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MPX Appoints Robert Petch to the Board of Directors
TORONTO, June 06, 2018 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) is pleased to announce that Robert Petch has joined the board of directors of MPX. Mr. Petch has over 30 years of experience in management, strategic planning and financial analysis. With experience on both the buy-side and sell-side of the investment market, Mr. Petch will be a valuable asset on the execution of MPX’s on-going strategy of growth in the North American cannabis industry.
Mr. Petch worked for 15 years at Dresdner Kleinwort Benson advising companies on strategy, fund-raising including IPOs where he led a number of successful issues, acquisitions (public and private), disposals and other market-related issues. More recently, he spent 4 years assessing investment opportunities for a specialist AIM-listed private equity investment company and a further 4 years advising a substantial family office on its private equity and real estate portfolio before going independent in 2014.
Mr. Petch is a Chartered Accountant, and has an honours degree in Engineering Science from Oxford University. He lives with his wife and three sons in Kent in the United Kingdom.
Stock Option Grant
The Company also announces that a total of 4,992,500 stock options to purchase common shares of MPX were granted to a director of MPX as well as employees and consultants of MPX’s subsidiaries at an exercise price of $0.81 per common share and expiring on May 31, 2023. The grant is subject to regulatory approval.
Under the Company’s stock option plan (the “Plan”), 9.86% of the issued and outstanding common shares or 35,543,262 common shares are reserved for issuance, including the above grant, and the Company may grant an additional 507,987 options under the Stock Option Plan representing 0.14% of the issued and outstanding common shares.
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX adds another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC (“GreenMart NV”) is an award winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market. GreenMart NV has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries and manages three full service dispensaries and one producer in Maryland.
The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX’s objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
On behalf of the Board of Directors
MPX Bioceutical Corporation (formerly The Canadian Bioceutical Corporation)
W. Scott Boyes, Chairman, President and CEO
For further information, please contact:
Heidi Christensen Brown