TORONTO, ONTARIO and LOS ANGELES, CALIFORNIA--(Marketwired - Oct. 31, 2016) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
The Tinley Beverage Company Inc. (the "Company" or "Tinley") (OTC PINK:QRSRF)(CSE:TNY) is pleased to announce it has received $1,065,811 from the exercise of warrants and options over the past 30 days.
The Company currently has a cash balance of just over $3.8 million after giving effect to the net proceeds of the recent private placement, the warrant and option exercises and existing cash on hand. Management believes the Company's current cash position provides ample resources to pursue its organic growth strategy related to CBD and THC beverages. This strategy focuses on Canada and in 5 key Western states with medical marijuana programs and where recreational marijuana use is either legal or where a proposal to legalize recreational use will be on the ballot in the upcoming US election in November.
About The Tinley Beverage Company, Inc., Hemplify, Inc. and Tinley '27
The Tinley Beverage Company (Toronto, Canada) is the parent company of Hemplify, Inc. (Santa Monica, California). Hemplify, Inc. manufactures the "Hemplify" line of products. "Hemplify" is a line of fruit-flavored, sugar-free, vegan, drinkable supplements that contain hemp stalk extract. This extract contains terpenes and other phytoconstituents. Each product also contains 9-12x the potassium electrolyte content of major sports drinks, 200mg of Omega 3 and excellent sources of 9 vitamins, including 100% DV of Vitamin B12, C and D. Hemplify is produced with patented technology that elevates absorption into the bloodstream, ensures shelf stability and masks the hemp oil's taste to deliver delicious, refreshing flavors. The company is selling its products in California and in 5 other states, as well as online. Tinley has also developed "Tinley '27", a line of cannabis-infused beverages designed for the Canadian and US markets, and is pursuing partnership opportunities with licensed producers for production of these products in jurisdictions wherever such products are permitted.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.