VANCOUVER, May 9, 2017 /CNW/ - PUF Ventures Inc. (the "Company" or "PUF") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF) is pleased to announce that it has elected to undertake its option for early termination of the third party mortgage debt in relation to the real property associated with the AAA Heidelberg ACMPR applicant facility in London, Ontario. The principal mortgage balance has now been paid in full thus resulting in the property being wholly owned by AAA Heidelberg.
Further, PUF has now developed a final construction plan for completion of the AAA Heidelberg facility. The final elements of the build-out will commence in short order. Since successfully completing and exiting the "Security Clearance" stage in late October of 2015, the Company has been steadily progressing through Stage 5, the "Review" stage. With an adherence to the highest level of pharmaceutical standards, AAA Heidelberg has completed a significant retrofit of the wholly owned facility.
Final construction plans will focus on completion of the front-office space, personnel common rooms, and security upgrades of the perimeter fencing, vault and digital camera schematic.
"We are excited to have paid down the mortgage and are ready to commence the final phase of facility upgrades on the AAA Heidelberg property," stated Derek Ivany, President and CEO of the Company. "With Health Canada recently tabling their legislation for Marijuana legalization we want to be prepared for any 'fast-tracking' that may occur." Mr. Ivany continued, "We are in the advantageous position of having a facility that is wholly owned and substantially built-out. If and when we are granted a 'Pre-License Inspection' (Stage 6) we hope to be able to expedite our path to a final license by virtue of having a state of the art facility that is as close to complete as possible."
About PUF Ventures Inc.
PUF Ventures is moving into the biomedical cannabis sector by purchasing a 100-per-cent interest in AAA Heidelberg, a private Ontario company that is currently in Stage 5 of 7 in its application for an ACMPR (access to cannabis for medical purposes regulations) license. Although the Company cannot guarantee nor estimate the timing for the issuance of a license to AAA Heidelberg, it is PUF's goal to become the next publicly traded Canadian company to be granted a new medical marijuana production license.
VapeTronix, a wholly owned subsidiary of the company, is in the process of expanding its 1313 brand of electronic cigarettes, marijuana vaporizer delivery devices, and associated technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE PUF Ventures
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