June 3, 2019 | Abattis Bioceuticals
VANCOUVER, BRITISH COLUMBIA / June 3, 2019 / Abattis Bioceuticals Corp (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) is pleased to announce that, further to its news releases dated December 7, 2018, January 10, 2019, and January 18, 2019, the Company has successfully completed its acquisition (the “Acquisition”) of 1157016 B.C. Ltd., dba NutriVida in the United States and Europe, and Pi Nutrients in Canada (“Pi Nutrients”), a privately held British Columbia fertilizer and nutrient company.
In connection with the closing of the Acquisition (the “Closing”), the Company will pay the shareholders of Pi Nutrients an aggregate cash purchase price of CAD $5,250,000, with CAD $250,000 due upon Closing, $2,125,000 plus interest due one (1) year following the Closing, and $2,625,000 plus interest due two (2) years following the Closing (each, a “Subsequent Cash Portion”). Each Subsequent Cash Portion shall accrue interest at 11% per annum, on the basis of a 365-day calendar year, which interest shall begin to accrue on the date such Subsequent Cash Portion becomes due. In addition, the Company has agreed to pay up to an aggregate of $10,000,000 in cash to the Pi Nutrients shareholders upon the achievement, by Pi Nutrients, of certain performance-based milestones (the “Performance Milestones”). The Performance Milestones include obtaining permits in several US States, as well as significant revenue targets of up to $50,000,000 in cumulative revenue commencing the date of Closing.
“Abattis continues to hit significant milestones as we remain focused on revenue growth in the Company,” stated President and CEO of Abattis, Robert Abenante. “We are very excited to have completed the acquisition of Pi Nutrients, as we believe it will significantly contribute to the Company’s revenue generation alongside our other recent acquisition, Pro Natura BV” added Mr. Abenante.
In connection with the Closing, the board of directors of the Company (the “Board”) will be increased to include a nominee of Pi Nutrients. It is expected that Kelly Zastowny will be appointed as Pi Nutrients’ nominee.
Mr. Zastowny has over 35 years of experience within the plant nutrient industry, and was a key figure in the research and development of modern hydroponic technology in North America, Engand, New Zealand and Eastern Europe. Mr. Zastowny has served as the past President of NutriLife from 1990 until the end of 2017, and is the current president of Pi Nutrients.
About Pi Nutrients
Pi Nutrients’ management team is comprised of over 100 years of combined experience in the research, innovation, manufacturing and selling of complete, well-balanced fertilizers and soil amendments to the hydroponic and garden centre industries. They have been forerunners in the innovation and technological advancement of the hydroponic sector since 1978, specifically in regards to the cultivation and production of cannabis.
About Abattis Bioceuticals Corp.
Abattis is positioned to be a leader in the cannabis industry as a fully integrated medicinal cannabis company. Abattis Bioceuticals’ portfolio consists of Pro Natura BV, Pi Nutrients, NutriVida USA, Gabriola Green Farms, Select Strains, Green Tree Therapeutics, Vergence Naturals and COMFORT™. For more information, please visit the Company’s website at: www.abattis.com
ON BEHALF OF THE BOARD, ABATTIS BIOCEUTICALS CORP,
Robert Abenante, President & CEO
For inquiries please contact (808) 650-3007 or email@example.com
Abattis’ investor relations are managed by Canada One Communications Inc. For more information please visit www.canadaone.media
FORWARD LOOKING INFORMATION
Certain statements contained in this release constitute “forward–looking statements” and relate to future events or future performance. Forward-looking statements in this news release include, but are not limited to, statements regarding: (i) Pi Nutrients’ ability to generate revenue; (ii) the anticipated financial impact of the Company’s recent acquisitions of Pi Nutrients and Pro Natura BV; and (iii) the composition of the Board following Closing. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.