August 23rd, 2017, Vancouver, British Columbia – Vodis Pharmaceuticals Inc. (CSE: VP / FSE: 1JV1) (“Vodis” or the “Company”) announces that it has extended the financing with Canaccord Capital (previously announced June 20th, 2017) to September 30, 2017 (the “Offering”).
The Company anticipates closing its initial tranche of the Offering in the near term.
Ivan Miliovski, Vodis’ CEO states, “We remain engaged with Canaccord and are working with their team to raise the necessary capital to execute on the remainder of our 2017 business initiatives. The delay in closing has been caused by due diligence taking longer than expected and anticipate we can look to close on additional funds as summer comes to an end. The entire sector has witnessed a correction in valuations – increasing the duration of thorough due diligence. However, Vodis remains well positioned with an extremely attractive capital structure.”
In addition, the Company is very pleased to announce the appointment of Dr. Earl Oliver to direct and control the Company’s application with Health Canada. Dr. Oliver is a technology entrepreneur and activist investor. He holds a B.Math and Ph.D. in Computer Science from the University of Waterloo and is a large investor in Vodis.
Dr. Oliver states, “The company has been, justifiably, focused on expanding its brand and turn-key model in the lucrative Washington State, and broader American, recreational market. However, as Canada transitions towards a recreational market, it is apparent that the Company’s application with Health Canada requires full-time attention. I look forward to guiding the Company through a successful application process. Progress updates will be forthcoming.”
Vodis USA’s Washington State tenant has informed the Company that they changed their name from Our Church International LLC to Premium Cannabis Producers LLC (the “Tenant”). Under the terms of the licensing deal announced February 23, 2017, all product sold by the Tenant are sold under the Vodis USA brand.
The Tenant also reported an outbreak of powder mildew that affected production and sales late June and into July. Proper measures were taken to correct the deficiency and there is now no evidence of contamination present on site. The Tenant has also confirmed that all lots harvested in the month of August have successful passed microbiological, as well as all other quality assurance testing requirements, by the Washington State Liquor & Cannabis Board.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
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 Canadian competition they have entered with their “VIP” brand. The Company, with facilities in British Columbia and Washington State, is also actively looking into expansion opportunities in other countries and throughout the United States.
For further information, please contact:
Ivan Miliovski, CEO
Vodis Pharmaceuticals Inc.
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B4
Forward-Looking Information: This press release contains certain forward-looking information that reflects the current views and/or expectations of the Company with respect to its performance, business and future events, including statements regarding the Company's expectations regarding completion of the Offering. Forward-looking information is based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that the Company will receive subscriptions from subscribers and any required regulatory approvals in order to complete the Offering, and the Company will be able to satisfy the conditions for completing the Offering. Statements constituting forward-looking information are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking information involves risks and uncertainties, including that the Company will not receive subscriptions from subscribers or all required regulatory approvals in order to complete the Offering, that the conditions to completing the Offering will not be satisfied in a timely manner or at all, and other risks and uncertainties listed in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking information, which is qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
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.