Not for dissemination in the United States of America
VANCOUVER, British Columbia, Sept. 20, 2018 (GLOBE NEWSWIRE) -- Premier Diversified Holdings Inc. ("Premier" or the "Company") (TSXV: PDH) announces that, subject to approval of the TSX Venture Exchange (the "TSXV"), it will acquire 5,144,000 Common shares of ZED Therapeutics Inc. ("ZED") for total consideration of $25,720.
ZED is a privately held company incorporated under the laws of Alberta. ZED is a start-up company which intends to participate in the medicinal hemp industry. Medicinal hemp is distinct from medicinal cannabis. Medicinal hemp is CBD oil and plant products with less than 0.3% THC. The Company is acquiring common shares of ZED at a price of $0.005 per common share. All other subscribers in ZED's financing are acquiring common shares at the same price as the Company. Following closing of ZED's financing, Premier anticipates that it will hold approximately 36.7% of the issued and outstanding shares of ZED. ZED may complete future equity financings which would result in dilution of Premier's interest in ZED.
Sanjeev Parsad, a director and officer of the Company, is a director of ZED as of August 29, 2018. Mr. Parsad will not be active in the management or day-to-day activities of ZED.
About Premier Diversified Holdings Inc.
Premier is a British Columbia company which operates in diversified industries. It acts as a holding company (either directly or through a subsidiary) that may be active in the management of its subsidiary companies to varying degrees. Information about Premier may be found at www.pdh-inc.com.
On behalf of the Board of Directors
“Sanjeev Parsad”
Sanjeev Parsad
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding the Company can be found on SEDAR at www.sedar.com.
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include: (i) that Premier will acquire shares of ZED at a certain price; (ii) that ZED will participate in the medicinal hemp industry; (iii) that other subscribers in ZED's financing will participate on equal terms as the Company; and (iv) that following the closing of ZED's financing, Premier will hold a certain percentage interest in ZED. Factors that could cause actual results to be materially different and assumptions used to develop forward-looking information include but are not limited to the following: (i) that the terms of the ZED financing or number of shares issued pursuant to the ZED financing may change; and (ii) that ZED will operate in a different industry. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.