Mr. Scott Dowty reports
AUSTRALIS CAPITAL APPOINTS NEW AUDITOR
Australis Capital Inc. has appointed Squar Milner LLP as its auditor. Squar Milner LLP will replace MNP LLP effective Nov. 27, 2019.
Australis's engagement partner, Sam Salty, has more than 15 years of experience in the public accounting industry focused on initial public offerings/secondary offerings, mergers and acquisitions (M&A), and due diligence. The firm has 34 SEC (U.S. Securities and Exchange Commission) registrants, six Canadian public clients and 28 cannabis clients. Squar Milner has been registered with the public company accounting oversight board since 2003 and is a member of the American Institute of Certified Public Accountants.
Australis also announces that it has finalized its engagement of Astound Group referenced in the news release issued on July 21, 2019. Australis has entered into a three-year agreement with Astound to provide brand optimization, expand brand awareness of brand stories and introduce new products under Australis's existing house of brands, including Mr. Natural, Tsunami, Provisions, GT Flowers and CocoonRewards, as well as any new future brands. For the services, the company has issued consideration of five million shares of Body and Mind Inc. common stock currently held by the company to Astound.
"We are pleased to have finalized our partnership with Astound," said Michael Carlotti, chief financial officer of Australis. "The ability to lock in these services at a fixed cost enables AUSA to manage cash flow over the three-year term while gaining the expertise of a world-renowned marketing firm."
In addition, the company finalized the consideration for its licence agreement with Passport Technology, disclosed in the news release dated Oct. 29, 2019. This consideration is for the prototype development, conversion of Passport's self-service platform to service the cannabis industry, a 10-year exclusive relationship and continuing product enhancements, exclusive software rights, and exclusive use of vendor relationships at cost. The company issued total consideration of $4,175,000 (U.S.), which included $375,000 (U.S.) cash, five million shares of Body and Mind common stock currently held by the company, and 1,829,219 shares of Australis common stock to Passport Technology. Passport Technology is a privately held corporation, of which 51 per cent is held by Wyvern Capital, which is an entity controlled by the issuer's chief executive officer.
About Australis Capital Inc.
Australis operates and builds transformative, differentiated cannabis companies predominantly in the United States, a highly regulated, fragmented and rapidly expanding industry. Australis adheres to stringent evaluation and operating criteria focusing on high-quality opportunities while maintaining a steadfast commitment to governance and community. Australis's board and management team have material experience with, and knowledge of, the cannabis space in the United States, extensive backgrounds in highly regulated industries and regulatory compliance.
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