TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (“MPX”) (CSE: MPX; OTC: MPXEF) announced
that on December 28, 2018, it had agreed to acquire certain minority interests in two Massachusetts entities associated with
certain cultivation and production activities. The entities include IMT, LLC and Fall River Development Co. LLC, both limited
liability companies domesticated in Massachusetts (“Sellers”). Through its wholly-owned subsidiary CGX Life Sciences Inc. of
Nevada, MPX currently owns fifty-one percent (51.0%) of each entity, and today announces its agreement to acquire the remaining
interests in an all-stock transaction.
Under the terms of the agreement, MPX will issue to the Sellers common shares of MPX equal, in the aggregate, to $4.9 million
USD, as determined by the ten day volume weight average price of MPX Shares on the Canadian Stock Exchange (“Ten Day VWAP”) prior
to the announcement of this agreement, and subject to the rules and policies of the Exchange Share held.
The transaction is subject to customary closing requirements of the parties under Massachusetts law, and may be subject to
regulatory supervision and approval.
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory,
financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating
under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands.
The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of
The Holistic Center, MPX added another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC (“GreenMart NV”) is an award-winning licensed cultivation, production and wholesale business,
licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada
medical cannabis market.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three
dispensaries, and manages three full service dispensaries and one producer in Maryland.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning
the specific factors disclosed here and elsewhere in MPX’s periodic filings with Canadian securities regulators. When used in this
news release, words such as "will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, “our
vision" and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, anticipated benefits associated with the transaction described
herein, anticipated effects of the transaction on the company and its strategy going forward, the completion of any capital project
or expansions, the timing for the completion of the transaction, and the satisfaction of closing conditions including, without
limitation, compliance by MPX with various covenants contained in the agreement.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this
news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
CONTACT INFORMATION
Scott Boyes,
Chairman, President and CEO
MPX Bioceutical Corporation (formerly The Canadian Bioceutical Corporation)
416-840-3725
info@mpxbioceutical.com
Media Contact:
Anne Donohoe
KCSA Strategic Communications
212-896-1265
adonohoe@kcsa.com
Investor Contact:
Phil Carlson / Elizabeth Barker
KCSA Strategic Communications
212-896-1233 / 212-896-1203
pcarlson@kcsa.com / ebarker@kcsa.com
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