2016-05-25 05:00 PT - News Release
Mr. Sean Côté reports
Vodis announces Financing and Debt Repayment
May 25, 2016 – Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (CSE: VP / FSE: 1JV) ("Vodis"or the "Company") announces a proposed secured debt financing to raise a total $450,000.00 with an 18-month term paying 10% interest rate per annum. The promissory notes will be collateralized against the Company’s assets in its Delta Facility.
Interested accredited investors and other investors or shareholders who qualify under applicable securities laws to participate in the financing, can contact the Company at 1-866-210-1420 Ext. 102. The Company intends to use the proceeds from this debt financing to pay certain critical liabilities, retrofit an existing space in the Bellingham facility with a view to increasing production capacity by 10%, and for working capital.
“Since joining the Company two weeks ago we have put great effort into reviewing the Company’s financial condition. Though there are great opportunities for the Company, it is critical that Vodis bring in working capital to stabilize and execute the next steps of the business plan” states the new CEO Sean Côté.
The Company also would like to announce that its wholly owned subsidiary Vodis USA has received $100,000.00 by way of loan to fully pay an existing high interest loan and service certain other debt obligations. The new loan of $100,000.00 will be to be secured by the Company’s assets in Washington State.
It is imperative that Vodis close this financing within the coming weeks in an effort to meet its capital requirements in both Canada and the United States. Management feels this financing would be the next step in stabilizing and improving the Company's business.
About Vodis Pharmaceuticals Inc.
Vodis is one of North America’s foremost brand names in the medical and recreational
marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each competition they have entered with their “VIP” brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and states in the United States.
While Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
For further information, please contact:
Chief Executive Officer
Vodis Innovative Pharmaceuticals Inc.
8788 River Rd, Delta, V4G 1B4, Canada
Fax: +1 (877) 398-5278
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forwardlooking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of this financing. 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. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws