VANCOUVER, British Columbia, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce that it intends to proceed with a normal course issuer bid to purchase up to 20,986,909 of its common shares, representing 5% of its current issued and outstanding shares (the “Bid”). The Company is commencing the Bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company’s business and future prospects. The Company believes that, at such times, the repurchase of its common shares for cancellation would be in the best interests of its shareholders.
“The management team at Abattis believes that, compared to its market peers, the Company’s shares are undervalued,” said Rob Abenante, Abattis President and CEO. “We are proud of the foundation we have built through our recent acquisitions and joint ventures and believe we are in a great financial position thanks to several over-subscribed capital raises and dispositions. With the legalization of recreational marijuana anticipated for October of this year, we believe we will be in an excellent position to generate revenues and be a leader in the cannabis space. We also believe our shares represent a great value at current prices and are willing to bet on ourselves as we head into this exciting quarter,” added Mr. Abenante.
The Bid will commence on August 15, 2018 and terminate on August 15, 2019, or on an earlier date in the event that the number of common shares sought in the Bid has been repurchased or if the Company feels that it is appropriate to do so. All common shares will be purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE”) and payment for the common shares will be made in accordance with CSE policies. All purchases under the Bid will be made at the prevailing market prices of the common shares at the time of purchase. Purchases may be suspended at any time and no purchases will be made other than by means of open market transactions during the term of the Bid. Any common shares purchased pursuant to the Bid will be cancelled by the Company.
About Abattis Bioceuticals Corp.
Abattis is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. Over the past year, Abattis has made key acquisitions to leverage synergies and vertically integrate its business. Through its partnership with Northern Vine Labs and its investment in XLABS Therapeutics (ONT) Inc., Abattis has access to a fully licenced laboratory facility and an industrial size laboratory currently in the process of obtaining a Health Canada dealer’s license and, through its wholly owned subsidiary Gabriola Green Farms, it has applied for a Health Canada license to produce and sell Cannabis flower and oils. Abattis also operates a retail vaporizers business through its wholly owned subsidiary, Green Tree Therapeutics, which offers 10 unique branded SKUs online and across the country and owns a series of marketing, licensing and technology rights. Abattis has also partnered with a number of organizations, including the University of British Columbia Faculty of Land and Food Systems, with which it is developing delivery platforms with increased stability and bioavailability for cannabinoid rich THC-free hemp extracts. For more information, visit the Company's website at: www.abattis.com
ON BEHALF OF THE BOARD OF
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 Abattis Investor Relations at (604) 441-1304 or at investors@abattis.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 Bid; the Bid’s mechanics; the number, price and means of purchase of common shares under the Bid; the anticipated legalization of recreational marijuana in October of this year; the Company’s belief that it will be in an excellent position to generate revenues and be a leader in the cannabis space; the start and end dates of the Bid; and the benefit of the Bid to the Company and its shareholders. 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 common shares will not be purchased under the Bid; that the Bid will not be carried out on the terms or schedule as anticipated; that recreational marijuana will not be legalized in October of this year; that the Company will not be in an excellent position to generate revenues and be a leader in the cannabis space; that the Bid will not benefit the Company or its shareholders as expected or at all; 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 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 because of new information, future events or results, or otherwise, except as required by applicable securities laws.