Isodiol International Inc. Announces Creditor Approval of Arrangement and Receipt of Final Order for Arrangement with Creditors
VANCOUVER, British Columbia, March 22, 2019 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL ) (OTCQB: ISOLF ) (FSE: LB6B.F ) (the “Company” or “Isodiol”) is pleased to announce that at the meeting of the former shareholders of Kure Corp. (the “Creditors”) held on March 20, 2019 (the “Meeting”), the Creditors in attendance by person or proxy unanimously voted in favour of a resolution (the “Arrangement Resolution”) to approve the previously announced plan of arrangement (the “Arrangement”) involving Isodiol, Kure Corp. (“Kure”), and the Creditors pursuant to which Isodiol will distribute all of the issued and outstanding shares of Kure (the “Kure Shares”) to the Creditors and in consideration for the Kure Shares, Isodiol will be absolved of its February 1, 2019 obligation to issue shares having a value of up to US$35,000,000 to the Creditors.
The Arrangement required the approval of: (i) a majority of the Creditors present in person or by proxy at the Meeting; and (ii) not less than 75% of the value of Creditors. Of the votes cast at the Meeting, 100% of the votes cast by Creditors were in favour of the Arrangement Resolution.
Isodiol has received a final order from the Supreme Court of British Columbia dated March 22, 2019, approving the Arrangement.
Assuming that the conditions to closing are satisfied or waived, it is expected that the Arrangement will be completed after the close of trading on March 29, 2019, following which date Kure will no longer be a wholly-owned subsidiary of Isodiol.
About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based consumer products and solutions.
Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Most recently, the Company received approval for its CBD designated as an Active Pharmaceutical Ingredient for use in Finished Pharmaceutical Products, as was announced on April 26, 2018.
Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
ON BEHALF OF THE BOARDMarcos Agramont, CEO & Director
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, proposed arrangement with creditors, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.