ORLEANS, ON, June 12, 2018 /CNW Telbec/ - Tetra Bio-Pharma Inc. ("Tetra" or the "Corporation") (TSXV: TBP) (OTCQB: TBPMF), a global leader in cannabinoid-based drug development and discovery, wishes to announce that Mr. André Rancourt has advised the Corporation that he will not stand for re-election to the board of directors of the Corporation due to other private business obligations to which he needs to devote his time and attention. The Corporation hereby wishes to withdraw his nomination for election as a director at the upcoming annual meeting of shareholders of the Corporation scheduled to be held on June 19, 2018 (the "Meeting"). Mr. Rancourt will remain as director of the Corporation to complete his current term, which expires at the Meeting, but will not stand for re-election.
Mr. Guy Chamberland, interim Chief Executive Officer of the Corporation, stated: "On behalf of the Corporation, I wish to express our sincere gratitude to André Rancourt for his many years of service and for the excellent contributions that he made to the Corporation while serving as CEO, Director and most recently as Executive Chairman of the Corporation. While we understand André's motivation for not standing for re-election, he remains a committed and important shareholder".
The Corporation also became aware of an inadvertent error in the management information circular of the Corporation dated May 22, 2018 and filed on SEDAR on May 25, 2018 in respect of the Meeting (the "Circular"). On page 5 of the Circular, the number of common shares of the Corporation ("Common Shares") owned or controlled by Mr. André Rancourt was incorrectly stated to be 1,615,000 Common Shares. Tetra wishes to clarify that Mr. Rancourt has not sold any Common Shares and continues to own or exercise control over 6,585,436 Common Share. While Mr. Rancourt will not stand for re-election as director of the Corporation, he will remain an important shareholder of the Corporation and will continue to support the continued success of the Corporation.
The Corporation also wishes to announce that it has filed an amended and restated management information circular, including the notice of the Meeting, with respect to its Meeting (the "Amended Circular"). The Amended Circular replaces and supersedes the Circular. The Amended Circular has been amended to reflect the fact that Mr. Rancourt will not stand for re-election at the Meeting, and to make other consequential amendments.
Except as described above, the A&R Circular remains unchanged from the Original Circular that was mailed to the shareholders of the Company and previously filed on SEDAR. A copy of the Amended Circular is available on SEDAR at www.sedar.com.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX VENTURE: TBP)(OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and clinical development. Tetra is focusing on three core business pillars: clinical research, pharmaceutical promotion and retail commercialization of cannabinoid-based products. More information at: www.tetrabiopharma.com
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.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing to execute the Corporation's business plan; the success of the Rx PrincepsTM product offering and inhalation device; guidance on expected sales volumes associated with the Rx PrincepsTM product offering and inhalation device; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Corporation's public disclosure record on file with the relevant securities regulatory authorities. Although the Corporation has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Corporation does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
SOURCE Tetra Bio-Pharma Inc.
For further information: please contact Tetra Bio-Pharma Inc.: Robert (Bob) Béchard, Vice President, Finance & Business Development, (438) 899-7575; For investors information, please contact: [email protected], (438) 504-5784