MONTREAL, CANADA--(Marketwired - Nov. 20, 2014) - Affinor Growers (CSE:AFI) (OTCQB:RSSFF) (FRANKFURT:1AF) ("Affinor" or the "Corporation") announces that it has amended its acquisition agreement previously announced on May 23, 2014.
On October 18, 2014, the Corporation and the shareholders of the acquired British Columbia private company (hereinafter "BC Ltd.") agreed to amend their original share purchase agreement. The Corporation gives back to the BC Ltd. shareholders all the issued and outstanding BC Ltd. shares purchased by the Corporation pursuant to the original share exchange agreement, in consideration for which the BC Ltd. shareholders give back to the Corporation 2,500,000 common shares owned by Nick Brusatore a related person. In addition, the BC Ltd. shareholders have granted to the Corporation an irrevocable option to purchase all the issued and outstanding BC Ltd. shares which option may be exercised no later than October 18, 2017, or upon receipt by BC Ltd. of its Medical Marijuana growers license from Health Canada.
The officers and directors of the Corporation have taken this decision because of their incapability to open a bank account with a chartered bank for BC Ltd. This has caused a direct impact on the risk management.
BC Ltd's application to obtain a Medical Marijuana growers license is at the security clearance stage. Once the security check is completed, the application will proceed to the in-depth review verification to ensure compliance with good production practices, record keeping and security measures.
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.