Abattis Bioceuticals (ATT-Cse) Dec 22, '17 has provided a company update and further commentary on its previously announced proposed acquisition of GT Therapeutics Corp., doing business as Green Tree Therapeutics (GTT).
Extraction: Earlier this month the Company announced breakthrough extraction results. For more information please refer to its news release dated December 12.
Financing: Over the past month, the Company has successfully raised over $8,500,000 in private placements and warrant exercises. These funds are expected to be used to aggressively grow the extraction business, and for laboratory expansion, acquisitions and general working capital.
Acquisition: Earlier today, the Company announced its intent to purchase Green Tree Therapeutics via an acquisition of Winston Resources Inc. ("WRW"). Further details are set out below.
"We are very pleased with the rapid growth and positive momentum in Abattis," commented Rob Abenante, CEO of Abattis. "Many of the goals we have been working towards over the year are starting to come to fruition, which has enabled the Company to raise capital that we intend to use to continue our ambitious growth strategy in 2018."
About Green Tree Therapeutics
GTT owns a brand of vaporizers currently sold in approximately 130 stores, including medical and adult use dispensaries across North America, and it is also engaged in the expansion of its product offerings for alternate cannabis products, including capsules, oils, and lotions. GTT's vaporizers are believed to provide therapeutic benefits through the delivery of beneficial CBD and THC extracts, and a system for rapid absorption for the quick delivery of cannabinoids. Further information can be found on GTT's website at www.greentreetherapeutics.com.
"GTT is a perfect fit for the Company's downstream services portfolio," stated Mr. Abenante. "Our proposed acquisition of GTT is expected to complement our retail offerings in our wholly-owned subsidiary, Vergence Naturals Ltd. ("Vergence"), and to provide a solid entry point into the vaporizers market. With this acquisition, Abattis will have the opportunity to vertically integrate its supply chain from extracts right through to retail."
Acquisition Details
Abattis has entered into a non-binding letter of intent (the "LOI") with GTT, WRW and the shareholders of GTT, providing for the general terms and conditions of a proposed transaction that will result in Abattis acquiring all of the issued and outstanding common shares of GTT in exchange for the issuance of 5,500,000 common shares of Abattis to the shareholders of GTT, and the issuance of 25,000,000 common shares of Abattis to WRW.
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 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 the Company at (604) 674-8232 or at news@abattis.com. |
