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VANCOUVER, British Columbia, Nov. 23, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp (the 'Company' or 'Abattis') (CSE:ATT) (OTC:ATTBF) is pleased to announce that it has entered into a definitive agreement (the 'Agreement') to acquire 100% of Select Strains Inc. ('Select Strains'). Select Strains has almost two decades of experience within the cannabis space, specifically within the fields of cannabis testing, research, cultivation and optimization of proprietary seeds and strains.
With a portfolio of over 140 laboratory-tested craft cannabis strains, Select Strains will allow for the continued differentiation of the Abattis brand, leveraging unique craft strains in an increasingly generic, highly competitive and standardised cannabis market. Select Strains' seed and strain inventory has been carefully curated and assembled over the past two decades by a team of experienced geneticists and breeders, maintaining and solidifying quality products that have been rigorously tested to suit end user needs.
The acquisition of Select Strains further augments Abattis' robust portfolio of vertically integrated cannabis assets, as well as aids in the positioning of the Company to capitalize on Canada's legal recreational cannabis marketplace in the near future.
Under the terms of the Agreement, Select Strains will transfer the ownership of its proprietary strain portfolio, seed inventory and clone catalogue to Abattis in exchange for 41,666,666 common shares of the Company. In addition, a finder's fee is payable as part of the acquisition.
With the addition of Select Strains, Abattis will furthermore have access to the vast collection of genetics and top ranked strains from around the world. Abattis plans to deploy Select Strains' premium genetic strains and seed bank capabilities to its cannabis operations in Canada.
This acquisition will give Abattis the ability to provide highly coveted cannabis flower through it's late-stage ACMPR Licensed Producer ('LP'), Gabriola Green Farms ('Gabriola'), which is set to receive its LP in early-to-mid 2019. As a part of the vertical integration that Abattis has created since the Company's inception over 10 years ago, Select Strains will be a crucial part of building out Gabriola, aiding the project with Intellectual Property ('IP') that will allow it to go straight into production upon reception of its LP license.
'The acquisition of Select Strains broadens the product offering that Abattis will be able to provide to its clients and through our ever-growing distribution network,' stated Robert Abenante, CEO and President of Abattis.
'The access to proprietary strains, clone catalogues and seed inventories will certainly add to the breadth of our unique product offerings and presents a very exciting opportunity to provide superior quality products to cannabis consumers worldwide. Moreover, the inclusion of Select Strains seed and strain library is yet another step towards achieving Abattis' goal of providing full-scale vertical integration in the cannabis markets and will certainly add to our future top-of-the-line Gabriola facility, which upon completion, will be a major cannabis powerhouse in British Columbia,' added Robert Abenante.
The Company is purchasing 100% of the Company for $5M dollars in common shares of the Company at a price of $0.12 per share. There is also a finders fee of 10% also paid in shares.
'This recent acquisition of Select Strains positions the Company advantageously and allows Abattis to gain access to multiple revenue streams through Select Strains' unique genetics catalogues, including the licensing of premium genetic strains and seeds, clone fulfillment services, tissue culture and strain patenting services,' stated Patrick Mitchell, COO of Abattis.
'Overall this strategic move fits in perfectly with Abattis' current divisions and we are excited to continue forward with this new arsenal of carefully curated cannabis genetics,' added Patrick Mitchell.
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 biological, 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 applicable laws of Canada and foreign jurisdictions.
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
'Rob Abenante'
Robert Abenante, President & CEO
For more information, please visit the Company's website at: www.abattis.com
For inquiries please contact (808) 650-3007 or at . Abattis' investor relations are managed by Canada One Communications Inc.
About Canada One Communications Inc.
Canada One Communications Inc. ('Canada One') is a full-service Investor Relations and Marketing company that focuses on both private and public sectors within the Canadian markets. Canada One offers timely responses to all investor inquiries over several mediums and effective, thorough market awareness programs that are specifically designed to maximize exposure and bring value to shareholders. Canada One's dedicated and experienced team strives to promote client information to the public and educate potential investors on the various developments of its clients. From basic phone-call and email investor correspondence, to full-scale comprehensive marketing packages which includes industry analysis, website development, corporate videos and other marketing programs, Canada One provides a full suite of services that are fully compliant with Canadian securities regulations. Canada One is driven by an uncompromising dedication to provide publicly listed and private companies with across-the-board investor relations and marketing solutions, directly translating these services into organic growth and increased market value of its valued clients.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words including but not exclusive to '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: (i) statements regarding the global cannabis genetics and strain market, (ii) statements relating to the marketing and sales of Abattis strains, (iii) the anticipation of the cannabis strain production market gaining worldwide popularity; and (iv) statements that the Company anticipates to receive its LP in early-to-mid 2019. 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 Gabriola will not receive its LP in early-to-mid 2019; that the effect of the acquisition of Select Strains on Abattis's business profile, success and offerings will not be 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; and other factors beyond the Company's control. Additional risk factors are included in the Company's Management's Discussion and Analysis, which are 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.
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