Vancouver, British Columbia, January 17, 2019 – AREV Brands International Ltd. (“AREV” or the “Company”) (CSE – AREV), is pleased to announce a purchase and sale agreement (the “Agreement”) dated January 17, 2019 with MJ Laboratories Ltd. (“MJ”), subject to pending CSE approval, to acquire a 100% interest in two parcels of rural residential/agricultural properties located along Blind Bay Road and the Trans-Canada Highway in Sorrento, British Columbia. The purchase price is at the appraised value of $1,215,000 of which $523,943 of the purchase price is payable by way of a convertible debenture (the “Convertible Debenture”) issued by the Company accruing interest at 8% per annum and the balance has been paid in cash. The outstanding principal amount and outstanding accruing interest of the Convertible Debenture shall be convertible into common shares of the Company at the price of $0.30 per common share.
The property, located in Sorrento BC, is comprised of 13.33 acres north of the Trans-Canada Highway and 14.08 acres south of the Trans-Canada Highway. AREV has spent the last year preparing this 27.38 acre site for breeding, cultivation and processing medicinal plants. The site has been prepped to partner with eastern companies looking to expand to the west.
Mike Withrow, is a director of both the Company and MJ and an owner of the majority of the equity of MJ and is considered to be a “related party” within the meaning of MI 61-101 Protection of Minority Security Holders in Special Transactions and such transaction is considered to be a “related party transaction” but is exempt from the valuation and minority shareholder approval requirements thereunder by virtue of the exemptions contained in section 5.4 and 5.7 in that the Company is not listed on specified markets and the fair market value of the consideration is less than 25% of the Company’s market capitalization.
For further information, contact Mike Withrow, mike@AREVBrands.com 778-379-8551.
On behalf of the Board,
CEO & Director
About AREV Brands International Ltd.
AREV Brands International Ltd. (“AREV”) produces and delivers functional compounds and ingredients from its world-class extraction systems. AREV is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. AREV innovates through extraction to produce extracts from specific selected plant and exude from trees that address 5 areas of health including Anxiety, Pain Management, Insomnia, Central Nervous System Disorders & Libido.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws. This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com.