2018-08-07 16:06 ET - News Release
Mr. Rob Abenante reports
Abattis Announces Share Buy Back Program
Abattis Bioceuticals Corp. intends to proceed with a normal course issuer bid to purchase up to 20,986,909 of its common shares, representing 5 per cent of its current issued and outstanding shares. The Company is commencing the Bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business and future prospects. The Company believes that, at such times, the repurchase of its common shares for cancellation would be in the best interests of its shareholders.
"The management team at Abattis believes that, compared to its market peers, the Company's shares are undervalued," said Rob Abenante, Abattis President and CEO. "We are proud of the foundation we have built through our recent acquisitions and joint ventures and believe we are in a great financial position thanks to several over-subscribed capital raises and dispositions. With the legalization of recreational marijuana anticipated for October of this year, we believe we will be in an excellent position to generate revenues and be a leader in the cannabis space. We also believe our shares represent a great value at current prices and are willing to bet on ourselves as we head into this exciting quarter," added Mr. Abenante.
The Bid will commence on August 15, 2018 and terminate on August 15, 2019, or on an earlier date in the event that the number of common shares sought in the Bid has been repurchased or if the Company feels that it is appropriate to do so. All common shares will be purchased on the open market through the facilities of the Canadian Securities Exchange (the "CSE") and payment for the common shares will be made in accordance with CSE policies. All purchases under the Bid will be made at the prevailing market prices of the common shares at the time of purchase. Purchases may be suspended at any time and no purchases will be made other than by means of open market transactions during the term of the Bid. Any common shares purchased pursuant to the Bid will be cancelled by the Company.
About Abattis Bioceuticals Corp.
Abattis is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. Over the past year, Abattis has made key acquisitions to leverage synergies and vertically integrate its business. Through its partnership with Northern Vine Labs and its investment in XLABS Therapeutics (ONT) Inc., Abattis has access to a fully licenced laboratory facility and an industrial size laboratory currently in the process of obtaining a Health Canada dealer's license and, through its wholly owned subsidiary Gabriola Green Farms, it has applied for a Health Canada license to produce and sell Cannabis flower and oils. Abattis also operates a retail vaporizers business through its wholly owned subsidiary, Green Tree Therapeutics, which offers 10 unique branded SKUs online and across the country and owns a series of marketing, licensing and technology rights. Abattis has also partnered with a number of organizations, including the University of British Columbia Faculty of Land and Food Systems, with which it is developing delivery platforms with increased stability and bioavailability for cannabinoid rich THC-free hemp extracts.
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