Mazorro Provides Update on GrowPros MMP Activities
December 17, 2014 (Source: Marketwired) — Mazorro Resources Inc. (the “Company“) (CSE:MZO)(FRANKFURT:JAM) announces that, further to its press release November 6, 2014 announcing the signature of a definitive agreement with GrowPros MMP Inc. (“GrowPros“) and in anticipation of a successful closing of the proposed amalgamation (“Amalgamation“), management of GrowPros has provided the following update on its activities.
GrowPros is finalizing the second revision to its application for a license under the Marihuana for Medical Purposes Regulations (“MMPR“). These revisions are part of the normal review process and GrowPros is impressed by the expediency with which its file has been reviewed by Health Canada. In addition, GrowPros will be closing the previously-announced transaction for the purchase of 190 acres of agricultural land located 45 minutes North of Ottawa, Ontario which will house a 50,000 sq. ft. production facility with unlimited room for expansion. As a result, management of GrowPros advises that it expects to receive a ready to build authorization from Health Canada in the second quarter of 2015.
GrowPros also reports that it is currently in preliminary negotiations with companies in various service and supply segments of the cannabis production industry. Management of GrowPros advises that merging main stream business into the cannabis industry will be a major focus of GrowPros going forward. Accordingly, these opportunities should provide a higher return on investment for GrowPros and, ultimately, a quicker route to profitability than solely being an applicant or licensed MMPR producer. This is in line with GrowPros’ philosophy as a medical marihuana consultation and acquisition firm.
As previously announced on December 3, 2014, the Company would like to remind shareholders that the special meeting of the Company’s shareholders to approve the (i) proposed change of business from mineral resource exploration to the medical marijuana industry and (ii) change of name to “GrowPros Cannabis Inc. / Entreprise GrowPros cannabis inc.” will be held on December 29, 2014 (the “Special Meeting“). A notice of meeting, management information circular, and form of proxy in respect of the Special Meeting has been sent to shareholders and is available under the Company’s profile on the CSE website and on SEDAR.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to complete the Amalgamation and change of business, failure to obtain sufficient financing, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement.
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