Mr. George Robinson reports
RAVENQUEST FIRMS UP PLAN TO STRENGTHEN BALANCE SHEET, SETTLE DEBENTURES, AND SOLVING OUTSTANDING DISPUTES
Ravenquest Biomed Inc. has provided the following update on the company's business plans.
Ravenquest has hired Haywood Securities in an advisory capacity to look to finalize outstanding convertible debentures and seek possible M&A (merger and acquisition) opportunities. Coinciding with this, Ravenquest has successfully made significant reductions in staffing (ranging from on-site workers to corporate office employees), reducing cash burn and shortening its pathway to profitability and a strong balance sheet. As previously announced on Jan. 16, the company is in the process of renegotiating its lease in Markham while maintaining operations remotely as a result of the company's highly sophisticated technological platform. Today the company is harvesting in Edmonton. "We believe with the right approach, in combination with strong advisory services, we will be able to solve our convertible debt issue on terms that will work for all parties and investors," said George Robinson, chief executive officer.
RavensQuest has also engaged legal counsel to manage and defend outstanding claims that include consulting (Bonify) and infrastructure. In addition, legal counsel and the company are still currently managing the patent infringement claim. "We believe that we have strong grounds for both dismissal and legal action, as the company moves forward to sustainability."
Ravenquest recently acquired Digigro, a digital platform providing cannabis growers with access to cultivation knowledge and techniques. Digigro has begun its technical development and integration of plant data sets. It has a catalogue of over 100 cultivars of cannabis that will be programmed into the application and then third party verified by McGill University. "By combining the existing Digigro data sets with McGill University's third party verification techniques of live cultivation, Digigro should have one of the most accurate plant simulations on the market. This will improve commercial and recreational plant yields and Ravenquest's path to a technological cannabis company."
Ravenquest would also like to clarify that all its Health Canada licences are in good standing and operational. "Ravenquest Biomed Inc. has been in consistent contact with Health Canada and continue its positive relationship and status of continuing to be compliant with all Health Canada standards."
About Ravenquest Biomed Inc.
Ravenquest is a diversified, publicly traded cannabis company with divisions focused on cannabis production, management services and consulting, and specialized research and development.
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