VANCOUVER, British Columbia, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) is pleased to announce it has signed a settlement agreement returning 100% ownership in its laboratory subsidiary, Northern Vine Canada Inc. (“Northern Vine”).
Abattis has signed a subsidiary share swap agreement with Experion Biotechnologies Inc. (“Experion”) wherein Experion regains 100% ownership of its company and Abattis regains 100% ownership of Northern Vine.
“Regaining full 100% ownership control of Northern Vine puts Abattis in a much stronger strategic position allowing us to seek out exciting new partnerships that better align with our vision for our labs and extraction,” said Rob Abenante, President and CEO of Abattis and Northern Vine.
Abattis plans to leverage the lab’s capabilities by focusing research and development goals at Northern Vine towards genetics, analysis, processing, and Abattis’ proprietary extraction technology.
Northern Vine continues to play a strong role in Abattis’ full downstream service plan to test, analyze, formulate, provide regulatory expertise, and assist in branding and selling downstream products from the cannabis cultivation industry.
“We intend for Northern Vine to be the first of many laboratories which we plan to roll out with strategic partners. Since labs are scarce, the value of the dealers’ license is going up, and we believe we have a very unique commercial lab in Northern Vine,” added Mr. Abenante.
With the agreement, Abattis has officially regained full ownership control over Northern Vine which includes its operational testing facility in Langley, B.C. Northern Vine.
"The swap agreement with Experion will allow both companies to focus on their core competencies and operate in a more efficient and effective manner. As a new director of Abattis, I see this as a very positive step forward for Abattis's subsidiary, Northern Vine. We wish Experion success with their cultivation business and look to forming more synergistic strategic partnerships in the near future,” said Peter Gordon, director of Abattis.
The Company is executing on its plan to become the premier testing formulating facility to better serve the national cannabis industry.
As well, Abattis and Northern Vine have commenced setting up prototype extraction installations with local licensed facilities to highlight the extraction capabilities of the proprietary extraction technology and machinery.
So far, six machines have landed in Canada, of which some will be installed at Northern Vine’s lab, while others will be demonstrated for strategic partners that Abattis is working with. The landed machines are capable of processing 72 kgs per day of raw material.
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.
About Northern Vine Canada Inc.
Northern Vine Labs™ is licensed by Health Canada (Dealers License) for the possession of Cannabis and related active ingredients, as well as the production of extracts for the purpose of analysis. Northern Vine Labs™ product certification and quality assurances programs incorporate global best practices and procedures for application in the legal Canadian cannabis market.
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 or www.northernvinelabs.com
For inquiries, please contact the Company at (604) 336-0881 or at news@abattis.com.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "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 statements regarding the expected stronger strategic position and ability to attract stronger partners, the production capabilities of the Company’s machines, the ability to leverage the lab’s capabilities, for research, development, extraction and product formulation. 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 Northern Vine will continue to play a strong role in Abattis’ full downstream service plan to test, analyze, formulate, provide regulatory expertise, and assist in branding and selling downstream products from the cannabis cultivation industry; that Northern Vine will be first of many laboratories to be rolled out with strategic partners; that the value of the dealers’ license may increase; the ability of the swap agreement to allow both companies to focus on their core competencies and operate in a more effective manner; the Company being able to execute on their business plan and become one of the premier testing services to the cannabis industry; that that the Company may not be able to execute its proposed business plan in the time required or at all due to regulatory, financial or other issues, 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 Management's Discussion and Analysis, 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 as a result of new information, future events or results, or otherwise, except as required by applicable securities laws.