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TORONTO, Oct. 31, 2018 (GLOBE NEWSWIRE) -- A-Labs Capital I Corp. (TSXV: ALBS.P) (the “Company”) announces that it has completed its initial public offering through its agent, Haywood Securities Inc. (“Haywood”), of 2,000,000 common shares of the Company at a price of $0.10 per common share for total gross proceeds of $200,000 pursuant to a prospectus dated September 27, 2018 filed with the British Columbia and Alberta Securities Commissions.

The Company has received final acceptance to be listed as a Capital Pool Company (CPC) on the TSX Venture Exchange (the “TSXV”).  The common shares of the Company are expected to commence trading on the TSXV at the opening of market on or about October 31, 2018 under the trading symbol “ALBS”.

As consideration for its role as agent, the Company granted to Haywood a non-transferable option (the “Agent’s Option”) to purchase up to 200,000 common shares of the Company at a price of $0.10 per common share for a period of 24 months until October 31, 2020.  In addition, Haywood received a cash commission in an amount equal to 10% of the gross proceeds of the initial public offering, a work fee of $10,000 and reimbursement of certain expenses.

Upon closing of the initial public offering, the Company also granted 560,000 incentive stock options to its directors and officers which are exercisable for a period of five years at an exercise price of $0.10 per share.

As a result of the closing of the initial public offering, the Company now has 6,360,000 common shares issued and outstanding (3,600,000 of which are subject to escrow restrictions in accordance with TSXV policies), 200,000 reserved for issuance upon the exercise of the Agent’s Option, and 560,000 common shares reserved for issuance upon the exercise of incentive stock options.  The escrowed shares will be released in staged releases over a period of 36 months from the completion of the qualifying transaction.

The Company's board of directors and management team is comprised of:  Doron Cohen (Chief Executive Officer and Director), Noah Hershcoviz (Chief Financial Officer, Secretary and Director), Daniel Kajouie (Director), Michael Mire (Director), Wayne Miller (Director) and Konstantin Lichtenwald (Director).

About the Company

The Company is designated as a Capital Pool Company (CPC) by the TSXV. The Company has not commenced commercial operations and has no assets other than cash.  The only business of the Company is the identification and evaluation of assets or businesses with a view to completing a “Qualifying Transaction” in accordance with TSXV Policy 2.4 – Capital Pool Companies.  The funds raised under the initial public offering will be used to pursue such Qualifying Transaction.  For further information regarding the Company, the offering, and the Company’s management team, see the prospectus filed with the Company’s disclosure documents on SEDAR at www.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Doron Cohen
Chief Executive Officer
Telephone: (972) 545-224-017
E-mail: doron@a-labs.ventures

Cautionary Notes

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements.  These statements are based upon assumptions that are subject to significant risks and uncertainties.  Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements.  Forward-looking statements in this news release include, but are not limited to, the ability of the Company to complete a qualifying transaction.  Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results.  Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward looking statements will prove to be correct.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.