Canadian Cannabis Corp Announces the Execution of a Revised Settlement Agreement For Sale of the Assets of The Clinic Network...
January 04 2018 - 8:11AM
OAKVILLE, Ontario, Jan. 04, 2018 (GLOBE
NEWSWIRE) -- Canadian Cannabis Corp ("CCAN" or the
"Company") (OTC PINK:CCAN) is pleased to announce that it
has entered into a Revised Settlement Agreement (the “Agreement”)
resulting in the settlement of certain outstanding debts and other
financial obligations of the Company and its affiliates
(collectively, the “Debts”) owed to certain
creditors.
As contemplated by the Agreement, in partial
consideration for the satisfaction of the Debts, CCAN has assigned
certain assets of its wholly owned subsidiary, The Clinic Network
Inc. (“TCN”). As additional consideration, CCAN and TCN will also
enter into restrictive covenant agreements preventing it from
competing with the business represented by the assigned TCN
assets. The Agreement also places other obligations on CCAN
in regard to its reporting obligations with the Securities and
Exchange Commission and performing a successful financing for a
Canadian entity as required by the creditors. The
satisfaction of the Debts, termination of associated agreements,
and release of the Company from the claims of the creditor are
conditional on the Company successfully performing the financing
for the Canadian entity.
Under the Agreement, upon closing 1,750,000
shares of Cura-Can Health Corp. (“Cura Can”) shall be deposited
with the Escrow Agent as consideration, at which time one of two
closings of the Agreement will occur and the assignment of the TCN
assets consummated. After required payments and associated,
estimated costs under the Agreement it is anticipated that TCN may
realise net proceeds from sale of the Cura Can shares of
approximately CAD $250,000.
Additionally, CCAN has been granted an option
from Cura Can to purchase up to an additional 3,000,000 Common
Shares of Cura Can at $1.00 per Common Share up until February 28,
2018.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). When used in the preceding discussion, words such as
“potential,” "pleased," "will," "conditional," "anticipated,"
"option," or "affords us," and similar conditional expressions are
intended to identify forward-looking statements within the meaning
of the Act and are subject to the safe harbor created by the Act.
Such statements are neither historical facts nor assurance of
future performance. Instead, they are based only on our
current beliefs, expectations and assumptions regarding the future
of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions and, therefore, subject to certain risks and
uncertainties and actual results could differ materially from those
expressed in any of the forward-looking statements. Such risks and
uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete
additional financing and other risks described in the Company's SEC
reports and filings. Therefore, you should not rely on any of
these forward-looking statements
Any forward-looking statement made by us in this
press release is based only on information currently available to
us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
About Canadian Cannabis
Corp.
Canadian Cannabis Corp ("CCAN") (OTC PINK:CCAN) is
pursuing a business plan focused on entering strategic transactions
in the distribution chain of medical marijuana. The Company
believes its business model of engaging in strategic transactions
to solidify the distribution chain by matching suppliers with a
consistent demand source and providing suppliers with expert
production consulting will bring a strategic advantage to the
marketplace.
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