VANCOUVER, BC / ACCESSWIRE / January 30, 2020 / BC Bud Depot ("BCBD" or the "Company") regrets to announce that the Company has terminated the AREV BCBD Assets Agreement of July 3, 2018, (the "Acquisition Agreement") previously announced by AREV Brands International ("AREV") (CSE - AREV) on September 7, 2018, due to AREV's failure to complete the terms of repayment of a convertible debenture (the "Loan") included in the Acquisition Agreement. The Loan, which accrued interest at 8% and came due in July 2019, was valued at $505,528.77 on January 17, 2020, the effective date of termination of the Acquisition Agreement. As the Loan was secured by the genetic and brand assets of BC Bud Depot, all assets and rights associated with the Acquisition Agreement have reverted to the original proprietors of the BC Bud Depot assets and brand.
In addition, Matthew Harvey, Lead Breeder and President of BC Bud Depot, announces that he has resigned from his position of Genetics and Breeding Specialist at AREV Brands, and no longer holds any formal or informal role, title or association with AREV Brands International.
Mr. Harvey stated that "All of us at BC Bud Depot would like to express our sincere gratitude to everyone at AREV, and wish them good fortune and success in all of their present and future endeavors."
For further information, contact Matthew Harvey at [email protected]
On behalf of the Company,
Matthew Harvey,
Breeding Specialist, President, BC Bud Depot
About BC Bud Depot
BC Bud Depot is a world-renowned breeding house that has produced award-winning cannabis strains since the 1990s, including Canada's first entry to win a High Times Cannabis Cup, the BC God Bud, in 2004, and over 40 awards since, including "Canada's Top Seed Bank" at the 2019 Grow Up Awards in Niagara, Ontario. BCBD continues to focus on the development of superior cannabis genetics, now utilizing advanced genomic analysis to produce next-generation cannabis varieties, while maintaining its prevalence as one of the cannabis industry's longest-standing household name brands.
SOURCE: BC Bud Depot