AbattisBioceuticalsCorp. (the Company orAbattis) (OTC Pink: ATTBF) (CNSX: FLU), through its wholly owned subsidiaryBiocellLabs Inc. announces that it has entered into a Memorandum of Understanding dated July 26, 2013 (theMOU) withPureGenesisTechnologies, Inc., to negotiate and enter into a definitive lease agreement and or/joint venture (theDefinitive Agreement.). The parties confirm their mutual intention to proceed with the negotiation, entry into and delivery of the Definitive Agreement.
BioCellis a wholly-owned subsidiary of Abattis Bioceuticals Corp., and is in the businesses of biotechnology with a focus on the research, licensing and marketing of high quality botanical products, vitamins and mineral supplements.PurGenesisis a private Quebec-based botanical pharmaceutical company.BioCellhas applied to Health Canada for a Research & Development License under exemption 56 to produce cannabis with the intent to commercialize (the License).
The terms and conditions of the MOU are binding and shall remain in full force and effect until such time as they are superseded by the entry into of the Definitive Agreement, the Parties mutually agree to terminate negotiations and this MOU or in the event that the Definitive Agreement is not completed by the Parties by 4:30 p.m. on or before September 30, 2013.