TORONTO, ON -- May 02, 2019
-- InvestorsHub NewsWire -- World Class Extractions Inc.
(CSE: PUMP) (“World
Class” or the “Company”) would like to
congratulate Quadron Cannatech Corporation (“Quadron”) on its
introduction of the Big BOSS, the latest model of Quadron’s
automated, next generation hemp and cannabis extraction system.
According to Quadron’s press release dated May 1, 2019, the Big
BOSS provides the same advantages as the distinguished BOSS, but
with significantly larger processing capabilities. The Big Boss is
capable of processing up to 3,000 lb biomass per day, which
translates to 66,000 lbs biomass processing per month (based on
operating the Big BOSS 5 days per week), and nearly 800,000 lbs
biomass processing per year.
World Class and Quadron
have signed an arrangement agreement which, subject to satisfaction
of all required conditions, would result in the merger of the two
entities (the “Arrangement”). “The introduction of
the Big BOSS reflects Quadron’s ongoing commitment to leveraging
its technical expertise and creating value for shareholders. World
Class is extremely excited to complete its previously-announced
merger with Quadron, a like-minded company, and work together to
become a global leader in in the emerging, and rapidly growing,
cannabis oils market,” said Michael McCombie, Chief Executive
Officer of World Class.
World Class is also pleased
to announce that it has granted 5,000,000 stock options (the
“Options”) each to two officers of Quadron who
will become officers of World Class post-Arrangement. The Options
are subject to a vesting schedule, with 1,250,000 Options vesting
on the date the Company and Quadron complete the Arrangement, and
the balance of the Options vesting in increments of 1,250,000
Options every 6 months thereafter. The Options will be exercisable
post-Arrangement for a period of three years at an exercise price
of $0.21 per Option. However, if the Arrangement is not
completed by July 1, 2019, then the Options will expire. The
Options and underlying common shares are subject to a four-month
hold period in accordance with the policies of the Canadian
Securities Exchange.
About World Class
Extractions Inc.
The Company is a Canadian
based developer of an innovative extraction process for both the
hemp and cannabis industry. The Company intends to provide single
step continuous flow extraction services to the hemp and cannabis
industry. Using patent pending technology, the Company’s results
produce higher yields and better-quality crude hemp oil at faster
rates. The technology allows the extraction of CBD Oil and other
related extracts from wet or dried natural plants. The Company can
save its clients floor space, utility drying costs, equipment and
processing labour costs.
For further
information please contact:
Michael McCombie
Chief Executive Officer
Email: mike@wcextractions.com
Forward-Looking
Statements
Certain statements
included in this press release constitute forward-looking
information or statements (collectively, “forward-looking
statements”), including those identified by the expressions
“anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”,
“may”, “should” and similar expressions to the extent they relate
to the Company or its management. The forward-looking statements
are not historical facts but reflect current expectations regarding
future results or events. This press release contains
forward-looking statements. These forward-looking statements are
based on current expectations and various estimates, factors and
assumptions and involve known and unknown risks, uncertainties and
other factors.
Neither the CSE nor its
Market Regulator (as that term is defined in the policies of the
CSE) accepts responsibility for the adequacy or accuracy of this
release.