Tickers: XCNQ:BBT
Tags: Mining
Vancouver, British Columbia / TheNewswire / Benchmark Botanics Inc. (formerly Kaiyue International Inc.) (CSE: BBT) (the "Company" or "Benchmark") is pleased to announce that it has entered into a letter agreement (the "Letter Agreement") with Bare Root Science Inc. ("Bare Root") on November 17, 2017. Under the Letter Agreement, Bare Root will install and commission operation of its proprietary aeroponic system and related technologies for the Company's contemplated 50,000 sq foot Phase II facility for a set-up fee and license fee as determined by a definitive agreement. The Letter Agreement is subject to the negotiation and finalization of more comprehensive definitive agreement to replace the Letter Agreement on or before December 15, 2017.
As described in the Company's Listing Statement dated November 2, 2017, the start-up phase of production, as well as the soft costs associated with the Company's Phase II expansion will be funded by the $5,270,000 private placement, which closed on November 3, 2017 concurrently upon completion of the Company's listing on the Canadian Securities Exchange.
"We are extremely excited about the agreement with Bare Roots and the imminent commencement of production at our Peachland facility. This represents the next steps in the process towards our "License to Sell" from Health Canada." said Johnson Zhang, CEO of Benchmark. "With the successful close of funding from our private placement and CSE listing, we are immediately able to take the next steps towards expansion."
In addition, the Company is pleased to announce the appointment of Robert Wilson as Vice-President, Corporate Development. Mr. Wilson has an extensive background in corporate finance, investment management, mergers and acquisitions. Mr. Wilson also has experience in executive management and corporate governance with a TSX-listed agricultural processing company. As part of the senior management team, Mr. Wilson will be responsible for investor communications, corporate finance and strategic initiatives.
Business of Benchmark
Benchmark, through its wholly owned subsidiary Potanicals Green Growers Inc., is a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 12,700 square foot production facility in Peachland, British Columbia and is in the design stage of a Phase II expansion of an additional 50,000 square feet of growing area. The Company intends to utilize advanced cultivation methods in its cannabis facilities to address the significant opportunities in the medical marijuana market in Canada and overseas.
For more information about the business of Benchmark, refer to the Form 2A Listing Statement available to the public under the Company's profile on SEDAR at www.sedar.com and the CSE website.
ON BEHALF OF THE BOARD
BENCHMARK BOTANICS INC.
/s/ "Ping (Johnson) Zhang"
Ping (Johnson) Zhang
Chief Executive Officer
For further information contact:
Robert Wilson
Vice President
416.604.7900
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
Forward-Looking Statements This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. 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. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. 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. This news release includes forward-looking statements with respect to the business and future objectives of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including related to: (i) the facility and the Company's operations; (ii) adverse market conditions; (iii) the ability of the Company to complete financings in the future; (iv) dependence on suppliers and skilled labour; (v) government regulation and compliance with the ACMPR; (vi) managing and maintaining growth; (vii) unfavourable publicity or consumer perception litigation; and (viii) competition. The Company is not currently producing medical marijuana. There is a risk that its ACMPR License will not be amended to permit the Company to sell medical marijuana produced at its facility. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.
Copyright (c) 2017 TheNewswire - All rights reserved.
