VANCOUVER, British Columbia, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the "Company" or "Abattis") (CSE:ATT) (OTC:ATTBF) is pleased to announce that it has entered into an investment agreement (the “Agreement”) to acquire (the “Acquisition”) a 49% stake in CannaNUMUS Blockchain Inc. (“CannaNUMUS”). CannaNUMUS is developing a cryptocurrency (the “Coin”) under which tokens will represent the performance of a suite of portfolio cannabis companies.
“With a 49% equity stake in this blockchain platform, Abattis could see a significant upside from any CannaNUMUS liquidity event, including a reverse take-over of CannaNUMUS or an ICO,” stated Rob Abenante, CEO of Abattis. “With both companies being actively engaged in M&A in the cannabis space, we anticipate that the partnership will be synergistic, creating opportunities for collaboration, growth and a mutual deepening of expertise,” added Mr. Abenante.
The CannaNUMUS ecosystem is being developed to link cannabis investors directly with market leading companies, while simultaneously enabling frictionless peer-to-peer transactions. CannaNUMUS’s technology will marry the accountability and security benefits of blockchain with the real-world backing of enforceable legal contracts. The Coin will present investors with direct exposure to a high performing curation of companies, including licensed producers, labs, and downstream service operators. CannaNUMUS is building towards an initial coin offering (the “ICO”).
“We looked at many companies to partner with and Abattis came out on top,” stated Simran Gill, Founder and Executive of CannaNUMUS. “Through their growing portfolio of downstream products and services, Abattis can offer synergistic value to the Coin, which we believe will help boost its value after the ICO,” added Mr. Gill.
Abattis operates a diverse range of businesses across the cannabis space. The Acquisition enables Abattis to leverage its existing businesses and get ground-floor, pre-ICO access to one of the most disruptive technologies to appear in decades. Blockchain and cryptocurrencies have experienced explosive growth worldwide.
Pursuant to the Agreement, in exchange for a 49% equity stake in CannaNUMUS, Abattis will make an initial cash payment of $5 million as well as milestone-based payments to CannaNUMUS of up to $7 million, in the aggregate, upon (i) a definitive agreement being entered into with a company engaged in the cannabis economy for the use of the Coin as a medium of exchange, (ii) the successful ICO of the Coin and (iii) a second definitive agreement being entered into with a company engaged in the cannabis economy for the use of the Coin as a medium of exchange. Closing of the Acquisition is subject to, among other things, completion of due diligence by Abattis and the receipt of any required consents, including that of the Canadian Securities Exchange.
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. For further information please visit www.abattis.com
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
“Rob Abenante"
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 674-8232 or at news@abattis.com.
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: Abattis’s proposed Acquisition; CannaNUMUS’s development of the Coin; Abattis seeing a significant upside from any CannaNUMUS liquidity event, including a reverse take-over of CannaNUMUS or an ICO; the partnership between Abattis and CannaNUMUS being synergistic, creating opportunities for collaboration, growth and a mutual deepening of expertise; the CannaNUMUS ecosystem being developed to link cannabis investors directly with market leading companies, while simultaneously enabling frictionless peer-to-peer transactions; CannaNUMUS’s technology marrying the accountability and security benefits of blockchain with the real-world backing of enforceable legal contracts; the Coin presenting investors with direct exposure to a high performing curation of companies, including licensed producers, labs, and downstream service operators; the belief that Abattis’s offer of synergistic value to the Coin will help boost its value after the ICO; and Abattis’s anticipated investment in CannaNUMUS, including the various milestone payments due under the Agreement. 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 the Acquisition will not complete; that CannaNUMUS will not develop the Coin; that Abattis will not see a significant upside from any CannaNUMUS liquidity event, including a reverse take-over of CannaNUMUS or an ICO, or that such a liquidity event will not take place; that the partnership between Abattis and CannaNUMUS will not be synergistic or create opportunities for collaboration, growth or a mutual deepening of expertise; that the CannaNUMUS ecosystem will not link cannabis investors directly with market leading companies, while simultaneously enabling frictionless peer-to-peer transactions; that CannaNUMUS’s technology will not marry the accountability and security benefits of blockchain with the real-world backing of enforceable legal contracts; that the Coin will not present investors with direct exposure to a high performing curation of companies, including licensed producers, labs, and downstream service operators; that Abattis’s offer of synergistic value to the Coin will not help boost its value after the ICO; that Abattis will not make its anticipated initial investment in CannaNUMUS or the various milestone payments due under the Agreement; 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.