EastWest Bioscience Inc. Announces Submission of DTC and OTCQB Venture Market Applications
Tuesday, May 7, 2019 9:25 AM
VANCOUVER, BC / ACCESSWIRE / May 7, 2019 / EastWest BioScience Inc. ("Company" or "EastWest") (TSXV: EAST) announces its eligibility to The Depository Trust Company ("DTC") for trading its shares on the OTC Market has been established and subsequently the Company has submitted all required applications. In parallel, the Company has submitted its application for the OTCQB Venture Market and expects to be listed on that important US and international securities exchange in the near future.
The Depository Trust Company (DTC), a subsidiary of the Depository Trust & Clearing Corporation DTCC, manages the electronic clearing and settlement of publicly traded companies. Securities eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash and accelerates the settlement process for investors trading on the OTC marketplace. DTC's automated clearing and settlement efficiencies provide the following benefits to issuers and their shareholders:
- A pre-requisite to attract investors and establish an active market
- Major cost savings
- Trades take place electronically through buying and selling brokers accounts
- Shares trade much faster and are more likely to increase trading volume
- Most Broker Dealers prohibit trading of non-DTC eligible securities
Company Benefits on OTCQB
The OTCQB offers investors transparent trading in entrepreneurial and development stage U.S. and international companies that may not yet quality for OTCQX.
- Minimum bid price test of $0.01 removes companies that are most likely to be the subject of dilutive stock fraud schemes and promotion
- Improved investor confidence through verified information, confirming that the Company Profile displayed on www.otcmarkets.com is current and complete
- Annual management certification process to verify officers, directors, controlling shareholders, and shares outstanding
- Greater information availability for investors through the OTC Disclosure & News Service
- Transparent prices for investors through full-depth of book with Real Time Level 2 quotes
"EastWest's expansion into the U.S. securities markets will bring our Company substantial access to institutional and retail investors," commented Rodney Gelineau, President and CEO of EastWest. "When shares can trade electronically, existing investors benefit from greater liquidity and execution speeds, while opening the door to new investors that may have been previously restricted from the Company's shares. We are confident that our listing on this transparent trading platform will significantly enhance liquidity for our shareholders and extend investor awareness of our Company throughout the U.S."
About EastWest BioScience Group
EastWest Bioscience is a vertically integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium hemp products. EastWest is strategically positioned in mainstream consumer markets with wholistic natural products and has developed distribution channels into mainstream stores and markets in Canada. The Company has a Health Canada licensed, GMP (Good Manufacturing Practices) certified manufacturing facility and produces premium brands offering natural products for a preventive care lifestyle. EastWest consumer product lines are divided into four distinct brands: 1) Natural Advancement - natural biopharmaceutical health supplements; 2) Earth's Menu - all-natural hemp superfoods; 3) Natural Pet Science - pet food and pet supplements; and 4) ChanvreHemp - all-natural health and beauty products. The organization will continue to focus on ongoing development of innovative, hemp-based consumer products through advanced science with clean, natural ingredients to complement its current product offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
TSXV - Symbol: EAST
Company Website: www.eastwestbioscience.com
Contact: Nicholas Vincent - Investor Relations on 1-800-409-1930 or [email protected].
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. 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 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 forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: EastWest BioScience Inc.