12:15:49 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



Invictus MD Strategies Corp
Symbol IMH
Shares Issued 51,438,384
Close 2015-06-30 C$ 0.15
Market Cap C$ 7,715,758
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Invictus MD acquires further interest in Future Harvest

2015-07-02 10:06 ET - News Release

Mr. Dan Kriznic reports

INVICTUS MD ACQUIRES MAJORITY CONTROL OF FUTURE HARVEST DEVELOPMENT AND NON-INTEREST BEARING LOAN FROM DAN KRIZNIC, CEO

Further to its news release dated June 24, 2015, Invictus MD Strategies Corp. has acquired, indirectly through its subsidiary, Prestige Worldwide Holdings Inc., an additional 26.25 per cent of the shares of Future Harvest Development Ltd., pursuant to the purchase and sale agreement dated March 3, 2015. The company's total interest in Future Harvest is now 60 per cent.

Key financial highlights of Future Harvest include:

  • Approximately $4.95-million in revenue earned for the 12 months ended June 30, 2015;
  • Inventory of approximately $1.3-million as at June 30, 2015;
  • Accounts receivable of approximately $700,000 as at June 30, 2015;
  • Working capital of approximately $1.6-million as at June 30, 2015.

In exchange for the additional 26.25 per cent of the shares of Future Harvest, the company paid $285,000 in cash and, at the option of the Future Harvest shareholders, issued 2,750,001 shares at a deemed price of 13.5 cents per share. The company has the option to acquire an additional 15 per cent of the Future Harvest shares by Dec. 31, 2015.

Byron Sheppard, founder and president of Future Harvest, commented: "After 21 years of building this company to the success it is today, I am confident that the team at Invictus possesses the acumen and experience to take it to the next level. As a shareholder of Invictus, I am thrilled to see this milestone achievement and look forward to realizing Future Harvest's full potential."

Loan agreement with Dan Kriznic

In order to finance the accelerated acquisition of Future Harvest, the company received a $300,000 secured and convertible non-interest-bearing loan from Dan Kriznic, president and chief executive officer of Invictus MD, through his wholly owned company. The loan is convertible into common shares at the lender's option at a deemed price equal to the greater of 18 cents and the lowest per-share price permitted by any applicable stock exchange rules. As consideration for the loan, 333,333 bonus common shares were issued.

About Future Harvest Development Ltd.

For over 20 years, Future Harvest has brought innovative products and solutions to the hydroponic and indoor growing industries. Future Harvest's product lines are available through leading distributors and retailers across North America, the United Kingdom and Europe and include SunBlaster Lighting, Nutradip, Plantlife Products and Future Harvest Plastics, as well as the patented Nano-Dome and Grow Light Garden systems currently sold at major hardware and home garden centres across North America.

The SunBlaster Lighting line has introduced a variety of innovative lighting products to both the hydroponic and indoor growing industries. SunBlaster T5HO lighting fixtures and CFL self-ballasted lamps are industry leaders and a great example of Future Harvest's commitment to providing customers with the best possible lighting for all their growing needs.

Future Harvest has been manufacturing metering and monitoring equipment for over 15 years. The most popular and industry standard is the Trimeter, made famous because a single glance tells you if your pH, nutrients and temperatures are on target. All Nutradip and SunBlaster products are developed, designed, tested and assembled in Canada.

Plantlife Products consists of 29 proprietary formulas that offer growers the leading edge in sediment-free plant nutrition. Every product has been developed and tested in-house by Future Harvest's own plant scientists.

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