$0.75 Warrant Acceleration Complete, Production in Process, Now Pursuing ACMPR LP Partnerships
VANCOUVER, Feb. 20, 2018 /CNW/ - Phivida Holdings Inc. ("Phivida" or the "Company") (CSE: VIDA; OTCMKTS: PHVAF) is pleased to provide an official corporate update for the first quarter of fiscal 2018.
The accelerated expiration of $0.75 warrants issued in the initial public offering is now complete. A total of 7,175,000 of the $0.75 warrants were exercised for gross proceeds of $5,381,250. As of February 19th 2018, the current cash position is $10,150,000 with no liabilities or loans payable. Phivida is now fully capitalized for commercialization of its Nano-CBD™ Hemp Oil infused functional beverages and supplement products in 2018.
Mass production of Phivida's Nano-CBD™ Hemp Oil infusions is currently underway. Phivida's inaugural mass scale production is estimated to yield a total wholesale inventory value of $2,500,000 USD. Manufacturing of Phivida's CBD infused products is destined for California retail channel distribution markets. Management is simultaneously preparing for a brand marketing and product distribution rollout across key US Pacific coastal states. The operations team is also preparing inventory and collateral for export to distribution partners in select markets within; Australia, Germany and Japan through partnerships with Namaste Technologies and Asayake distribution.
Management is now focused on pursuing strategic partnerships with ACMPR LPs (Access to Cannabis for Medical Purposes Regulations Licensed Producers) for expansion into the Canadian cannabis market. Under federal Bill-45, ACMPR LP program is proposed to be extended to include consumer-packaged goods products such as cannabinoid infused functional foods, beverages, supplements and other key categories from Phivida's suite of Nano-CBD™ Hemp Oil infusions. The opportunity for offering Phivida products to the Canadian medical cannabis market under a prospective ACMPR LP partnership is now the primary mandate to continue global market expansion.
Phivida Holdings Inc.
Phivida (pronounced "fi-VEE-da") is a premier brand of cannabidiol ("CBD") infused functional foods, beverages and clinical products - poised for global distribution. Using nanoencapsulation technology, Phivida converts phytocannabinoids into water soluble delivery format, enhancing bioavailability, and timed released within the body. Phivida's Nano-CBD™ is infused into functional beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain to terminal diseases. The World Anti-Doping Association's recent decision to lift its ban of CBD from hemp oil and the World Health Organization's recent statement supports the clinical benefits of CBD worldwide. Celebrating; Health and Wellness, In Harmony™, Phivida's mission is to lead the global alternative health and wellness industry, serving as the benchmark standard of premium cannabinoid infused foods, beverages and clinical supplement products.
Phivida is publicly traded on the Canadian Securities exchange listed under the trading symbol "VIDA". For investor inquiries please contact us directly via the information listed below.
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, the Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.
SOURCE Phivida Holdings Inc.
For further information: Website: www.phivida.com, Toll free: +1 (844) 744-6646 (ext. #2); Email: [email protected]