Canntab Announces Replacement of Advisor Warrants and Intention to Appoint Larry Latowsky as Director and Executive Chairman of the Board
TORONTO, March 6, 2020 /PRNewswire/ - Canntab Therapeutics Limited (CSE:PILL.CN)(OTCQB:CTABF) (FRA:TBF1.F) (the "Company" or "Canntab"), the leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic application, announces that it intends to issue 500,000 common share purchase warrants (the "Replacement Warrants") to Larry Latowsky and that, subject to Health Canada approval, Canntab intends to appoint Larry Latowsky as a Director and Executive Chairman of the Board.
Each Replacement Warrant will be exercisable at a price of $0.60 per share until March 4, 2025. Issuance of the Replacement Warrants is subject to Mr. Latowsky's agreement to cancel an equivalent number of common share purchase warrants exercisable at a price of $1.00 per share. The Replacement Warrants will be subject to a vesting schedule, with 100,000 vesting on the date of issuance, 200,000 vesting on the first anniversary thereof, and 100,000 vesting on each of the second and third anniversaries of issuance.
Mr. Latowsky is in the process of obtaining Health Canada approval to his planned appointment as Director and Executive Chairman of the Company. "Subject to approval of Health Canada, it is Canntab's intent to have Mr. Latowsky become its Executive Chairman of the Board and lead the commercialization strategy with great emphasis on distribution channels around the world" says Richard Goldstein, Co-Founder and Chief Financial Officer of Canntab. Mr. Latowsky graduated from the Toronto ICD-Rotman Directors Education Program at the Rotman School of Management in May of 2011.
"I am excited to be part of the Canntab team. Over the past several months as an advisor I have realized my decision to associate with the right company in this space has been confirmed." explains Larry Latowksy. Mr. Latowsky continues, "The experienced people, the cost-conscious philosophy and approach, the utilization of resources and above all the unique differentiated offering is in my opinion a balanced recipe for success for all stakeholders. As an experienced director and chair I am very excited to lead Canntab as executive chairman to guide strategic direction that will ultimately lead to increasing shareholder value."
About Canntab Therapeutics
Canntab Therapeutics is a Canadian biopharmaceutical company focused on the manufacturing and distribution of a suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Canntab's proprietary hard pill cannabinoid formulations provide doctors, patients and consumers with medical grade solutions which incorporate all the features one would expect from any prescription or over the counter medication sold in Canadian pharmacies. These will include the following formulations: once a day and extended release, both providing an accurate dose and improved shelf stability. The future of medical cannabinoid solutions.
Canntab holds a Cannabis Standard Processing & Sales for Medical Purposes Licence, a Cannabis Research Licence, and an Industrial Hemp Licence from Health Canada.
Additionally, Canntab through its wholly owned American subsidiary is in the process of establishing a CBD manufacturing and distribution business in Florida, USA.
Canntab trades on the Canadian Securities Exchange under the symbol PILL, on the OTCQB under the symbol CTABF, and on the Frankfurt Stock Exchange under the symbol TBF1.
Cautionary Statements
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions. Forward-looking statements are based on certain assumptions, including regulatory approvals necessary to enable to the Company to commence full scale manufacturing and distribution, that the consultant will agree to the cancellation of its existing warrants, and general business, economic, competitive, political and social uncertainties will not prevent the Company from conducting its business. While Canntab considers these assumptions to be reasonable, based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements also necessarily involve known and unknown risks, including without limitation, that Health Canada will not approve of Larry Latowsky's appointment as a Director of the Company, that Larry Latowsky will not agree to the cancellation of his existing warrants, that another cannabis producer will bring timed-release cannabinoid hard pills to market in Canada and foreign jurisdictions prior to the Company, that the Company will fail to secure additional funding, general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the medical and recreational cannabis industry in Canada in general, income tax and regulatory matters, the ability of Canntab to execute its business strategies, competition, crop failure, currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. Except as required by law, Canntab disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward- looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Canntab Therapeutics Limited
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