Abattis Announces Disposal of Non-Core Assets & Engagement of Strategic & Financial Advisor
August 21, 2015 (Source: Abattis Bioceuticals Corp.) — Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (OTCQX: ATTBF) (CSE: ATT), a Company that develops and commercializes natural health (nutraceutical) products and conducts research and development to create plant-based (botanical) intellectual property and ingredients for the pharmaceutical, nutraceutical, bioceutical and cosmetic markets – some of which will contain cannabinoid compounds, would like to announce the sale of its flash freeze extractor (FFE) prototype and poultry avian flu patent. This maintains Abattis’ focus towards near term product revenue and strategic acquisitions.
Under the terms of the sale of the FFE and the Avian Poultry patent (US: 20130253047A1), Abattis will receive C$100,000 and 2,100,000 free-trading shares of Abattis stock from Michael Withrow and CanViet International Co, Ltd. Abattis will in exchange transfer the right to the FFE, the Avian Poultry patent, 834,750 common shares of Bi-optic Ventures and 980,000 share purchase warrants of Bi-optic Ventures, exercisable at $0.15 per share purchase warrant. Abattis retains the ability to, in the future, have a functioning copy produced of the FFE at a discounted rate. Abattis management realized the FFE prototype needed additional development, which could be further developed outside of Abattis for its potential future use. Abattis management believes it would be more prudent to focus on near term revenue prospects and may eventually buy a flash freeze extractor that suits the future needs of the company. Abattis is currently in active discussions with thermo-dynamic engineers and extraction experts to procure a flash freeze system that fits Abattis’ future CBD extraction needs, which can be utilized at a partner’s locations to contract extract.
Proceeds of this offering will be used for the production and sale of future products, research and development, marketing, working capital, and other general corporate purposes. Monetizing these Abattis’ assets that are not core to Abattis’ current plans will strengthen the companies operating position. The transaction also provides the company with C$100,000 to continue developing its core business as a product development company in the neutraceutical and pain management field. Management would like investors to understand that non-operating assets cost capital and resources to maintain, by disposing of the assets, revenue-generating activities can be focused on and expenses reduced.
Further, Abattis would like to announce they have engaged Clicking Capital Corp. (“Clicking Capital”) as a strategic and financial advisor for the Company. Under the terms of the agreement the Company agrees to pay the advisor a work fee of 250,000 common shares on a monthly basis that will be deducted from a Cash Referral Fee, should a transaction be successfully concluded. The Cash Referral Fee will be negotiated on all funds raised by the Advisor in compliance to the rules of the Canadian Stock Exchange.
Clicking Capital has been helping entrepreneurial ventures to make the most of their businesses for over a decade to connect with professionals who can assist you with managing private equity investments and who provide insightful advisory services.
About Clicking Capital Corp.
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Clicking Capital Corp. was established by Mr. Wilson in January 2000 with the goal of offering financial and strategic advisory services to entrepreneurs and emerging-growth businesses. Mr. Wilson’s expertise in international finance, business operations, change management, and strategy consulting have served hundreds of clients during a professional career of more than 25 years across North America, the Carribean Basin, and EMEA. Today, Mr. Wilson is most sought-after for his knowledge, experience and skills with:
- mergers and acquisitions;
- corporate restructurings, recapitalizations, buyouts and divestitures;
- competitive analysis, business development and corporate strategy; and
- corporate governance including succession planning strategy and implementation.
About Robert F. Wilson
Mr. Wilson worked in global investment banking and capital markets, as well as management consulting before forming Clicking Capital, a privately-held financial and strategic advisory company headquartered in Toronto, Canada.
Mr. Wilson provides a wide range of services to the shareholders and management teams of both privately- and publicly-held companies. These advisory services vary considerably from: mergers and acquisitions; corporate restructurings, recapitalizations and divestitures; business valuations; succession planning; corporate governance; competitive analysis, business development and corporate strategy; to private equity investment. Given his considerable cross-border advisory experience, Mr. Wilson has spent time working on immensely complex corporate restructuring and recapitalization mandates. Mr. Wilson has also extended his practice across multiple industry groups ranging from software technology to international banking, from consumer products to manufacturing, and from reinsurance to natural resources. Mr. Wilson has consulted to international financial institutions, family offices, foundations, as well as sovereign funds, public sector and corporate pensions, and insurance portfolios.
In addition to having served in numerous senior executive management roles, Mr. Wilson has served as a director and strategic advisor for numerous public and private companies in countries and regions in the Caribbean Basin, the United States, Canada, the United Kingdom, Hong Kong (and PRC), Vietnam, Singapore, and India. He also serves as a member of the Board of Governors of Mount Sinai Hospital (Toronto), an advisor to the Canadian Cystic Fibrosis Foundation, and a founding director of the CEO Fusion Center (Toronto). Mr. Wilson received a Bachelor of Commerce (Hons.) degree from Queen’s University (Kingston, Ontario) in 1985, and a Masters of Business Administration degree from The Wharton School at the University of Pennsylvania (Philadelphia, PA) in 1990.
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company that aggregates, incubates, integrates, and invests in the botanical drug development industry. The Company develops and licenses natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets — some of which will contain cannabinoid compounds. The Company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market. We follow strict standard operating protocols, and adhere to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company’s website at:www.abattis.com.
ON BEHALF OF THE BOARD
Bill Fleming, CEO
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>