VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 21, 2014) - GEONOVUS MINERALS CORP. (TSX VENTURE:GNM) ("GeoNovus" or the "Company") announces it has entered into a non-disclosure agreement with a private BC company which has applied with Health Canada to become an MMRP licensed producer of medical marijuana.
Under the agreement, the Company will begin its due diligence process in furtherance of a potential business relationship with the private company, which will include a site visit to its active medical marijuana production facility, currently producing under its MMAP licence. At this time, management anticipates that the due diligence process will complete on or before June 15th, 2014.
This development is in line with the Company's previous announcement on May 13, 2014, that the Company has decided to analyze the medical marijuana and industrial hemp industries for opportunities to create shareholder value.
At this point in time, there are no assurances or guarantees that a new project with the private company, or otherwise, will be concluded in the future. The Company will provide further updates as they develop.
ON BEHALF OF THE BOARD
Michael England, President
Some of the statements in this news release contain forward-looking information, including with respect to the Company's ongoing plans to identify and analyze potential opportunities in the medical marijuana and industrial hemp industries. Actual results may differ materially from those currently anticipated in such statements. No assurance can be given that any opportunities will materialize or that any other events anticipated by the forward-looking statements will occur, or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations and assumptions which may prove to be incorrect. The forward-looking information is provided as at the date of this news release.
Neither the 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.