06:27:56 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Alliance Growers Corp
Symbol ACG
Shares Issued 27,778,527
Close 2016-08-24 C$ 0.025
Market Cap C$ 694,463
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Alliance Growers continues due diligence on Canna ops

2016-08-25 15:46 ET - News Release

Mr. Dennis Petke reports

ALLIANCE GROWERS CONTINUES MERGER DISCUSSIONS WITH PHARMAGREEN INCLUDING CANNA COMPANION

Alliance Growers Corp. has provided a progress report with regard to discussions and due diligence of WFS Pharmagreen Inc. and Canna Companion Products Inc. Canna is a wholly owned subsidiary of Pharmagreen that produces and sells safe and effective cannabinoid-infused pet products.

Alliance continues its review of Canna operations. Canna is the result of over 16 years of research into the endocannabinoid system. By applying the scientific principles of veterinary medicine and pharmacology, combined with multidisciplinary research and Canna's own testing and informal clinical trials, Canna has developed and refined Canna to where it can be a part of your dog and cat's holistic care.

Alliance and Pharmagreen continue to pursue discussions regarding the development of a 40,000-square-foot facility, to be the first of its kind in Western Canada to house a DNA botany lab, extraction facility and tissue culture plantlet production facility to service the cannabis market and agriculture market in general. Alliance has continued further due diligence on the proprietary tissue culture "Chibafreen in vitro plant production system," as well as further discussions regarding additional joint business interests and opportunities with Pharmagreen, including the potential of a full merger between Pharmagreen and Alliance. To finance the development of the facility, the company has engaged DGWA, the German Institute for Asset and Equity Allocation and Valuation, known and respected as one of the leading German corporate boutiques for global small- and mid-cap consulting and investments. As reported on Aug. 18, 2016, Alliance has applied for a listing on the Frankfurt Stock Exchange as the beginning of a European partnership with DGWA.

In order to increase market awareness and to assist with initial financing prior to its European financing, Alliance has been in discussions with a Canadian-based merchant capital firm. In addition to assisting Alliance in assessing its market needs and providing necessary solutions, this firm can help the company establish lasting and valuable long-term relationships with its clients and the financial community throughout North America. It is anticipated that such a relationship would augment the DGWA program for Europe.

Commenting on the potential merger with Pharmagreen and Canna, Dennis Petke, Alliance's president and chief executive officer, said: "As we continue our due diligence, we are increasingly impressed with the various business components and expertise that make up the entire Pharmagreen package as we move toward a possible full merger. We are very pleased that the Canna Companion business, along with the other Pharmagreen business components, plus the new opportunities that have been developed collectively over the past two months, round out the four areas of our four pillars organizational plan."

Mr. Petke continues: "A full merger with Pharmagreen including Canna Companion would uniquely position the company in the pet products market by having the only cannabis formulation for pets that has been developed over two decades of research and development. Along with new product development, the company will be able to sustain itself as the leader in this rapidly growing sector of the U.S. and international pet product marketplace. We would like to thank our shareholders for their continued support and patience; we truly believe our vision of a successful global cannabis company is within reach."

We seek Safe Harbor.

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