TORONTO, ON--(Marketwired - January 12, 2017) - Beleave Inc. ("Beleave" or the "Company") (CSE: BE) is pleased to announce that after receiving its affirmation letter, as announced September 26, 2016, its wholly owned subsidiary First Access Medical Inc. ("FAM") has completed all security installations, record keeping software, and implemented required good manufacturing practices at its 14,500-square foot facility in Flamborough, ON (the "Facility")
Management believes that the Facility has been built out to the specifications that were outlined during the Company's application review under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). Special precaution was taken by auditing sanitation and good production practices, security measures and procedures, and seed-to-sale inventory record keeping software with third party industry experts. David Hyde and Associates, Eurofins Experchem Laboratories, and Ample Organics worked closely alongside our in-house team to satisfy the requirements of the ACMPR, as well as to prepare scalability for future expansion. While there is no guarantee that a license under the ACMPR will be granted, management and its advisors believe that the Facility should meet regulatory requirements under the ACMPR.
In addition to the completion of the required security, record keeping and good manufacturing practices, the Company has upgraded its production equipment and has integrated various Facility components that will further allow for rapid scalability for potential future expansion. Upgrades include cloud server storage and record retention capability, surveillance equipment, lighting systems, water purification and distribution equipment, HVAC systems, sanitation equipment, physical barriers and intrusion detection, and power supply.
"After the completion of our most recent financings, management consulted with top industry experts to ensure the greatest likelihood of success during our Pre-License Inspection, and to prepare the site for future expansion," commented Beleave CEO, Roger Ferriera. "We saw great benefit to upgrading our current facility and nucleus to quickly handle expansions well beyond our initial footprint, which will likely translate to significant time and cost savings as the company advances."
The Company received $1,302,500 by way of warrant exercises in the fourth quarter of 2016.
The Company further wishes to announce that it has entered into a debt settlement agreement with certain consultants and directors whereby Beleave will settle $149,685.00 of its outstanding payables through the issuance of 100,460 common shares in the capital of the Corporation (the "Common Shares") at a deemed price of $1.49 per Common Share.
The Corporation also wishes to announce the issuance of 1,320,000 options exercisable at $1.75 per Common Share (the "Options") to various consultants and members of the board of directors. All Options expire five years from issuance.
All Common Share and Option issuances are subject to applicable regulatory (including the Canadian Securities Exchange) approvals.
Beleave is traded on the CSE under the symbol BE with 25,702,856 shares outstanding (34,201,356 on a fully diluted basis.)
Beleave Inc. is a biotech company committed to becoming a licensed producer under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). Beleave's wholly-owned subsidiary FAM has applied for a license to cultivate and sell medical marihuana pursuant to the ACMPR. As of the date hereof, FAM has successfully advanced past the review stage, and has been issued an affirmation letter from Health Canada prior to a request for a pre-licensing inspection. Beleave's purpose-built facility is located near Hamilton, Ontario.
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. This news release includes forward-looking statements with respect to the completion of the ACMPR licensing process, meeting the requirements of the ACMPR, and the start of production. 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.