Invictus Withdraws Plans for NASDAQ Listing and Related Share Consolidation
Vancouver, May 15, 2019 (GLOBE NEWSWIRE) -- Vancouver, BC, May 15, 2019 – INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) announced today that the Company is withdrawing plans to list the Company’s common shares (the “Shares”) on NASDAQ Stock Market LLC (“NASDAQ”), as well as plans for the share consolidation that would have been required to meet NASDAQ’s minimum share price listing threshold. Plans for the NASDAQ listing and a share consolidation were originally announced in press releases dated January 17, 2019 and January 21, 2019.
The intended timing of a NASDAQ uplist was premature and underway prior to my assumption of responsibilities
said George E. Kveton, CEO of Invictus.
At present, the Company is fully devoted to bringing its purpose-built indoor cultivation facilities into production and getting the Company’s products into the hands of our adult recreational and medical consumers across key provinces
The Board of Directors of the Company anticipates that it will revisit the merits of a NASDAQ listing in the future.
The Company’s Shares will continue to trade on the TSXV under the ticker symbol “GENE”, on the OTCQB® Venture Market in the United States under the symbol “IVITF” and on the Frankfurt Stock Exchange under the ticker symbol “8IS2”.
For more information about Invictus, please visit www.invictus-md.com.
On Behalf of the Board,
George E. Kveton
Chief Executive Officer and Director
Invictus is a global cannabis company offering a selection of products under a wide range of brands. Our integrated sales approach is defined by five pillars of distribution including medical, adult-use, international, Licensed Producer to Licensed Producer and retail stores.
Invictus has partnered with business leaders to convey our corporate vision, including KISS music legend and business mogul Gene Simmons as our Chief Evangelist Officer. To meet growing demand, Invictus is expanding its cultivation footprint, with three cannabis production facilities licensed under the Cannabis Act and Cannabis Regulations in Canada. To accommodate international sales, Invictus’ wholly-owned subsidiary, Acreage Pharms Ltd. (“Acreage Pharms”), has designed and is currently building its Phase 3 purpose-built cultivation facility to be European Union Good Manufacturing Practices (“EU-GMP”) compliant. The Company is targeting up to 50 percent of production to medical cannabis. To ensure consistency in quality and supply, Invictus maintains all aspects of the growing process through its subsidiary, Future Harvest Development Ltd. (“Future Harvest”), a high-quality fertilizer and nutrients manufacturer. Invictus drives sustainable long-term shareholder value through a diversified product portfolio with over 70 Health Canada approved strains and a multifaceted distribution strategy including medical, adult-use, international, Licensed Producer to Licensed Producer and retail stores. For more information visit www.invictus-md.com.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including statements with respect to the anticipated listing of the Company’s common shares on NASDAQ and the filing of a Form 40-F Registration Statement with the United States Securities and Exchange Commission are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will be successful in obtaining NASDAQ approval and all necessary regulatory approvals for its anticipated listing of its common shares on NASDAQ. These forward-looking statements 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. Important factors that may cause actual results to vary, include, without limitation, the Company will not be successful in obtaining the necessary regulatory approvals to complete its anticipated listing on NASDAQ. 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. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.