VANCOUVER, British Columbia , March 28, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to provide an update on its previously announced proposed strategic investment in Global Group Kalapa S.L. (“KALAPA”), a private company headquartered in Barcelona.
In accordance with a term sheet signed by ICC Labs and KALAPA, ICC Labs intends to acquire an initial 25% equity stake in KALAPA at an agreed upon valuation for KALAPA of €3,500,000 to be paid with a combination of cash, pure CBD produced by ICC Labs, and common shares of ICC Labs valued at an agreed upon price per common share of Cdn.$1.40. The allocation of the consideration is to be determined by the parties pursuant to a definitive acquisition agreement.
In addition, ICC Labs will be granted an option to acquire the remaining 75% of KALAPA at the same valuation prior to the end of 2018 in a combination of cash and securities of ICC Labs.
The closing of the investment remains subject customary closing conditions, including approval of the TSX Venture Exchange (the “TSX-V”), negotiating and entering into definitive transaction documents and the completion of due diligence.
ABOUT GLOBAL GROUP KALAPA S.L.
Global Group Kalapa SL is a holding company based in Barcelona, Spain. It is owner of Kalapa Clinic - the first pan-European medical consultancy specializing in treatments with cannabinoids - as well as of KSK Labs, a producer and manufacturer of products based on CBD. Kalapa furthermore is a joint venture partner in other projects with medicinal cannabis, one of them being CanPharma, an applicant for an import and distribution license in Germany.
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoids extracts, giving support and promoting the responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance and the highest standards for quality and safety.
For more information, please visit www.icclabs.com.
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company’s ability to complete the transactions contemplated by the Term Sheet on the terms disclosed herein or at all, inaccuracies in the information that KALAPA has provided to the Company with respect to its business and operations, an inability of the Company to integrate KALAPA into its operations, and receipt of the requisite regulatory approvals required to complete the transactions, including of the TSX-V and various import/export agencies. Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Source:ICC Labs Inc.