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VANCOUVER, Jan. 12, 2018 /CNW/ - Winston Resources Inc. ("Winston" or the "Company") (CSE: WRW; FSE:WNT) is pleased to announce that it has entered into an assignment and novation agreement dated effective January 10, 2018 (the "Assignment Agreement") among the Company, GT Therapeutics Corporation, dba Green Tree Therapeutics ("GTT"), certain shareholders of GTT and Abattis Bioceuticals Corp. ("Abattis").
Pursuant to the terms of the Assignment Agreement, the Company has assigned all of its rights and interest (the "Assignment") under the share exchange agreement dated effective May 31, 2017 with GTT (the "Share Exchange Agreement"). The Share Exchange Agreement relates to an acquisition of all of the issued and outstanding shares of GTT (see press releases dated February 27, 2017 and June 1, 2017 for further details). In connection with the Assignment, Abattis, GTT and certain shareholders of GTT have entered into a definitive agreement to acquire all of the issued and outstanding shares of GTT from the GTT shareholders (the "Transaction").
In consideration of the Assignment, and subject to the completion of the Transaction and the approval of the Canadian Securities Exchange (the "CSE"), Abattis will issue 15,000,000 common shares in the capital of Abattis (the "Consideration Shares") to the Company.
Completion of the Assignment, Transaction and issuance of the Consideration Shares is subject to acceptance of the CSE.
ON BEHALF OF THE BOARD OF DIRECTORS
Quinn Field-Dyte, Chief Executive Officer
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Transaction, the related transactions and the business of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Winston Resources Inc.
For further information: Winston Resources Inc., Quinn Field-Dyte, CEO, Phone: 604-283-1722