Business
Abattis regains 100% ownership in Northern Vine to focus and expand on Lab and Extraction strategy
Abattis regains 100% ownership in Northern Vine to focus and expand on Lab and Extraction strategy.
About this update from Abattis Bioceuticals Corp
[{"type":"text","content":"\n\n VANCOUVER, British Columbia, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Abattis Bioceuticals Corp. (the \"Company\" or \"Abattis\") (CSE:ATT) (OTC:ATTBF) is pleased to announce it has signed a settlement agreement returning 100% ownership in its laboratory subsidiary, Northern Vine Canada Inc. (“Northern Vine”).\n Abattis has signed a subsidiary share swap agreement with Experion Biotechnologies Inc. (“Experion”) wherein Experion regains 100% ownership of its company and Abattis regains 100% ownership of Northern Vine. “Regaining full 100% ownership control of Northern Vine puts Abattis in a much stronger strategic position allowing us to seek out exciting new partnerships that better align with our vision for our labs and extraction,” said Rob Abenante, President and CEO of Abattis and Northern Vine. Abattis plans to leverage the lab’s capabilities by focusing research and development goals at Northern Vine towards genetics, analysis, processing, and Abattis’ proprietary extraction technology. Northern Vine continues to play a strong role in Abattis’ full downstream service plan to test, analyze, formulate, provide regulatory expertise, and assist in branding and selling downstream products from the cannabis cultivation industry. “We intend for Northern Vine to be the first of many laboratories which we plan to roll out with strategic partners. Since labs are scarce, the value of the dealers’ license is going up, and we believe we have a very unique commercial lab in Northern Vine,” added Mr. Abenante. With the agreement, Abattis has officially regained full ownership control over Northern Vine which includes its operational testing facility in Langley, B.C. Northern Vine. \"The swap agreement with Experion will allow both companies to focus on their core competencies and operate in a more efficient and effective manner. As a new director of Abattis, I see this as a very positive step forward for Abattis's subsidiary, Northern Vine. We wish Experion success with their cultivation business and look to forming more synergistic strategic partnerships in the near future,” said Peter Gordon, director of Abattis. The Company is executing on its plan to become the premier testing formulating facility to better serve the national cannabis industry. As well, Abat...