LAS VEGAS, Nov. 29, 2019 /CNW/ - Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) ("AUSA" or the "Company") has appointed Squar Milner, LLP as its auditor. Squar Milner, LLP will replace MNP, LLP effective November 27, 2019.
AUSA's engagement partner, Sam Salty has more than 15 years of experience in the public accounting industry focused on IPO's/secondary offerings, M&A and due diligence. The firm has 34 SEC registrants, 6 Canadian public clients, and 28 Cannabis clients. Squar Milner has been registered with the Public Company Accounting Oversight Board since 2003 and are members of the American Institute of Certified Public Accountants.
AUSA also announces that it has finalized its engagement of ASTOUND GROUP ("ASTOUND") referenced in the press release issued on July 21, 2019. AUSA has entered into a three-year agreement with ASTOUND to provide brand optimization, expand brand awareness of brand stories, and introduce new products under AUSA's existing house of brands, including Mr. Natural™, Tsunami™, Provisions™, GT Flowers™, and CocoonRewards™ as well as any new future brands. For the services, the Company has issued consideration of 5 million shares of Body and Mind, Inc. common stock currently held by the Company to ASTOUND.
"We are pleased to have finalized our partnership with ASTOUND," said Michael Carlotti, CFO of AUSA. "The ability to lock-in these services at a fixed cost enables AUSA to manage cash flow over the three-year term while gaining the expertise of a world-renowned marketing firm."
In addition, the Company finalized the consideration for its license agreement with Passport Technology, disclosed in the press release dated October 29, 2019. This consideration is for the prototype development, conversion of Passport's self-service platform to service the cannabis industry, a 10-year exclusive relationship and ongoing product enhancements, exclusive software rights and exclusive use of vendor relationships at cost. The Company issued total consideration of $4,175,000 USD, which included $375,000 USD cash, 5 million shares of Body and Mind, Inc. common stock currently held by the Company, and 1,829,219 shares of AUSA common stock to Passport Technology. Passport Technology is a privately held corporation, of which 51% is held by Wyvern Capital which is an entity controlled by the issuer's CEO.
About Australis Capital Inc.
AUSA operates and builds transformative, differentiated cannabis companies predominantly in the United States, a highly-regulated, fragmented, and rapidly expanding industry. AUSA adheres to stringent evaluation and operating criteria focusing on high-quality opportunities while maintaining a steadfast commitment to governance and community. AUSA's Board and management team have material experience with, and knowledge of, the cannabis space in the U.S., extensive backgrounds in highly-regulated industries and regulatory compliance. AUSA operating and portfolio assets include Rthm Technologies Inc., Body and Mind Inc., Quality Green Inc., Folium Biosciences, Mr. Natural Inc., Green Therapeutics, LLC., and Cocoon Technology LLC.
The Company's Common shares trade on the CSE under the symbol "AUSA" and on the OTCQX under the symbol "AUSAF".
For further information about AUSA, please visit the website at ausa-corp.com or contact the Company by e-mail at [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
Forward-Looking Information Statement
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release.
SOURCE Australis Capital Inc.
For further information: Brent Reuter, Senior Vice President, Investor Relations & Strategy, [email protected]