VANCOUVER, British Columbia, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Vodis Pharmaceuticals Inc. (CSE:VP) (FSE:1JV) ("Vodis" or the "Company") announces it has agreed to settle a total of $79,274 in outstanding debt owed to a director for expenses and costs incurred by the director on behalf of the Company. The debt will be settled by the issuance to the director of a total of 466,318 common shares of the Company (the "Debt Shares") at a deemed price of $0.17 per share. In consideration of the director's past payment on behalf of the Company of expenses and costs necessary to sustain the Company's operations, the Company has agreed to issue to the director an additional 326,422 common shares of the Company as a bonus (the "Bonus Shares") at a deemed price of $0.17 per Bonus Share. The Debt Shares and the Bonus Shares will be subject to a hold period of four months starting on the date the shares are issued.
About Vodis Pharmaceuticals Inc.
Vodis is one of North America’s foremost brand names in the medical and recreational marijuana business with operations in both the United States and Canada. Its master grow teams have consistently won or placed at each competition they have entered with their “VIP” brand. The Company, with facilities in BC and Washington State, is also actively looking into expansion opportunities in other countries and states in the United States.
While Vodis Pharmaceuticals and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand, production and consulting services to approved Washington State license holders to ensure that all products produced under the Vodis Pharmaceuticals program and/or associated under the VIP brand meet or exceed the Vodis brand quality standards.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of this financing. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
For further information please contact: Richard Schnoor Head of Corporate Communications Vodis Pharmaceuticals Inc. 8788 River Road Delta, BC V4G 1B5 Direct: 1-866-210-1420 ext. 110 Web: www.vodis.ca