KELOWNA, BC, Jan. 30, 2019 /PRNewswire/ - Valens GroWorks Corp. (CSE: VGW, OTC: VGWCF) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing is pleased to announce a strategic secondary purchase and sale transaction.
The transaction includes a total of 3,500,000 shares at a price $2.05 per share between strategic purchasers (the "Buyers") and 1009638 B.C. Ltd. (the "Seller"). The Buyers are independent in nature as they are not directly associated with a third party licensed producer. On close of the transaction the Seller hereby represents that it continues to be a significant shareholder of the Company and has opted to lock-up the remaining shares they hold in Valens for 6 months showing its long term commitment to the Company. The Buyers will also lock-up shares for a period of 4 months on close of the transaction. AltaCorp Capital Inc. has acted as agent in the transaction.
"We are excited to announce the strategic secondary purchase and sale transaction with key institutions and shareholders," says Tyler Robson, CEO of Valens GroWorks Corp. "We are appreciative of our largest shareholder's continued commitment to the long term vision and strategy of the company and welcome our new strategic shareholders."
About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically integrated Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, as well as associated quality testing with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech ("VAL") holds a license to cultivate cannabis and produce cannabis oil under the Cannabis Act, as well as a license to conduct analytical testing for the cannabis industry. VAL currently has extraction processing and supply agreements with various leading producers across Canada. Subsidiary Valens Labs is a Health Canada licensed ISO 17025 accredited cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant Based Science. Subsidiary Valens Farms is in the process of becoming a purpose-built facility in compliance with European Union (EU) Good Manufacturing Practices (GMP) standards, ensuring the product from this facility can be exported anywhere in the world where Cannabis is nationally legal for medical or adult usage purposes. For more information, please visit http://valensgroworks.com. The Company's investor deck can be found specifically at http://valensgroworks.com/investors/
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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SOURCE Valens GroWorks Corp.