Abattis Bioceuticals: Corporate Update | Product Launch, Licensing and Annual Audit
February 9, 2016 (Source) — Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (OTCQX: ATTBF) (CSE: ATT) Abattis has filed its 2015 audited year-end financial statements and MD & A and would like to take this opportunity to provide an update to its shareholders on the focused activities The Company is undertaking in its drive to generate revenue. We believe efforts over the past 12 months have placed Abattis in a position of strength to deliver on commitments to our shareholders.
Abattis is preparing to launch the Company’s NÖXX BOTANICAL BLENDSTM line of products in the first quarter of 2016. This launch culminates product development work conducted over the past year. Abattis engaged Ingredient Identity, LLC to perform a claim substantiation review of its products that will be sold in the United States. The review evaluated information found in publicly available literature and scientific studies for each ingredient in Abattis’ formulas and the information is available to the FDA upon their request. These products all contain Abattis’ Phyto[NOS]TM as a key ingredient which was designed to promote the up-regulation of nitric oxide in the body, providing cardiovascular support and creating increased uptake of the medicinal ingredients in the formulae. The first NÖXX Botanical BlendsTM product to be sold will be ComfortTM, is currently in production. It is a dietary supplement for the natural relief of occasional pain. ComfortTM will be sold direct to consumers online through Vergence Sales and Marketing. Post launch, Management will pursue wholesale distribution opportunities in North America and Asia. The Management Team continues to aggressively pursue strategic downstream partnerships for its formulated product lines.
The Company has continued to support the Controlled Substance License Application for it’s subsidiary, Northern Vine Canada Limited. In 2015, preparations were made for an inspection of the facility by Health Canada. The inspection was recently completed and licensing status is pending.
On February 3, 2015, Deloitte LLP completed their review of the Company’s 2015 year-end financial statements and Management Discussion and Analysis (MD&A.) The auditors’ work supports management’s efforts to focus the company’s resources and assets on the activities that support the development and sale of natural health products, functional foods and beverages. In the 2015 fiscal year, these efforts included: (1) stringent efforts to reduce overhead and operating costs; (2) sale of certain assets: the flash-freeze extractor (FFE) and patent for the avian bird flu formulation, and (3) sale of certain accounts payable to EROP in exchange for common shares of Abattis (ATTBF) issued shares for debt to EROP Capital, LLC (“EROP”), order to settle some of the Company’s payables.
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.
Get our daily investorintel update
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.