be prepared in connection with the qualifying transaction, any information released or received with respect to the qualifying transaction may not be accurate or complete and should not be relied upon. Trading in the securities of BAQ should be considered highly speculative.

The TSXV has not in any way passed upon the merits of the proposed qualifying transaction and has neither approved nor disapproved the contents of this news release.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact:

Peter Karos
peter@bluewateracquisition.com
(416) 414-9916

Mike Sapountzoglou
CEO, CFO and Director
mike@bluewateracquisition.com