VANCOUVER, British Columbia, Nov. 01, 2018 (GLOBE NEWSWIRE) — BOUGAINVILLE VENTURES INC. (“Bougainville” or the “Company“) (CSE:BOG) is pleased to announce that it has entered the Canadian cannabis market through the signing of a binding Letter of Intent to acquire the assets and inventory of Gene Bank Research Inc., placing Bougainville in a strong position to capitalize on the market opportunities created by the new Cannabis Act.
About Gene Bank Research Inc.
Gene Bank has over 110 lab-tested craft strains developed by its team of knowledgeable breeders possessing over 17 years’ experience. These unique craft strains allow licensed producers to stand out in an increasingly generic and homogenized market.
The Gene Bank assets include:
- Seeds – a collection of many of the building block genetics of today’s top ranked strains from around the world and used by top breeders
- Clones – the healthiest genetic selections based on specific phenotype/genotype characteristics
- Adult Plants – thousands of plants grown out to select the strongest, healthiest, highest yielding and disease/mold resistance available
- Graphed plants – unique super strains created by graphing the industry’s hardiest strains with weaker more finicky varieties
Principle LOI Terms
- Binding LOI
- Transfer of 100% of Gene Bank’s assets and current inventory to Bougainville
- Payment of ,000,000 of Bougainville shares, with the price of such BOG shares to be based on 5 day volume weighted average price (“VWAP”) by reference to October 30, 2018
- Assets include:
- Seeds
- Genetic Lab Reports
- All Proprietary Information
- Bank Accounts
- Business Deck
- Corporation Documents
CEO, Andy Jagpal Comments:
“The acquisition of Gene Bank greatly expands our reach through vertical integration with the ability to provide unique and highly valued strains of seeds and clones to the cannabis market. I am confident this acquisition can substantially enhance Bougainville’s market value.”
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at andy@bougainville.com or 1-844-734-8420
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Oroville, WA cultivation facility: statements pertaining to the ability of Bougainville Ventures Inc. (“BOG”); the anticipated economic potential of the property; the availability of capital and finance for BOG to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by BOG in light of its experience and perception of current and expected future developments, as well as other factors that BOG believes are appropriate in the circumstances. Many factors could cause BOG’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.