Tetra Bio-Pharma Inc.
CSE : TBP
CSE : TBP.CN
OTC PINK : GRPOF

Tetra Bio-Pharma Inc.

February 06, 2017 08:30 ET

Tetra Bio-Pharma Inc. Enters into Distribution and Supply Agreement with Engen Medical Corporation

OTTAWA, ONTARIO--(Marketwired - Feb. 6, 2017) - Agro-Tek Inc. ("Agro-Tek") a subsidiary of Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (CSE:TBP)(CSE:TBP.CN)(OTC PINK:GRPOF), a pharmaceutical company focused on developing and commercializing therapeutic cannabis-based products for the treatment of pain and other medical conditions announced today it has entered into an five (5) year exclusive Supply and Distribution agreement with Engen Medical Corporation ("Engen") for the Canadian distribution of its Munchies B Gone gum. In exchange for a payment of $28,000 on signing the agreement and a minimum purchase commitment of $1,580,000 over five years, Agro-Tek will have exclusive sales and distribution rights in Canada. Engen will be responsible for all manufacturing and regulatory aspects.

Approximately $500 million of chewing gum was sold in Canada last year and $3.5 billion was sold in the United States. Sugar-free gum is expected to show the greatest growth within the sector in both Canada and the United States over the next few years. (Source: The Globe and Mail published Wednesday, February 04, 2015).

The worldwide chewing gum market grew by about 20 per cent between 2009 and 2014, reaching $24.7-billion in 2014. And it is projected to grow another 32 per cent to $32.5 billion by 2019. (Source: The EuroMonitor).

"Tetra is excited to be teaming up with Engen to bring Munchies B Gone to the Canadian market. This distribution agreement launches the first line of revenue generating products for Agro-Tek," said Andre Rancourt, CEO of Tetra. Agro-Tek is currently in negotiations with multiple distributors servicing the over 3,000 cannabis lifestyle and retail stores that exist in Canada and cater to the Cannabis consumer.

"We are extremely excited about working with Agro-Tek to launch our Munchies B Gone gum into the Canadian market," said Paul Epner, Co-Founder and Managing Director of Engen.

About Engen Medical Corporation. Engen, a privately held United States corporation, owns the global patent and intellectual property rights to several chewing gum products, including Munchies B Gone gum catering to the cannabis and holistic herbal consumer.

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

  • Tetra Bio-Pharma Inc.
    Andre Rancourt
    Chief Executive Officer
    (343) 689-0714