TORONTO, ON / ACCESSWIRE / July 16, 2015 / Abba Medix Group Inc. (CSE:ABA) ("Abba" or the "Company"), has entered into an advisory services agreement with Jacob Securities Inc. ("JSI") pursuant to which JSI continues to provide Abba various strategic and advisory services including advice related to maximizing and realizing the value of Abba and its assets, general management and strategic advice related to Abba's ongoing operations among other services.
In consideration for acting as strategic advisor, JSI was issued 1,000,000 common Company shares at a price of $0.40 per share, representing the closing price of the Company's common shares on the Canadian Securities Exchange on July 2, 2015, by way of a debt settlement private placement pursuant to Section 2 of Policy 6 of the Canadian Securities Exchange.
"We're very excited to be working with Abba Medix," said Sasha Jacob, JSI CEO, "With the recent Health Canada announcement allowing medical marijuana licensees to provide a larger selection of cannabis products to Canadians we see the medical marijuana market expanding and maturing." Abba, with the pending acquisitions of RedeCan Pharm and Blow Vapor, along with its own MMPR application, will be in a unique position to service Canadian medical marijuana users quickly and efficiently.
"Jacob Securities has been at the cutting edge of the Canadian Medical Marijuana market since it was first created," Ray Rasouli, Abba President and CEO, stated. "Jacob brings a wealth of experience as well as a broad range of contacts in the industry. We appreciate the insights and acumen Jacob continues to bring to Abba."
The Company would also like to clarify various statements from its press release dated July 10, 2015. In that press release, the Company incorrectly referred to Blow Vapor as a subsidiary of Abba Medix Group Inc. As was announced on April 20, 2015, while Abba and Blow Vapor have entered into a memorandum of understanding, as amended, Abba and Blow Vapor have not entered into a definitive purchase agreement with respect to the transaction and Abba has not completed the acquisition of Blow Vapor. No assurance can be given that a definitive purchase agreement will be entered into or that this acquisition will be completed.
Abba Medix Group Inc. remains committed to the completion of the acquisition of Blow Vapor. Abba will issue a press release with respect to the acquisition of Blow Vapor as required by applicable securities laws and the rules of CSE.
About Abba Medix Group
Abba Medix Group Inc. (CSE:ABA) is a purveyor of fine Canadian medical marijuana, accessories, events and news. The Company intends to become a marketplace leader through strategic partnerships, mergers, and acquisitions to create a fully-integrated, Canadian medical marijuana marketplace. Abba's mission is to find and acquire strong marijuana related businesses, product companies, organizational event sponsorships, and research and development opportunities.