Business
Abattis Maintains It Is Still the Worldwide Exclusive Licensee to Certain VDL Technology
Abattis Maintains It Is Still the Worldwide Exclusive Licensee to Certain VDL Technology.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n \n \n Abattis Maintains It Is Still the Worldwide Exclusive Licensee to Certain VDL Technology\n \n \nAbattis Maintains It Is Still the Worldwide Exclusive Licensee to Certain VDL Technology\n \n VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 31, 2014) - Abattis Bioceuticals Corp. (the \"Company\" or \"Abattis\") (OTCQX:ATTBF)(CSE:ATT), 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, wishes to advise its shareholders that contrary to public assertions made by Vertical Designs Ltd. (\"VDL\"), Abattis does not consider the parties' worldwide exclusive license agreement (\"License\") terminated. The company maintains that it is still the exclusive worldwide holder of VDL technology for growing plants, plant material and extracts grown and produced for use as ingredients in the pharmaceutical, neutraceutical, cosmetic and wellness markets. Abattis will challenge any and all efforts by VDL to terminate the License.\n \"VDL's recent public statements should not come as a surprise,\" said Mike Withrow, Company CEO. \"Last week Abattis and PhytaLab won a resounding victory against certain defendants including Nicholas Brusatore and Affinor Growers, LLC. We see VDL's statements as nothing more than a blatant and unfounded effort to retaliate against Abattis and its shareholders for our legal successes. As I have previously said, Abattis welcomes spirited competition but we will not allow the Company's shareholders to be gamed by schemers. VDL's recent statements are solely meant to detract from Abattis' legal success. I am saddened that we continue to see such schemes and games being played.\" \n The Company anticipates legal proceedings against VDL over the status of the License. Any proceedings will not, however, impact the Company's operations as the VDL technology is only one optional component of Abattis' growing portfolio of grow technologies. In August, 2014 the Company, through its wholly owned subsidiary Biocube Green Grow Systems Corp. (\"Biocube\"), entered into a worldwide non-exclusive licensing agreement with TerraSphere Systems LLC (\"TerraSphere\") for the TerraSphere's proprietary and patented vertical farmin...