Abattis (CSE: ATT) (OTCQB: ATTBF) Enters into Agreement to Acquire Remaining Minority Interest in Gabriola Green Farms
Vancouver, British Columbia - April 18, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Abattis Bioceuticals Corp. (CSE: ATT) (OTCQB: ATTBF) (the "Company" or "Abattis") is pleased to announce that it has entered into a share purchase agreement to acquire (the "Acquisition") the remaining 10% ownership interest in its subsidiary, Gabriola Green Farms Inc. ("Gabriola").
"We are very happy to now own a 100% interest in Gabriola and integrate it as a wholly-owned subsidiary of Abattis. We believe that Gabriola's anticipated LP will complete our suite of downstream offerings and be the highlight of our growth into a full service cannabis company," stated Rob Abenante, Abattis President and CEO.
Abattis will acquire the remaining 10% ownership interest in Gabriola from CannaNUMUS Blockchain Inc. for $2.5 million. Following completion of the Acquisition, Gabriola will be a wholly-owned subsidiary of the Company.
Gabriola is a British Columbia company that has applied for a license to produce under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") on Gabriola Island, one of the gulf islands located in the Strait of Georgia off the coast of British Columbia. Gabriola Island has a consistent temperature and humidity level, which makes it well suited to greenhouse growing.
Gabriola's production facilities are expected to be constructed in two phases:
- Phase 1 - Buildout of its 6,000-square-foot state-of-the-art facility, consistent with ACMPR standards.
- Phase 2 - Upon completion of the Phase 1 buildout, Gabriola will build out an expansion of approximately 20,000 square feet.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com.
ON BEHALF OF THE BOARD OF
ABATTIS BIOCEUTICALS CORP.,
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 674-8232 or at firstname.lastname@example.org.
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "intends", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements regarding: the Acquisition and the expected completion thereof; Gabriola's LP application and the expected effect the LP, once received, will have on Abattis's business profile and offerings; Gabriola's plans for an approximately 26,000 square foot production facility, including respecting the two expected phases of such buildout. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including: that the Acquisition will not complete; that Gabriola's application for an LP will be unsuccessful; that, once received, the effect of Gabriola's LP on Abattis's business profile and offerings will not be as expected; that Gabriola's construction plans will not come to fruition or will not be carried out as expected; that the Company will not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues; that the Company's competitors may develop competing technologies; changes in regulatory requirements; and other factors beyond the Company's control. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on www.sedar.com. The forward-looking statements are made as at the date hereof and the Company disclaims any intent or obligation to publicly update any forward-looking statements, where because of new information, future events or results, or otherwise, except as required by applicable securities laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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