MediPharm Labs Files Statement of Claim
January 24 2020 - 5:00PM
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ)
(“MediPharm Labs” or the “Company”) today announced that its wholly
owned subsidiary, MediPharm Labs Inc., has filed a statement of
claim (the “
Claim”) in the Ontario Superior Court
of Justice against a licensed producer.
The Claim relates to, among other things, the
payment of outstanding amounts of approximately $9.8 million
pursuant to the private label cannabis oil sale agreement
referenced in MediPharm Labs’ February 11, 2019 news release.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in
the production of purified, pharmaceutical quality cannabis oil and
concentrates and advanced derivative products utilizing a Good
Manufacturing Practices certified facility and ISO standard built
clean rooms. MediPharm Labs has invested in an expert, research
driven team, state-of-the-art technology, downstream purification
methodologies and purpose-built facilities with five primary
extraction lines for delivery of pure, trusted and precision-dosed
cannabis products for its customers. Through its wholesale and
white label platforms, MediPharm Labs formulates, sensory-tests,
processes, packages and distributes cannabis extracts and advanced
cannabinoid-based products to domestic and international markets.
As a global leader, MediPharm Labs has completed commercial exports
to Australia and is nearing commercialization of its Australian
extraction facility. MediPharm Labs Australia was established in
2017.
For further information, please contact: Laura
Lepore, VP, Investor Relations Telephone: 416-913-7425 ext.
1525 Email:
investors@medipharmlabs.com Website:
www.medipharmlabs.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION:
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, the completion of the Australian facility.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the inability of MediPharm Labs to obtain
adequate financing; the delay or failure to receive regulatory
approvals; and other factors discussed in MediPharm Labs’ filings,
available on the SEDAR website at www.sedar.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release. Except as required by
law, MediPharm Labs assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change.
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