VAUGHAN, Ontario, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Ignite International Brands, Ltd. (formerly Green Axis Capital Corp.) (the “Company” or “Ignite”) is pleased to announce that it has entered into a binding letter of intent (the “Binding LOI”) which, subject to customary closing conditions, will allow Ignite to acquire all of the issued and outstanding common shares in Gen X BioSciences Corp. (“Gen X”), a leading cannabis extraction company.
Gen X was built on its scientific approach to extracting cannabis products and uses its proprietary ‘Molecular Perfection’ system to distil cannabis oil several times until the final product has THC potency of over 90%. The scalability of Gen X’s technology allows it to sustain adaptable production capacity. Gen X leverages a team with extensive experience in cannabis. Shea Alderete, the Chief Executive Officer, Chief Scientific Officer, and Co-Founder of Gen X, has over 15 years of experience in creating high-quality products, and learned his trade with some of the first premium cannabis brands such as Moxie – the first company in California to receive a temporary license in the now-legal cannabis market. Shea has won several awards for the quality of his products, including the Chalice Cup of California and the Karma Cup of Canada.
Under the terms of the Binding LOI, it is proposed that Gen X shareholders will receive .0681 of an Ignite common share per Gen X share based on a value of $5.00 per Ignite share. As a result, 8,500,000 Ignite common shares would be issued which, following the closing of the transaction, would represent approximately 29.1% of the issued and outstanding Ignite shares. No current shareholder of Gen X would hold 10% or more of the outstanding Ignite shares.
If the transaction is closed, Gen X will become a wholly-owned subsidiary of Ignite and operate independently and exclusively in the United States. It is anticipated that Gen X will manufacture a variety of cannabis related products for Ignite International, Ltd. (“Ignite US”), another investee company of Ignite. It is also expected that Gen X will continue to service the manufacturing requirements for select independent customers.
“From the first time I met the Gen X team, and sampled their products, I knew they were makers of premium, high quality products aligned with the standards we set for Ignite. Gen X produces a consistent, high quality, natural cannabis derived terpene oil, that is a reliable, safe product.” said Ignite CEO and Chairman, Dan Bilzerian.
“Ignite US’ products have a reputation for selling quality above all else. From the first moment I met Dan Bilzerian and his strong cannabis team in Las Vegas, I knew I wanted to be a part of this exciting company and join forces with a leading cannabis entrepreneur such as Dan.” said Shea Alderete, the Chief Executive Officer, Chief Scientific Officer, and Co-Founder of Gen X.
It is expected that the transaction will close by March 2019.
The Company also expects that its common shares will be re-listing for trading on the Canadian Securities Exchange under the symbol “BILZ”.
About Gen X Biosciences Corp.
Gen X is a cannabis-focused biotechnology firm with operations in Long Beach, California, and its headquarters in Toronto, Canada. The company aims to create cannabis products above industry norms in terms of purity, using rigorous extraction processes and technologies.
The company produces products in the form of distillate, sauce, and flower. Gen X’s proprietary ‘Molecular Perfection’ process of extracting cannabis oil employs several stages of refinement to finish with a product with over 90% THC purity.
About Ignite International Brands, Ltd.
Ignite International Brands, Ltd. is an investment company with a focus on opportunities in the Canadian and global cannabis sector. The Company has a Trademark & Copyright License Agreement with Ignite International, Ltd., a company founded by Dan Bilzerian, that permits it to market, promote, manufacture, sell, and distribute Ignite branded products in Canada and in all international markets, as well as investments in cannabis and cannabis-related companies.
For further information, please contact:
Ryan Troup, Circadian Group
Tel: 1-866-219-8112
Email: info@circadian-group.com
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING AND OTHER INFORMATION: This news release includes information relating to Gen X that has been obtained entirely from management of Gen X and has not been independently verified by Ignite. This news release also includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the manufacture of a variety of cannabis related products by Gen X for Ignite US and others, the closing of the investment transaction referred to herein, the execution of the business plans of the Company, Gen X and Ignite US, and the re-listing of the Ignite Shares under the symbol “BILZ”. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: satisfying the various conditions to closing of the investment transaction, including each party being satisfied with the results of its due diligence review; general business, economic, competitive, political and social uncertainties; ability of the parties to give effect to their respective business plans; reliance on Dan Bilzerian and the Ignite brand which may not prove to be as successful as contemplated; and the uncertainties surrounding the cannabis industry in North America and globally. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In this regard, there can be no assurance that the investment transaction referred to herein will close. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
