Vancouver, BC / ACCESSWIRE / July 31, 2014 / Abattis Bioceuticals Corp. (the "Company" or "Abattis") (OTCQX: ATTBF) (CSE: ATT), today announced that it has entered into a sub-licensing agreement with its subsidiary, Biocube Green Grow Systems Corp. ("Biocube"), for the non-exclusive use of Vertical Design Ltd.'s ("VDL") vertical growing systems for which Abattis owns certain exclusive worldwide rights. Under the terms of the agreement, Biocube has agreed to pay Abattis certain licensing fees and ongoing royalties for products grown and sold within the pharmaceutical, nutraceutical, cosmetic, and wellness markets. The company also wishes to clarify recent confusion about the ownership of the rights and uses to the VDL growing technology that has been created by Affinor Growers, (CSE: AFI) (OTCQB: RSSFF) the parent of VDL.
Abattis is the worldwide exclusive licensee of VDL's vertical growing technology, including any future improvements or additional modifications, and is the only corporate entity authorized to use the vertical growing technology for plant products-including Cannabis-grown for use in the pharmaceutical, nutraceutical, cosmetic, and wellness markets.
Biocube also owns the exclusive worldwide rights to a building product derived from magnesium oxide, known as "MgO Board(TM)", which has applications in all areas of the building and construction industry as a fireproof, anti-microbial, anti-bacterial, water-proof, and recyclable material.
"We see a strategic opportunity in combining Biocube's proprietary MgO Board(TM) controlled cultivation environments with our exclusively licensed vertical growing technology in order to enhance the company's proprietary product offerings and overall value proposition," said Abattis Bioceuticals Corp. CEO Mike Withrow.
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America. The Company is positioned to capitalize on the fast growing trend toward marijuana legalization in the United States and for medicinal use in Canada and international jurisdictions, by supplying and partnering with companies to employ its mass cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. The Company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market. We follow strict standard operating protocols, and adhere to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com.
ON BEHALF OF THE BOARD
Michael Withrow, President & CEO
For further information, contact the Company's CEO, Michael Withrow at (778) 896-6536 or at [email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY ORACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's Management's Discussion and Analysis under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
SOURCE: Abattis Bioceuticals Corp.