VANCOUVER, British Columbia, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) is pleased to provide a company update and further commentary on its previously announced proposed acquisition of GT Therapeutics Corporation, dba Green Tree Therapeutics (“GTT”).
- Extraction: Earlier this month the Company announced breakthrough extraction results. For more information please refer to its news release dated December 12: https://abattis.com/2017/12/12/abattis-confirms-breakthrough-extraction-technology-capabilities/
- Financing: Over the past month, the Company has successfully raised over $8,500,000 in private placements and warrant exercises. These funds are expected to be used to aggressively grow the extraction business, and for laboratory expansion, acquisitions and general working capital.
- Acquisition: Earlier today, the Company announced its intent to purchase Green Tree Therapeutics via an acquisition of Winston Resources Inc. (“WRW”). Further details are set out below.
“We are very pleased with the rapid growth and positive momentum in Abattis,” commented Rob Abenante, CEO of Abattis. “Many of the goals we have been working towards over the year are starting to come to fruition, which has enabled the Company to raise capital that we intend to use to continue our ambitious growth strategy in 2018.”
About Green Tree Therapeutics
GTT owns a brand of vaporizers currently sold in approximately 130 stores, including medical and adult use dispensaries across North America, and it is also engaged in the expansion of its product offerings for alternate cannabis products, including capsules, oils, and lotions. GTT's vaporizers are believed to provide therapeutic benefits through the delivery of beneficial CBD and THC extracts, and a system for rapid absorption for the quick delivery of cannabinoids. Further information can be found on GTT’s website at www.greentreetherapeutics.com.
“GTT is a perfect fit for the Company’s downstream services portfolio,” stated Mr. Abenante. “Our proposed acquisition of GTT is expected to complement our retail offerings in our wholly-owned subsidiary, Vergence Naturals Ltd. (“Vergence”), and to provide a solid entry point into the vaporizers market. With this acquisition, Abattis will have the opportunity to vertically integrate its supply chain from extracts right through to retail.”
Abattis has entered into a non-binding letter of intent (the “LOI”) with GTT, WRW and the shareholders of GTT, providing for the general terms and conditions of a proposed transaction that will result in Abattis acquiring all of the issued and outstanding common shares of GTT in exchange for the issuance of 5,500,000 common shares of Abattis to the shareholders of GTT, and the issuance of 25,000,000 common shares of Abattis to WRW.
None of the securities to be issued pursuant to the Proposed Transaction have been or will be registered under the United States Securities Act of 1933, or any state securities laws, and any securities issued pursuant to the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements and applicable exemptions under state securities laws. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States.
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
About Vergence Naturals Ltd.
Vergence Naturals™ is a wholly owned subsidiary of Abattis, based in Vancouver, B.C., Canada. The Vergence team are bioceutical marketing specialists focused on health products to penetrate the fast-growing market for natural, safe and effective natural products that meet unmet wellness needs.
ON BEHALF OF THE BOARD OF
ABATTIS BIOCEUTICALS CORP.
Robert Abenante, President & CEO
For more information, please visit the Company's website at: www.abattis.com
For inquiries, please contact the Company at (604) 674-8232 or at email@example.com.
Disclaimer for Forward-Looking Statements
Certain information set out in this news release constitutes” forward-looking information” or “forward-looking statements”, which may include information relating to the proposed financing of the Company and its use of proceeds. Forward-looking statements (often, but not always, identified by the use of words such as “expect”, “may”, “could”, “anticipate”, or “will”, and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements in this news release include statements regarding: the terms of the proposed Transaction; the Company’s ability to enter into a definitive agreement in respect of and complete the proposed Transaction; the excepted benefits of integrating GTT under the Abattis business umbrella; and the potential therapeutic benefits of GTT’s products. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to: the risk that the parties may be unable to agree on terms for the definitive agreement; the risk that the Transaction may not be completed on the terms contemplated or at all; the risk that the Transaction may not obtain necessary approvals, including the approval of the Canadian Securities Exchange, the shareholders of GTT or the board of directors of any of the parties; regulatory and other risks associated with the cannabis industry; operational risks associated with development and production operations; risks related to delays or changes in plans and unanticipated costs and expenses, among others. In light of the risks and uncertainties associated with forward-looking statements; and other risks, uncertainties and other factors that are beyond the control of the Company. Although the Company believes that the expectations reflected in the forward-looking statements set out in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, and readers are cautioned not to place undue reliance upon forward-looking information. The forward-looking statements of the Company contained in this news release are made only as at the date hereof and are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, the Company does not undertake to update any forward-looking statement contained in this news release.
Source:Abattis Bioceuticals Corp.