OTTAWA, ONTARIO--(Marketwired - March 11, 2015) - GrowPros Cannabis Ventures Inc. ("GrowPros" or the "Company") (CSE:GCI), in accordance with our strategy as a diversified cannabis venture firm, has entered into an exclusive letter of intent with Export Hydro, a manufacturer and exporter of indoor gardening equipment based in Hong Kong. Export Hydro designs, manufactures, and distributes growing equipment specifically for the medicinal cannabis market. Export Hydro's manufacture direct model allows them to distribute directly to retailers, wholesalers, and commercial producers in North America, Europe, and Australia.
Pursuant to the letter of intent, GrowPros may acquire 100% of outstanding shares and provide on-going capital and strategic support as Export Hydro expands their operations to focus on providing equipment and supplies to large-scale commercial production facilities in Canada and the United states.
"This acquisition will provide GrowPros with the vehicle it needs to provide products and services to the rapidly growing legal medicinal cannabis production market in North America. This acquisition is the first of several targeted acquisitions that management intends to focus on as it builds the equipment and services segment of our diversified company," stated Ryan Brown, CEO of GrowPros.
"The acquisition by GrowPros will provide Export Hydro with the strategic partner we need to help grow our distribution network and manufacture industry specific products and solutions for legal cannabis growers around the world," added Shawn Brissette, CEO of Export Hydro.
It is expected that, after the acquisition, Export Hydro CEO Shawn Brissette will lead the equipment and production service division of GrowPros Cannabis Ventures Inc. Shawn has over 15 years of experience in the hydroponic wholesale distribution industry. In addition, Shawn has launched 3 successful companies in the nutrient, lighting and processing segments of the legal cannabis industry. Finally, Shawn has an international network of manufacturers, distributors and retailers who are loyal to Export Hydro's products and services.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Contact Information:
Ryan Brown
Chief Executive Officer
(613) 421-8402