Stillcanna's Olimax Receives up to 15-years Corporate Tax Relief
Tuesday, October 1, 2019 11:05 AM
Ministry of Entrepreneurship and Technology Approves Grant
VANCOUVER, BC / ACCESSWIRE / October 1, 2019 / Stillcanna Inc. (OTC PINK:SCNNF) (CSE:STIL) (FRANKFURT:A2PEWA) ("STIL" or the "Company") would like to announce through its Polish subsidiary Olimax, it has been granted relief from corporate income tax for up to 15 years from the Ministry of Entrepreneurship and Technology.
The Ministry of Entrepreneurship and Technology bases the tax relief upon qualifiable investment into Poland by the Company. Stillcanna's Horizon extraction facility is planned to be built in a special economic zone that is very close to the Company's existing facilities. Up to 55% of the Company's capital investment can be off set with the corporate tax relief. Qualifying investments include land, building, architectural and engineering costs, machinery and equipment.
"The Ministry's mandate to stimulate entrepreneurship and technology in Poland was designed also to attract foreign investments from companies like Olimax and Stillcanna," stated Ms. Jadwiga Emilewicz the Minister in Charge. " We look forward to working with Stillcanna's management on this project.
Ms. Jadwiga Emilewicz the Minister in Charge presented Stillcanna's CEO Jason Dussault with the official ruling at her office in Warsaw Poland.
"We are pleased to have a working partnership with the ministry," explained Jason Dussault CEO of Stillcanna. "Poland has created a favorable corporate environment rewarding companies like Stillcanna with economic incentives to invest. I would like to thank the Minister and her team for the ruling."
About Stillcanna Inc.
Stillcanna Inc. (CSE: STIL) www.stillcanna.com is a Canadian early-stage life sciences company focused on large scale CBD extraction in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly Biosciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, which is expected to increase the Company's market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including that the Company may be able to recover up to 55% of its capital investment off set with the corporate tax relief.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the Company's planned Horizon extraction facility will be built in a special economic zone.
Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that the Company may be able to recover up to 55% of its capital investment off set with the corporate tax relief.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly 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.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
SOURCE: Stillcanna Inc.