TORONTO, June 16, 2014 (GLOBE NEWSWIRE) -- Alphala Corp. (OTCBB:ALPC) (the "Company") is pleased to announce that it has entered into a Letter of Intent with FV Pharma Inc., a private Ontario, Canada corporation ("FV Pharma"), and certain shareholders of FV Pharma, to purchase all the Class B non-voting shares of FV Pharma. FV Pharma is striving to establish a state of the art medical marijuana production facility located in Cobourg, Ontario, one (1) hour east of Toronto.
FV Pharma has applied to Health Canada to become a licensed commercial producer of marijuana under the Government of Canada's new Marihuana for Medical Purposes Regulations (the "MMPR"). The company's application is in the personal security checks stage of the process, and an in-depth review verification of the application must still occur before Health Canada conducts a pre-license inspection of its proposed facility. If successful, FV Pharma will receive a license to produce marijuana for medical purposes. FV Pharma is one of many companies seeking to start producing marijuana on a commercial scale under the MMPR, which became effective on April 1, 2014.
The Letter of Intent states that the Company will issue an aggregate of 150,000,000 shares of its common stock to the holders of FV Pharma's Class B shares upon the closing of the transaction, which is expected to take the form of a share exchange. The completion of the transaction is subject to standard due diligence by both sides and the successful negotiation of a definitive agreement.
The Company will release additional information regarding the status of FV Pharma's application under the MMPR promptly upon the receipt of any such information from Health Canada.
About Alphala Corp.
Alphala Corp. (OTCBB:ALPC) is a publicly traded company on the OTC Bulletin Board and OTCQB markets.
For more information, visit: www.sec.gov or www.otcmarkets.com.
Contact
Shaikh Munir Shami, President
Tel: (416) 897 6324 | Email: info@alphalacorp.com
About FV Pharma Inc.
FV Pharma has applied to become a licensed commercial producer of marijuana under the new Canadian medical marijuana legislation. The company was established in Ontario to supply an unmatched selection of premium medical marijuana to eligible persons in order to treat symptoms such as chronic pain, seizures, muscle spasms, nausea and loss of appetite. FV Pharma is excited to be transforming a part of the former Kraft food factory known as the Cobourg Innovation Centre into a state-of-the-art licensed facility for growing and harvesting medical marijuana. The company intends to stimulate the local economy in Cobourg, Ontario as well as maintain its commitment to environmentally friendly business practices.
For more information, visit www.fvpharma.com.
Contact
Thomas Fairfull, President/CEO
413 Byron Street South
Whitby, Ontario, Canada L1N 4R2
Tel: (905) 686-7079 | Email: info@fvpharma.com
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to the Company's (i) product demand, market and customer acceptance of its products, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales teams, (iv) competition, pricing and development difficulties, (v) ability to integrate FV Pharma into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.