VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) (“Nabis” or the “Company”) provides the following update on civil proceedings in the Arizona Superior Court (the “Court”) initiated by Nabis AZ, LLC (“Nabis AZ”), the Company’s wholly-owned subsidiary, against Mark Krytiuk (“Krytiuk”), the Company’s former President, Chief Operations Officer and director. As previously disclosed by the Company on October 16, 2020, Nabis AZ filed an application with the Court to request expedited injunctive relief against Krytiuk in respect of, among other things, Krytiuk’s position as a director of Perpetual Healthcare Inc. (“Perpetual”), the operator of the Emerald medical marijuana retail dispensary. The application was heard on November 2, 2020, following which the Court denied the application. The Court released a minute entry on November 4, 2020 with reasons for its denial of the application on the basis that Nabis AZ had not met the legal threshold for such expedited relief. The Court’s decision to deny the application does not preclude Nabis from continuing to seek monetary and other relief against Krytiuk, including his removal as a director of Perpetual. The Court also confirmed that Nabis can amend its lawsuit to bring additional claims against Krytiuk. The Company expects to take all additional steps to protect its interests through the Court, including additional claims against Krytiuk, and otherwise as soon as reasonably practicable.
PNTM Management Services, LLC (“PNTM”) and Nolan Ryan have filed a lawsuit against Nabis AZ, Nabis and Krytiuk in the Court. The lawsuit involves Nabis AZ’s failure to fund its deferred payment obligation in respect of an asset purchase agreement for the assets and management agreements related to the operation and management of Perpetual, as previously announced by the Company on October 28, 2020. PNTM and Mr. Ryan allege claims against Nabis AZ and Nabis for breach of contract and declaratory judgment. PNTM and Mr. Ryan allege claims against Krytiuk for intentional interference with contract and declaratory judgment. Nabis AZ and Nabis intend to defend against the lawsuit.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property and all aspects of the U.S. and international cannabis sector. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth. For more information, please visit https://www.nabisholdings.com/.
Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The Canadian Securities Exchange has neither reviewed nor approved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Emmanuel Paul, Chairman of the Board
info@nabisholdings.com