Searchtech Ventures Inc.
TSX VENTURE : MJN

October 30, 2014 15:49 ET

Searchtech Ventures Announces Peace Naturals Project, Investee of Qualifying Transaction Target, Pharmacan, Becomes First MMPR Licensed Producer to Receive Health Canada Issued License Renewal

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) -

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Searchtech Ventures Inc. ("Searchtech") (TSX VENTURE:MJN), a Capital Pool Company, is pleased to announce that on October 24, 2014, The Peace Naturals Project Inc., ("Peace Naturals") a licensed producer under Canada's federal Marihuana for Medical Purposes Regulations has received the first MMPR license renewal by Health Canada. Peace Naturals was the first investee company of Hortican Inc. dba PharmaCan Capital ("PharamCan"), the target of Searchtech's Qualifying Transaction (as such term is defined by Policy 2.4 of the TSX Venture Exchange (the "Exchange")). Execution of the definitive Qualifying Transaction agreement was announced on October 3, 2014.

The Marihuana for Medical Purposes Regulations ("MMPR") grants Canadians access to medical cannabis by way of a medical document from their health care practitioner. Since the MMPR began, thirteen companies from across Canada have been published on Health Canada's website as Licensed Producers, and as such are able to produce and distribute medical cannabis to qualifying Canadians.

New licensees under MMPR received a license which had a one-year term. As part of the renewal process Licensed Producers will undergo in-depth inspections to determine if in fact those companies have been committed to the overall success of the program by maintaining and following their stringent quality assurance manuals and operating procedures. Peace Naturals Project Inc. recently completed this multi-day process, which included an 'audit' of their records and protocols, and has now been granted the first issued, one year MMPR license renewal.

About PharmaCan

PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to the MMPR. The MMPR came into force in June 2013. As of July 1, 2014, thirteen companies are listed on the Heath Canada website as fully licensed to produce and sell medical marihuana. PharmaCan has made investments in several companies that are either licensed, or in the process of seeking a license (collectively, the "PharmaCan Investees"). In the case of PharmaCan Investees that have not yet acquired a license, additional investment is conditional upon receipt of an MMPR license being obtained.

About Searchtech Ventures Inc.

Searchtech is a capital pool company governed by Exchange policies. Searchtech's principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction within the meaning of Exchange policies.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to Exchange acceptance and if applicable pursuant to the Exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

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.

Forward Looking Statements

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Neither Searchtech nor PharmaCan assumes any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in Searchtech's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Contact Information

  • PharmaCan Capital
    Paul Rosen
    President and Chief Executive Officer
    paul@pharmacancapital.com

    Searchtech Ventures Inc.
    Alan Rootenberg
    Chief Executive Officer and Chief Financial Officer
    416-277-4528