"After signing the BC license agreement in November, we have seen the medical marijuana policies in Health Canada and under US laws change," stated Mike Withrow, President and chief executive officer of Abattis. "It was a combination of this, together with opportunities in other foreign countries with other plant tissue and medicinal applications, that played a major factor in our decision to acquire the exclusive world-wide rights to the Vertical Designs' technology for use in the prescribed areas. We have put all of the pieces in place and we are now pushing forward with the process of making application to the government to become a participant in the rapidly changing marijuana market, which in November 2012 was estimated to be $46 Billion in the United States alone, assuming cannabis was legalized nationally there (Medical Marijuana Business Daily, November 27, 2012: potential US Marijuana Market Estimated at $46 Billion by Anne Holland). We feel this exclusive, world-wide license is a great compliment to the asset base and IP we have acquired over the past 18 months and it is now time to start implementing our strategy."
Nick Brusatore, President and chief executive officer of Vertical Designs and recently appointed director of Abattis, commented, "I am very happy to make this deal for the shareholders of Vertical Designs and Abattis, as this will allow me and my team to focus on the implementation of our new automated mechanical pollinating strawberry systems along with the construction of our BC operations for herbs, spinach and various lettuces." We are also very excited that Abattis will now be poised to establish itself in the marijuana markets in North America as they open up, with the ability to mass produce and extract under the highest level of protocol scrutiny for the safety of the North American people and deliver a solution to the mass production of this plant tissue."
Abattis also announces that it has granted 1,615,000 incentive stock options to certain of its directors, officers and consultants, with each option being exercisable into a common share of Abattis @ $0.10/share for a period of five years.
About Vertical Design
Vertical Design is helmed by Nick Brusatore - an innovative eco-entrepreneur, natural capitalist, mechanical designer and inventor. Mr. Brusatore has presented on the benefits of vertical farm production facilities and energy-saving technologies on the international stage, including in Vancouver, Haiti, New York, San Francisco and China as well as at various colleges and universities. Vertical Design is headquartered in Vancouver, B.C.
PHONE: (604) 356-0411
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of producing, licensing and marketing proprietary ingredients and formulas for use in BioPharma, Nutraceutical, Cosmetic and Animal Nutrition markets. The company has a deep pipeline of proprietary products ready for sale in high growth areas of Functional Foods and Supplements business.
ON BEHALF OF THE BOARD
Mike Withrow, President & CEO
Neither the CNSX Exchange nor its regulations services accepts responsibility for the adequacy or accuracy of this release.
Abattis Bioceuticals Corp.
President & CEO
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