TORONTO, June 11, 2018 (GLOBE NEWSWIRE) -- Nutritional High International Inc. (the “ Company ” or “ Nutritional High ”) (CSE:EAT) (OTCQB:SPLIF) (FRANKFURT: 2NU ) would like to provide an update on several recent developments within the Company, as well as a revision to an earlier company press release pertaining to the granting of stock options.
Appointment of Billy Morrison as CTO
The Company is pleased to announce it has appointed Billy Morrison to the role of Chief Technology Officer (“ CTO ”). Billy has been with the Company in the role VP, Extraction since March 2015 and has helped shape the Company’s strategy since then. He is a deeply knowledgeable cannabis industry figure, having previously founded an ACMPR-licensed facility in Quebec, established the Union Collective, a prominent California dispensary, and a prominent extraction lab which continues to operate in Southern California. He has developed Nutritional High's proprietary cryoethanol extraction processes which has shown to yield cannabis oil containing 100% THC and other cannabinoids.
In his expanded role, Billy will continue to innovate and develop procedures and processes for extracting and refining cannabis oil and other extracts. Billy will oversee the Company's expansion into live resin and other extracts, as well as the development of various delivery mechanism including the development of mobile dabbing technology.
Jim Frazier, CEO of Nutritional High commented, “We are very pleased to have Billy move to the role of CTO within the Company. His deep knowledge of extraction techniques and processes has been an invaluable resource to us as execute our corporate strategy of providing value-added cannabis products to key North American markets.”
Update on Long Beach Facility
The Company would like to provide an update to its previously announced purchase of a distribution center in Long Beach, California (see press release dated May 22 nd , 2018). After weighing up its strategic options, the agreement to purchase the Long Beach facility has been terminated. Calyx will continue servicing the Southern California market from its distribution hub in Oakland while strategic alternatives are secured and licensed.
Revision to Previously Announced Granting of Stock Options
The Company would like to provide an amendment to the previously announced issuance of stock options to key members of the Board of Directors, executive team and consultants (see press release dated May 10 th , 2018). The Company would like to revise the number of stock options granted from the previously announced 3,700,000 to 4,100,000, to account for 400,000 additional options that were granted to key consultants. The additional stock options were granted on May 8 th , 2018 and are exercisable into Common Shares at a price of $0.36 per Common Share for a period of five years from the date of issuance, subject to certain vesting provisions in accordance with the Company’s stock option plan.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products under recognized brands in the cannabis products industry, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
For updates on the Company's activities and highlights of the Company's press releases and other media coverage, please follow Nutritional High on Facebook , Twitter , Instagram and Google+ or visit www.nutritionalhigh.com .
For further information, please contact:
David Posner Chairman of the Board Nutritional High International Inc. 647-985-6727 Email: dposner@nutritionalhigh.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC., NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and 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. Such statements include the ability of Calyx to provide a strategic platform and established sales channel for the Company's FLI branded products and to expand Calyx into all regions of California and develop programs and deliver customer satisfaction. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act "), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
