OTTAWA, April 24, 2017 (GLOBE NEWSWIRE) -- Panda Capital Inc. (NEX:PDA.H) (the “Company”) is pleased to announce details of the multi-stage product testing methodology at ABcann Medicinals Inc. (“ABcann”). As previously announced, the Company has entered into an amalgamation agreement pursuant to which the Company has agreed to acquire all of the outstanding securities of ABcann, a fully-licensed Canadian cannabis producer (the “Transaction”).
ABcann, which was awarded its cannabis production license from Canadian regulators in 2014, recognizes the essential value of Quality Assurance and has implemented a thorough and transparent process to maintain and achieve its industry-leading, organic process production standards. ABcann has prepared and carries out an exhaustive testing process for its cannabis production which combines internal testing procedures and external third party laboratory testing.
“ABcann is serving many different customers with varying expectations that rely on the company to complete accurate third party testing and independent evaluations, which we support in the industry,” says Ken Clement, founder of ABcann. “Our retail patient base demands top quality, organic processes and pesticide-free cannabis products. Our biotechnology customers must have quality and consistency down to the genetics level to complete their research which directly encompasses the medical community providing them the confidence in prescribing. For cannabis to be accepted as mainstream medicine, we knew we had to grow it standardized, batch after batch. It’s our job at ABcann to make that happen. To date, ABcann has met or exceeded all required industry standards as tested by its independent laboratories and is confident that by employing this rigorous testing methodology it will continue to meet these standards as it expands into higher volume production facilities. It is the Company's priority that our customers continue to receive the consistent high quality tested products they have come to trust.”
ABcann’s Management Team has established stringent internal production guidelines. Our Quality Assurance Team enforces the mandatory guidelines to help achieve industry-leading standards for quality and consistency of cannabis production. ABcann is committed to consistent quality throughout the company and is in the process of achieving ISO 9001:2015 certification through BSI Group Canada.
ABcann’s Quality Assurance program also includes external third party testing through RPC, a laboratory services provider founded in 1962 and based in New Brunswick, Canada. RPC’s laboratory facilities in Fredericton and Moncton are accredited by Standards Council of Canada (SCC) to the ISO/IEC 17025:2005 laboratory standard and its accredited methods have long included microbial, metals, organic compounds, and pesticide tests for various matrices.
RPC’s operational testing and laboratory analysis work includes customers in the biotechnology, aquaculture, and food & drug industries.
The combination of exhaustive internal testing procedures to monitor sanitation as well as crop microbial contamination and third party external testing for verification has produced a multi-layer process to ensure ABcann’s Quality Assurance program goals are met and exceeded.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed on the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF PANDA CAPITAL INC.
“Aaron Keay”
Aaron Keay
Director
For further information, please contact Aaron Keay by phone at (604) 323-6911 or by email at aaron@informcapital.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the expected completion of the Transaction, ABcann’s future site development and expansion plans and ABcann’s ability to continue to meet industry-leading standards for quality and consistency of cannabis production. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including that: the Transaction may not be completed, ABcann may be unable to raise the funds necessary to complete its expansion plans, factors may occur which cause ABcann’s currently contemplated expansion and development plans to cease or otherwise change; and changes to regulatory oversight of the cannabis industry may require changes to ABcann’s quality assurance procedures. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company or ABcann will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.