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VANCOUVER, March 7, 2017 /CNW/ - Winston Resources Inc. ("Winston" or the "Company") (CSE: WRW; FSE:WNT) is pleased to announce in conjunction with its proposed acquisition of Green Tree Therapeutics, the Company has appointed Mr. Gordon Jang, as chairman of the company's advisory board. The advisory board will enhance the Company's ability to bring in tactical growth partnerships through strategic investments which is an important part of the company's approach to capture sales and the newest developing technologies in the cannabinoid sector.
Mr. Jang brings more than 25 years' experience in the mining industry and has extensive knowledge of Sarbanes-Oxley, internal controls, mergers and acquisitions, tax planning, and regulatory compliance matters.
Mr. Jang has worked with Lundin Mining Corporation, Augusta Resources Corporation, Hudbay Minerals Inc and Pan American Silver Corp. In various roles ranging from Corporate Controller to Vice President. He is a graduate of the British Columbia Institute of Technology's Financial Management program and holds a CPA, CMA designation.
Mr. Jang brings invaluable experience, expertise and insight, and the company looks forward to developing numerous growth strategies. Mr. Jang will be granted options at a later date, subject to approval by the Canadian Securities Exchange.
Update on Proposed Transaction
On February 24, 2017 Winston signed a Letter of Intent (the "LOI") with GT Therapeutics Corporation, dba Green Tree Therapeutics, an arm's length private British Columbia company (the "Target" or "GTT"), pursuant to which the Company will complete a reverse takeover and acquire from the shareholders of the Target, 100% of the shares of GTT, causing GTT to become a wholly owned subsidiary of Winston (the "Transaction"). On completion of the Transaction, the business of the Target will become the business of Winston and the Company will abandon the Pigeon River property.
The Company continues to work through due diligence and negotiation of the definitive agreement. The Transaction remains subject to certain closing conditions, including, completion of due diligence, the negotiation and signing of a definitive agreement and obtaining all necessary approvals, including, approval of the respective boards, the approval of the Canadian Securities Exchange (the "CSE"), and if applicable, shareholders of the Company. There can be no guarantees that the Transaction will be completed as proposed or at all.
About Green Tree Therapeutics
Green Tree Therapeutics ("GTT") owns a brand of vaporizers currently in 130 stores, including medical and adult use dispensaries across North America, and is actively engaged in the expansion of its product offerings for alternate cannabis products, including capsules, oils, and lotions. GTT's vaporizers provide therapeutic benefits in the delivery of beneficial CBD and THC extracts, and a system for rapid absorption for the quick delivery of cannabinoids. Further information can be found on the Company's website at www.greentreetherapeutics.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
SOURCE Winston Resources
For further information: Sean Bromley, CEO - 604-283-1722