previously said record date was jan 5
Cannabix Announces Record Date of Plan of Arrangement
For immediate release. Vancouver, British Columbia, March 5, 2015:Cannabix Technologies Inc.(CSE: BLO, OTC PINK: BLOZF) (the “Company”) is pleased to announce that, further to the previously announced plan of arrangement (the “Arrangement”) with Torino Ventures Inc. (“Spinco”), a private British Columbia company and wholly-owned subsidiary of the Company, the Company has set the record date for the Arrangement as March 10, 2015. Refer to the Company’s Information Circular dated January 14, 2015, for additional information concerning the Arrangement.
The record date for the Arrangement has been set as March 10, 2015 (the “Record Date”), which is the date for shareholders of the Company (the “Shareholders”) to participate in the Arrangement. The Company anticipates that the effective date for the Arrangement will be on or about March 12, 2015 (the “Effective Date”). Shareholders of record on the Effective Date will receive one new common share and one Class 1 Reorganization Share of the Company. On the Effective Date, and pursuant to the Arrangement, all of the Class 1 Reorganization Shares will be automatically transferred by Shareholders to Spinco in exchange for 8,000,000 common shares of Spinco to be issued to Shareholders on a pro rata basis (resulting in approximately 0.16 common shares of Spinco being issued for every one Class 1 Reorganization Share based on the Company’s current number of issued and outstanding shares). Immediately following this, the Company will redeem all of the Class 1 Reorganization Shares by the transfer to Spinco of $10,000 cash and the Hazeur Gold Property, also known as the Monster Lake Property, and all assets related thereto.
Fractional shares of Spinco will not be issued and any fractional shares resulting from the Arrangement will be cancelled. As the rights and restrictions of the new common shares are identical to the current common shares, no replacement share certificates for the new common shares will be distributed to Shareholders. Share certificates for the Spinco common shares will be distributed or credited to Shareholders of record on the Effective Date.
The shares of the Company will trade ex-distribution on March 6, 2015, meaning that purchasers of the Company’s shares after March 6, 2015, will not receive Spinco shares pursuant to the Arrangement.
About Cannabix Technologies Inc.
Cannabix Technologies Inc. is the developer of the patent pending Cannabix Marijuana Breathalyzer for law enforcement and the workplace. The Cannabix Marijuana Breathalyzer drug-impairment recognition system is based on breath testing technology that has been developed to test individuals for recent consumption of the THC component of marijuana. Cannabix is advancing its products to enable law enforcement personnel to use this technology to enhance detection of marijuana impaired driving offences on North American roads at a time when marijuana is becoming legal in many jurisdictions. Cannabix is working to develop a drug-testing device that will detect Tetrahydrocannabinol (THC- the psychoactive component of marijuana that causes intoxication) using breath samples. The device would be used to provide detection of THC at the roadside to identify drivers intoxicated by the recent use of marijuana. The device will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous. The device is currently in prototype development and the Company is rapidly developing this technology.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO
Cannabix Technologies Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (v) the ability of the Company to develop and market its future product; and (vi) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the marijuana breathalyzer business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
For additional information on Cannabix Technologies Inc. please visit our website at http://www.cannabixtechnologies.com or email info@cannabixtechnologies.com
Cannabix Announces Record Date of Plan of Arrangement
For immediate release. Vancouver, British Columbia, March 5, 2015:Cannabix Technologies Inc.(CSE: BLO, OTC PINK: BLOZF) (the “Company”) is pleased to announce that, further to the previously announced plan of arrangement (the “Arrangement”) with Torino Ventures Inc. (“Spinco”), a private British Columbia company and wholly-owned subsidiary of the Company, the Company has set the record date for the Arrangement as March 10, 2015. Refer to the Company’s Information Circular dated January 14, 2015, for additional information concerning the Arrangement.
The record date for the Arrangement has been set as March 10, 2015 (the “Record Date”), which is the date for shareholders of the Company (the “Shareholders”) to participate in the Arrangement. The Company anticipates that the effective date for the Arrangement will be on or about March 12, 2015 (the “Effective Date”). Shareholders of record on the Effective Date will receive one new common share and one Class 1 Reorganization Share of the Company. On the Effective Date, and pursuant to the Arrangement, all of the Class 1 Reorganization Shares will be automatically transferred by Shareholders to Spinco in exchange for 8,000,000 common shares of Spinco to be issued to Shareholders on a pro rata basis (resulting in approximately 0.16 common shares of Spinco being issued for every one Class 1 Reorganization Share based on the Company’s current number of issued and outstanding shares). Immediately following this, the Company will redeem all of the Class 1 Reorganization Shares by the transfer to Spinco of $10,000 cash and the Hazeur Gold Property, also known as the Monster Lake Property, and all assets related thereto.
Fractional shares of Spinco will not be issued and any fractional shares resulting from the Arrangement will be cancelled. As the rights and restrictions of the new common shares are identical to the current common shares, no replacement share certificates for the new common shares will be distributed to Shareholders. Share certificates for the Spinco common shares will be distributed or credited to Shareholders of record on the Effective Date.
The shares of the Company will trade ex-distribution on March 6, 2015, meaning that purchasers of the Company’s shares after March 6, 2015, will not receive Spinco shares pursuant to the Arrangement.
About Cannabix Technologies Inc.
Cannabix Technologies Inc. is the developer of the patent pending Cannabix Marijuana Breathalyzer for law enforcement and the workplace. The Cannabix Marijuana Breathalyzer drug-impairment recognition system is based on breath testing technology that has been developed to test individuals for recent consumption of the THC component of marijuana. Cannabix is advancing its products to enable law enforcement personnel to use this technology to enhance detection of marijuana impaired driving offences on North American roads at a time when marijuana is becoming legal in many jurisdictions. Cannabix is working to develop a drug-testing device that will detect Tetrahydrocannabinol (THC- the psychoactive component of marijuana that causes intoxication) using breath samples. The device would be used to provide detection of THC at the roadside to identify drivers intoxicated by the recent use of marijuana. The device will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous. The device is currently in prototype development and the Company is rapidly developing this technology.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO
Cannabix Technologies Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (v) the ability of the Company to develop and market its future product; and (vi) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the marijuana breathalyzer business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
For additional information on Cannabix Technologies Inc. please visit our website at http://www.cannabixtechnologies.com or email info@cannabixtechnologies.com
