TORONTO, ON / ACCESSWIRE / October 5, 2015 / Abba Medix Group Inc. (CSE: ABA) ("Abba" or the "Company") wishes to provide an update on previously disclosed transactions with RedeCan Pharm and Blow Vapor as well as new potential business.
As previously announced by Abba in a press release dated August 18th, 2015, the Abba Medix Share Purchase Agreement for the acquisition of RedeCan Pharm lapsed on August 7, 2015. The companies maintained and continued the discussion of a new agreement for Abba Medix to acquire RedeCan Pharm. As of this week, the two companies could not agree to new terms and have decided to not extend and to terminate the Share Purchase Agreement for the acquisition.
"Market conditions continue to evolve in our space," Ray Rasouli, CEO of Abba Medix Group, stated. "This has forced us to address the terms we were working with our previous agreements. It became clear that we needed to rethink our approach and pursue new opportunities," Ray continued.
The Company has built a state of the art facility for the purpose of medical marijuana cultivation and is currently awaiting inspection by Health Canada for its MMPR license. Abba will provide updates on this process as new information is received.
Also, Abba Medix's Memorandum of Understanding with Blow Vapor expired July 31, 2015. The companies maintained and continued the discussion of a new agreement for Abba Medix to acquire Blow Vapor. As of last week, the two companies could not agree to new terms and have decided to not extend and to terminate the Memorandum of Understanding for the acquisition.
While Abba Medix anticipates its Health Canada inspection for its existing facility, the Company has been actively pursuing alternative opportunities in the medical marijuana space and will provide updates as they become available. Effective September 1, 2015, Jae Sahota, Executive Vice President of Abba, has resigned in order to continue her career within the health food industry. "We want to thank Jae for her positive contribution and being an integral part of the business. Though she has moved on, she will continue to provide valuable assistance to the company," stated Ray Rasouli, CEO.
For more information about Abba Medix group, please visit http://www.abbamedix.com
About Abba Medix Corp.
Abba Medix Group Inc. (CSE: ABA) is a purveyor of fine Canadian medical marijuana, accessories, events, and news. The Company is becoming a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully-integrated, Canadian medical marijuana marketplace. Abba's mission is to find and acquire strong marijuana related businesses, product companies, organizational event sponsorships, and research and development opportunities. For more information please visit www.abbamedix.com.
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company and / or Redecan constitute "forward-looking statements", within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and / or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are "forward-looking statements". Such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and / or sales of medical marijuana, quantities of future medical marijuana production, anticipated revenues in connection with such sales, the overall projected size of the market, completion and / or expansion of production facilities, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company's historical experience with medical marijuana operations, regulatory changes, timeliness of government approvals for the granting of permits and licenses, changes in medical marijuana prices, actual operating performance of facilities, and other uninsured risks. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Further, there can be no assurance that Abba Medix's medical marijuana license application will be approved by Health Canada, or that any prospective projects in the industry will be successfully completed. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Ray Ahmad Rasouli
Chief Executive Officer
Abba Medix Group.
Tel: (905) 492-9420
SOURCE: Abba Medix Group.