EDMONTON, Alberta, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Ceapro Inc. (TSX-V:CZO) (“Ceapro” or the “Company”), a
growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and
cosmetic industries, announced today that it has entered into a settlement agreement (the “Settlement Agreement”) with AVAC Ltd.
(“AVAC”) with respect to the previously announced judgements of Mr. Justice C.M. Jones. Pursuant to Mr. Justice Jones’ written
decision, judgements were granted against Ceapro, and/or certain of its wholly owned subsidiaries, in the aggregate amount of
$1,938,900 plus pre-judgement interest.
Pursuant to the terms of the Settlement Agreement the judgements (including all pre-judgement interest and court
costs) are to be satisfied by a cash payment in the amount of $780,741.45 and by the issuance of 1,288,149 Ceapro common shares
(the “Settlement Shares”), each with a deemed issuance price of approximately $0.50 per share. The issuance of the Settlement
Shares has been conditionally accepted by the TSX Venture Exchange and will be subject to a statutory hold period of four months
and one day.
About Ceapro Inc.
Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the
application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant
resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics
products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology,
biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and
drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.
For more information contact:
Jenene Thomas
Jenene Thomas Communications, LLC
Investor Relations and Corporate Communications Advisor
T (US): 908-938-1475
E: jenene@jenenethomascommunications.com
Issuer:
Gilles R. Gagnon, M.Sc., MBA
President & CEO
T: 780-421-4555
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
