July 20, 2017 – Toronto, Ontario – Matica Enterprises Inc. (MMJ–CSE) (39N – Frankfurt) (MQPXF – OTC PINK) (“Matica” or the “Company”) is pleased to report that the Company has signed a letter of intent (“LOI”) for Matica to become a majority owner of a second late stage application under the Access To Cannabis for Medical Purposes Regulation (“ACMPR”) in Quebec.
The target facility for this second ACMPR application is also a ten thousand square foot (10,000 sq. ft.) facility located in an industrial park in Saint-Laurent, Quebec in close proximity to our initial facility. The target is a late stage application with the goal of becoming a licensed producer under ACMPR and has completed the security clearance stage and is now in the review stage. Upon completion of due diligence, Matica will proceed to a definitive agreement (“Agreement”) which will allow Matica to acquire an initial sixty-five percent (65%) interest with the right to earn an additional five per cent (5%).
Matica Enterprises CEO, Boris Ziger states, “This second Quebec facility establishes Matica as a serious player in the Quebec medical marijuana market.”
After successful due diligence and signing of the definitive agreement, Matica is required to forward $75,000 in cash and issue 6,000,000 common shares of Matica. Matica will be required to provide funding of $2,200,000 to complete the build out of the medical marijuana facility in preparation for Health Canada inspection. This will earn Matica an initial sixty-five percent (65%) interest. After the completion of twelve (12) months of production at the facility, Matica will make a final payment of $675,000 and receive an additional five percent (5%) interest for a total seventy percent (70%) interest.
For more information on Matica please visit the website at: www.westislandbrands.com.
On behalf of the Board of Directors
MATICA ENTERPRISES INC.
Boris Ziger, CEO & Chairman
For further information, please contact Boris Ziger, Chief Executive Officer, at:
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
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