Saratoga Electronic Solutions Inc.
TSX VENTURE : SAR.H

Saratoga Electronic Solutions Inc.

March 10, 2015 17:08 ET

Saratoga Electronic Solutions Inc. Announces the Filing of a Listing Statement with the Canadian Securities Exchange

MONTREAL, QUÉBEC--(Marketwired - March 10, 2015) - Saratoga Electronic Solutions Inc. ("Saratoga") (TSX VENTURE:SAR.H) announced today that, in the context of its previously announced share exchange transaction (the "Transaction") with the shareholders of Abba Medix Corp. ("Abba Medix"), it has filed a listing statement (the "Listing Statement") with the Canadian Securities Exchange (the "CSE") in order that its common shares (the "Common Shares") may be listed on the CSE following the closing of the Transaction. A copy of the Listing Statement has also been filed under Saratoga's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

It is expected that the Common Shares will be delisted from the NEX board of the TSX Venture Exchange (the "TSXV") immediately prior to the closing of the Transaction, and will be listed on the CSE immediately following such closing, subject to satisfying the listing conditions of the CSE. One of such conditions is that shareholders holding at least 50% of the outstanding Common Shares approve the Transaction by way of written instrument. In this regard, shareholders of Saratoga holding more than 60% of the outstanding Common Shares have submitted their written approval of the Transaction. The Transaction is expected to close on or about March 13, 2015.

About Saratoga

Saratoga does not currently have any commercial operations. Since the earlier disposition of its automated teller machine business, Saratoga has been carrying out a review of its strategic alternatives, which review has led to the Transaction.

About Abba Medix

Abba Medix is an Ontario corporation established in 2013 to capitalize on the dramatically changing rules governing medical marijuana production in Canada. On April 1, 2014, Health Canada eliminated the ability of the approximately 37,000 Canadians currently licensed to possess marijuana for medicinal use to grow their own marijuana or have it grown on their behalf. From this point forward, these users must purchase medical marijuana from commercial suppliers licensed by Health Canada.

Abba Medix filed an application with Health Canada in November of 2013 to obtain a license to produce and distribute marijuana under the federal Marihuana for Medical Purposes Regulations (the "License"). Abba Medix has secured a 45,000 square foot facility to support its production plan and has invested over $1,000,000 in the first phase of the plan that includes 15,000 square feet of production space. Abba Medix will continue to build out the facility as production demand increases.

While there can be no guarantee as to the successful outcome of Abba Medix's application for the License nor as to the timeframe within which such application will be processed by Health Canada, it is Abba Medix's goal to create one of the most technologically advanced and secure facilities in Canada in compliance with applicable rules and regulations.

Forward-Looking Information

This press release contains forward-looking information based on current expectations. Statements about the delisting of the Common Shares from the TSXV, the listing of the Common Shares on the CSE, the issuance of permits to Abba Medix by Health Canada, the closing of the Transaction and the parties' ability to satisfy the closing conditions and receive all necessary approvals are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. Saratoga assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Neither 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.

Contact Information

  • Saratoga Electronic Solutions Inc.
    Georges A. Durst
    Chief Executive Officer
    (514) 220-2332