Business
Abattis Comments on BCSC Temporary Order
Abattis Comments on BCSC Temporary Order.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\nVANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp (the “Company” or “Abattis”) (CSE:ATT) (OTC:ATTBF) comments on the news release regarding the British Columbia Securities Commission (“BCSC”) Temporary Order dated November 26, 2018.\n The BCSC issued a temporary order on Monday, November 26, 2018, which centers around share issuances by 11 CSE issuers to a very large group of consultants between February, 2018, and August, 2018.  Abattis has been named as 1 of the 11 issuers as they have ongoing consulting agreements with certain members listed in the group of respondents (the “Respondents”) for services ranging from accounting and finance to marketing.  Also, certain of the Respondents participated in an Abattis private placement for $2.25M.  For these reasons, Abattis has been named as an issuer in this temporary order. Abattis President & CEO, Robert Abenante provided the following statement: “Having Abattis named in this temporary order is certainly negative for our company, however we understand the objective of the BC Securities Commission and intend to fully cooperate during the course of their investigation.” “We would like to make it clear to our shareholders and many stakeholders that since taking over the management of Abattis, our team has and continues to act in the best interest of all its shareholders, with the primary objective to build value by creating a fully-integrated medicinal marijuana company.” “The use of proceeds of our private placements have gone towards building a diversified cannabis company with divisions in cultivation, services and products.  These proceeds have contributed towards: the development of a state-of-the-art cannabis cultivation facility on Gabriola Island;research, development and marketing of our Abattis branded vaporizer Line;cutting-edge nano-emulsification research with the University of British Columbia;research and development of cannabis infused products (such as a CBD beer and sunscreen);investment in leading Blockchain technology;investment in the development of one of Canada’s largest cannabis laboratories; andthe successful launch of Comfort, our chronic pain and inflammation cannabinoid product. “The management of the C...