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Abattis Comments on BCSC Temporary Order
VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) comments on the news release regarding the British Columbia Securities Commission (“BCSC”) Temporary Order dated November 26, 2018.
The BCSC issued a temporary order on Monday, November 26, 2018, which centers around share issuances by 11 CSE issuers to a very large group of consultants between February, 2018, and August, 2018. Abattis has been named as 1 of the 11 issuers as they have ongoing consulting agreements with certain members listed in the group of respondents (the “Respondents”) for services ranging from accounting and finance to marketing. Also, certain of the Respondents participated in an Abattis private placement for $2.25M. For these reasons, Abattis has been named as an issuer in this temporary order.
Abattis President & CEO, Robert Abenante provided the following statement:
“Having Abattis named in this temporary order is certainly negative for our company, however we understand the objective of the BC Securities Commission and intend to fully cooperate during the course of their investigation.”
“We would like to make it clear to our shareholders and many stakeholders that since taking over the management of Abattis, our team has and continues to act in the best interest of all its shareholders, with the primary objective to build value by creating a fully-integrated medicinal marijuana company.”
“The use of proceeds of our private placements have gone towards building a diversified cannabis company with divisions in cultivation, services and products. These proceeds have contributed towards:
- the development of a state-of-the-art cannabis cultivation facility on Gabriola Island;
- research, development and marketing of our Abattis branded vaporizer Line;
- cutting-edge nano-emulsification research with the University of British Columbia;
- research and development of cannabis infused products (such as a CBD beer and sunscreen);
- investment in leading Blockchain technology;
- investment in the development of one of Canada’s largest cannabis laboratories; and
- the successful launch of Comfort, our chronic pain and inflammation cannabinoid product.
“The management of the Company remains committed to increasing shareholder value through organic growth of these initiatives as well as accretive acquisitions that will position Abattis as a leading cannabis company. In the last week, we announced the acquisition of 140 unique and popular cannabis strains giving Abattis one of the largest portfolios of known strains in the cannabis industry. Today, we announced a significant milestone in marketing our vaporizer line by signing a major distribution agreement with Sheffield and Sons, one of Canada’s largest tobacco chains. We firmly believe this temporary order will be a small blip in the Company’s drive to build shareholder wealth in the coming months.”
Abattis CEO, Robert Abenante and CFO, Kent McParland are also officers and directors of Cryptobloc Technologies Corp. (“Cryptobloc”) (CSE: CRYP), (OTC: CRYBF), (Frankfurt: GR9), which was also listed as an issuer in the temporary order. Mr. Abenante and Mr. McParland joined Cryptobloc after it had been halted by IIROC and served production orders by the BCSC. Mr. Abenante and Mr. McParland have been working and cooperating with BCSC and the CSE for several months in an effort to turn around the company and return it to good standing. A company update for Cryptobloc was released on November 23, 2018.
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,
Robert Abenante, President & CEO
For more information about Shefield & Sons, please visit their website at: www.shefield.com/shefieldsons
For more information about the Company, please visit the Company’s website at: www.abattis.com
For Company inquiries please contact (808) 650-3007 or at firstname.lastname@example.org. Abattis IR is 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”, “promising”, “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 that the Company that the order of the British Columbia Securities Commission will only be a small blip in the Company’s drive to build shareholder wealth in the coming months; (ii) statements regarding the Company becoming a fully-integrated medicinal marijuana company; and (iii) that the Company will be able to generate increased shareholder value. 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 these 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 order by the British Columbia Securities Commission will have a material negative effect on the Company; that the Company will not receive the necessary regulatory approvals for its current or future products; that the Company will not see revenue growth at all or as anticipated; that the Company will not be well capitalized; that the Company or the Company’s wholly-owned subsidiary, Gabriola Green Farms, will not be granted a production or cultivation license; that the Company will not be able to develop and supply a wide range of products and services to the market; that the Company’s investments will not produce significant revenue streams; that the Company’s investment initiatives will not drive growth; 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 filings 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.