Not for distribution to United States newswire services or for release publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.
TORONTO, Aug. 23, 2018 (GLOBE NEWSWIRE) -- POCML 4 Inc. (TSXV: POCM) (“POCML”) and MediPharm Labs Inc. (“MediPharm”) are pleased to announce that shareholders of each of POCML and MediPharm overwhelmingly approved the previously announced business combination between POCML and MediPharm (the “Transaction”), at their respective shareholder meetings. As previously announced, the Transaction will result in a reverse take-over of POCML by the shareholders of MediPharm and is intended to constitute the “Qualifying Transaction” of POCML as such term is defined in the policies of the TSX Venture Exchange.
At the annual and special meeting of POCML’s shareholders held on August 23, 2018, 100% voted in favour of the Transaction (including the consolidation of POCML’s shares on a 2 to 1 basis, changing its name to “MediPharm Labs Corp.” and approving a new stock option plan), with 80.35% of eligible votes cast. POCML’s shareholders also elected the directors and appointed the auditors as more particularly described in the management information circular of POCML dated July 23, 2018.
At the special meeting of MediPharm’s shareholders held on August 22, 2018, 100% voted in favour of the Transaction (including the amalgamation of MediPharm with a subsidiary of POCML), with 70.96% of eligible votes cast.
About MediPharm Labs Inc.
Founded in 2015, MediPharm is a pioneer in the cannabis industry and has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the Access to Cannabis for Medical Purposes Regulations (ACMPR) without first receiving a cannabis cultivation licence. This expert focus on cannabis concentrates from our cGMP (current Good Manufacturing Practices) and ISO standard clean rooms and critical environments laboratory, allows MediPharm to work with its established, Health Canada-approved cultivation partners to produce pharmaceutical-grade cannabis oil with a competitive advantage. MediPharm is research-driven and focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. MediPharm provides B2B contract processing of cannabis to Canadian authorized licensed producers and appropriate international growers, supplying integrity-assured cannabis oil to qualified companies for sale under their own brand. In addition, MediPharm will supply raw materials, formulations, processing and packaging for the creation of ready-to-sell advanced derivative products. Through its subsidiary, MediPharm Labs Australia Pty. Ltd., MediPharm has also completed its application process with the federal Office of Drug Control to extract and import medical cannabis products in Australia.
For additional information about MediPharm, please see MediPharm’s website: www.medipharmlabs.com.
Further Information
For further information, please contact:
David D’Onofrio, Chief Executive Officer, Chief Financial Officer, Secretary and Director, POCML 4 Inc.
Email: ddonofrio@poweronecapital.com
Patrick McCutcheon, President, Chief Executive Officer and Director, MediPharm Labs Inc.
Email: pmccutcheon@medipharmlabs.com
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the terms and conditions of the proposed Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, POCML and MediPharm assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.