BERLIN, Feb. 5, 2019 /CNW/ - Chinook Tyee Industry
Limited ("Chinook") (TSXV: XCX) is an investment finance company
with two European subsidiaries, AMP Alternative Medical Products
GmbH based in Erfurt, Germany and
Mercury Partners & Company plc based in Valletta, Malta. Chinook has 10,217,796
fully diluted shares issued and outstanding and net investment
assets of over $2.0 million
(unaudited) as of September
30th, 2018.
About AMP Alternative Medical Products
("AMP")
AMP Alternative Medical Products GmbH,
is a biopharmaceutical company based in the German state of
Thuringia and provides medical cannabis formulations and dose
delivery systems for German patients.
Since March 2017, German doctors
can prescribe medical cannabis to patients suffering from serious
illnesses which patients can get filled by pharmacists and
generally paid for by German health insurance companies. AMP's
business involves the purchase of EU-GMP medical cannabis from
third party suppliers, and arranging transportation, logistics and
storage services, for ultimate distribution through
pharmaceutical distributors to pharmacists in
Germany.
According to analytics firm Prohibition Partners at the 2019
Davos World Economic Forum, Europe's three largest medical cannabis
markets, Germany, the Netherlands and Italy, could double in size in 2019, making
this a "transformative" year for the European market.
In Canada, licensed producers
of cannabis ("LPs") that enter into supply contracts with AMP are
audited to ensure they meet EU-GMP standards before AMP arranges
for EU-GMP certification. EU-GMP provides the standards,
principles and guidelines of good manufacturing practices for
medicinal products used in the European Union and sets the minimum
quality standard for cannabis for medical use. For Canadian
LPs that do not meet EU-GMP standards, AMP and its German
pharmaceutical consultants cooperate to identify the deficiencies,
provide advice on how to meet the standards, and conduct an audit
upon completion of the upgrades. When the LP passes the audit, AMP
arranges for the final EU-GMP certification by German State
Officials. Upon final certification, AMP applies for the
required import licenses to Germany. If required, AMP may
provide loan financing for EU-GMP upgrades
By 2021, AMP plans to develop its own medical cannabis strains
in collaboration with German patients, doctors and pharmacists for
the German market.
AMP has raised $500,000 in equity
and convertible debt financing in a Series A and B financings
during 2018.
For further information, visit www.amp-eu.com, Twitter or
Instagram.
Other German Investments
Mercury Partners &
Company plc, is a public liability investment company based in
Valletta, Malta and has indirect
investment holdings in German listed securities and real estate
related investments.
Forward-Looking Statements
This news release contains forward-looking statements that are
based on Chinook's expectations, estimates and projections
regarding its business and the economic environment in which it
operates, including with respect to AMP's business plans, including
AMP's ability to assist LPs with obtaining EU-GMP certification and
export medical-grade cannabis to Germany and the timing thereof, expectations
and estimates regarding the cannabis industry in Europe and the profitability of the
medical-grade cannabis business in Germany; and AMP's plans to develop and
product its own medical-grade cannabis strains. Although Chinook
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward-looking statements and readers should
not place undue reliance on such statements. Factors that could
cause actual results to differ materially from those in
forward-looking statements include general economic, market or
business conditions, including the general acceptability of
medical-grade cannabis in Germany,
risks associated with regulatory changes and the retail sector
generally, availability of personnel, materials and equipment on a
timely basis, accidents or equipment breakdowns, uninsured risks
and receipt of necessary TSX Venture Exchange approvals. These
forward-looking statements speak only as of the date on which they
are made, and Chinook undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances unless otherwise required to do so by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release
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SOURCE AMP Alternative Medical Products