ICC Labs Files Financial Results for the First Quarter Ended March 31, 2018
May 31 2018 - 8:55AM
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce it has filed its interim
financial results for the first quarter ended March 31, 2018.
The financial statements and management
discussion and analysis for the three months ended March 31, 2018,
are available on the System for Electronic Document Analysis and
Retrieval ("SEDAR") at www.sedar.com and on ICC Labs' website
at www.icclabs.com.
During the first quarter of 2018, the Company
continued to take steps to expand its footprint in the Latin
American market, and to gain access to the European and Canadian
markets. The Company’s investment in Global Group Kalapa S.L., a
Spanish company based in Barcelona, is part of ICC Labs’ strategy
to gain a foothold in the European markets, and in particular with
respect to B2B distribution channels for the Company’s ‘BIDIOL’
branded CBD oil and other products it intends to sell. This
investment remains subject to TSX Venture Exchange (“TSX-V”)
approval.
Having obtained all medicinal cannabis
production licenses currently available in Colombia, ICC Labs
became the first company to become fully licensed in two low cost
jurisdictions in Latin America. Further, in Colombia, the Company
continues to build its 124,000 sq. ft. greenhouse to grow THC
plants and prepares for its first outdoor hemp crop on 250 acres
that it expects to commence sowing in June, subject to approval of
the TSX-V.
The Company has also proceeded with the
construction of its CO2 extraction laboratory in Uruguay which has
an expected annual capacity of 150,000 kg of dry flowers and is
being built in accordance with international Good Manufacturing
Practices (GMP) guidelines. The Company expects the laboratory to
be completed by the end July. In the interim, the Company has
completed the construction of a temporary extraction laboratory in
Uruguay where its first CBD extracts will be produced.
“As we near completion of our CO2 extraction
laboratory (the first one of its kind in Latin America), we are
combining operations in low cost jurisdictions with industrialized
extraction in a GMP facility, and moving closer to our objective of
supplying the global market with the pharmaceutical-grade and
medicinal products at affordable prices", commented Alejandro
Antalich, Chief Executive Officer of ICC Labs.
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and
distributor of medicinal cannabinoid extracts, recreational
cannabis and industrial hemp products in Uruguay as well as a fully
licensed producer of medicinal cannabis in Colombia. The Company
has active operations in Uruguay, and is focused on becoming the
worldwide leading producer of cannabinoid extracts, giving support
and promoting responsible use for medicinal purposes, backed by
scientific research and innovation, while following strict
compliance with standards for quality and safety.
For more information, please visit
www.icclabs.com.
Contact:ICC Labs Inc.Alejandro Antalich, Chief
Executive Officer t: 598-2900-0000e: ir@icclabs.com
Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this
release.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s future
production and sales, results of operations, strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words “believe”, “expect”, “aim”,
“intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements.
Additional factors that could cause actual
results, performance or achievements to differ materially include,
but are not limited to: receipt of the requisite regulatory
approvals required, including from the TSX-V, production and export
of CBD, THC and medicinal products, and ICC’s ability to commence
operations in Colombia or finish construction of its laboratory.
Additional information identifying risks and uncertainties is
contained in the Company’s filings with Canadian securities
regulators, and available at www.sedar.com. Management provides
forward-looking statements because it believes they provide useful
information to investors when considering their investment
objectives and cautions investors not to place undue reliance on
forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.