TORONTO, ONTARIO--(Marketwired - Nov. 16, 2016) - Mettrum Health Corp. ("Mettrum" or the "Company") (TSX VENTURE:MT), a vertically integrated health and wellness company focused on research, development, production and distribution of cannabis products, is pleased to announce that it has acquired 100% of the shares (the "Acquisition") of Apollo Applied Research Inc. ("Apollo").
Under the terms of the Acquisition, Mettrum paid $1 million in cash and issued 522,684 shares from treasury at closing. These shares will be subject to a four-month hold and the Company is required to inform the TSX Venture Exchange of this transaction. In addition, the Company will issue additional shares, over the next 5 years based on Apollo achieving certain operational metrics. Apollo will operate independently as a wholly-owned subsidiary of Mettrum. Based on Mettrum's evaluation of Apollo's historical performance and future growth prospects, the Acquisition is expected to be immediately accretive to Mettrum. Apollo generates revenue from OHIP as well as other provincial health insurance plans, research grants and private insurance payments which are secured on behalf of its patients.
Apollo Applied Research has a proven track record of growth in active patients, revenue and research. Apollo is dedicated to identifying the most effect strains of medical cannabis for patients suffering with chronic pain as well as many other medical conditions. Apollo offers an evidence based approach to treating patients with medical cannabis by running two of Canada's largest medical cannabis studies. Apollo's continuing research helps better evaluate the benefits of medical cannabis and allows Apollo to discover and better understand the most effective strains for each condition.
Apollo has been conducting clinical research on chronic pain since 2014 and in March of 2016 Apollo launched its newest study analyzing the effects of medical cannabis on patients with PTSD.
Apollo's research has been published in multiple medical journals and is regularly called upon to present at medical seminars and conferences including the Clinical Research Association of Canada. Apollo's strong emphasis on research sets the company apart and is consistent with Mettrum's commitment to advancing the understanding of cannabis in the treatment of a variety of medical conditions.
"Apollo facilitates access to medical cannabis by putting patients together with qualified health care professionals. The Apollo staff are dedicated professionals who specialize in training, support, education and advocacy for qualified patients for whom cannabis may be used medically," said Michael Haines, Chief Executive Officer of Mettrum. "Bryan Hendin, Apollos's Founder and President, will continue to run the company, and I would like to welcome the Apollo team to the Mettrum group of companies. We are all very excited and look forward to working together while realizing synergies and creating value for all stakeholders."
"We are extremely excited to be joining the great team at Mettrum and working together to accelerate growth across the board. Apollo has been researching strains of medical cannabis for several years and our new collaboration with Mettrum will allow us to work together to offer patients the most effect cannabis products" said Bryan Hendin. "I am very impressed with the focus which Mettrum brings to quality assurance and how effective this is in dealing with the demands of patients."
For additional information on Apollo, please visit www.apolloresearch.ca
About Mettrum Health Corp.
Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (formerly the Marihuana for Medical Purposes Regulations) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the "ACMPR"). Mettrum received its first license from Health Canada on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada on December 11, 2014 for its other wholly-owned subsidiary, Agripharm Corp., at the Mettrum Creemore facility in Clearview, Ontario. Mettrum received its third license from Health Canada on December 17, 2015 for Mettrum Ltd. at its new 60,000 square foot production and distribution facility in Bowmanville, Ontario. With the Company's three licenses, Mettrum is a leading producer and vendor of medical cannabis under the ACMPR system. In addition, through its wholly-owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum's functional food line, Mettrum Originals™, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and Mettrum disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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