So now PUMP is in the business of "investment issuer" ... Subsequent to the AGM, the Board appointed Anthony Durkacz as Chair of the Board and Chand Jagpal, Michael Galloro and Rosy Mondin as members of the Audit Committee.
The Company is also pleased to announce the closing of the sale of its wholly-owned subsidiary, Soma Labs Scientific Inc. ("Soma Labs") to CannaWorld Ventures Inc. ("CannaWorld") effective April 29, 2022, pursuant to a share purchase agreement (the "Agreement") dated effective as at the same date. Pursuant to the Agreement, The Company sold 100% of the issued and outstanding common shares of Soma Labs in exchange for 15,000,000 common shares in the capital of CannaWorld.
Soma Labs was the extraction and processing arm of World-Class and was divested in exchange for a 24.48% interest in CannaWorld - which is an early-stage company engaged in the development of cannabis growing facilities dedicated to providing self-contained Cultivation MicroPods to independent micro-cultivators. CannaWorld is currently building a "CannaPark" in Pitt Meadows in the lower Fraser Valley in British Columbia. The CannaPark is expected to have a central licensed nursery operated by the park and a community of micro-growers, each in their own, self-contained, stand alone, MicroPod. The nursery will house specialist staff to help micro-cultivators, design, successfully grow and harvest unique cultivar, and ensure it remains healthy to harvest. The Pitt Meadows CannaPark is located on 22 acres of prime agricultural land and will feature 60 state of the art MicroPods, and an on-site full-service cannabis nursery.