Abattis Maintains it is Still the Worldwide Exclusive Licensee to Certain VDL Technology
Vancouver, BC / ACCESSWIRE / December 31, 2014 / Abattis Bioceuticals Corp. (the “Company” or “Abattis”) (ATTBF) (CSE:ATT), a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America, wishes to advise its shareholders that contrary to public assertions made by Vertical Designs Ltd. (“VDL”), Abattis does not consider the parties’ worldwide exclusive license agreement (“License”) terminated. The company maintains that it is still the exclusive worldwide holder of VDL technology for growing plants, plant material and extracts grown and produced for use as ingredients in the pharmaceutical, neutraceutical, cosmetic and wellness markets. Abattis will challenge any and all efforts by VDL to terminate the License.
“VDL’s recent public statements should not come as a surprise,” said Mike Withrow, Company CEO. “Last week Abattis and PhytaLab won a resounding victory against certain defendants including Nicholas Brusatore and Affinor Growers, LLC. We see VDL’s statements as nothing more than a blatant and unfounded effort to retaliate against Abattis and its shareholders for our legal successes. As I have previously said, Abattis welcomes spirited competition but we will not allow the Company’s shareholders to be gamed by schemers. VDL’s recent statements are solely meant to detract from Abattis’ legal success. I am saddened that we continue to see such schemes and games being played.”
The Company anticipates legal proceedings against VDL over the status of the License. Any proceedings will not, however, impact the Company’s operations as the VDL technology is only one optional component of Abattis’ growing portfolio of grow technologies. In August, 2014 the Company, through its wholly owned subsidiary Biocube Green Grow Systems Corp. (“Biocube”), entered into a worldwide non-exclusive licensing agreement with TerraSphere Systems LLC (“TerraSphere”) for the TerraSphere’s proprietary and patented vertical farming technology. The TerraSphere license complemented Biocube’s previously announced sublicensing agreement for VDL’s vertical farming technology.
“As a former employee of TerraSphere, Mr. Brusatore is the named inventor on the TerraSphere’s patents and we believe that there is a high likelihood that any technology later developed by VDL and/or Mr. Brusatore may be encumbered by TerraSphere’s patents,” said Mr. Withrow. “The fact of the matter is that VDL has no issued patents on its technology and is currently incapable of stopping Abattis from moving forward. Furthermore, Abattis and Biocube’s access to vertical grow technology in our market segment, given the TerraSphere license as well as our own internally developed grow technology, is unmatched and the company is well-positioned regardless of VDL’s frivolous public machinations. While VDL’s statements and actions are a nuisance and unbecoming, they are to be expected and will be dealt with expediently. In the end with or without VDL technology, Abattis is free to move forward”
The TerraSphere technology is protected by one or more patents and pending patent applications including U.S. Patent Nos. 7,415,796, 7,533,493, 7,559,173, 7,818,917, 7,984,586, and U.S. pending application serial number 13/137,564.
The Company will update its shareholders as further developments arise.
About Abattis Bioceuticals Corp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America. The Company is positioned to capitalize on the fast growing trend toward marijuana legalization in the United States and for medicinal use in Canada and international jurisdictions, by supplying and partnering with companies to employ its mass cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. The Company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market. We follow strict standard operating protocols, and adhere to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company’s website at: www.abattis.com.
ON BEHALF OF THE BOARD
Michael Withrow, President & CEO
For further information, contact the Company’s Investor Relations, Saf Dhillon at (604) 336.0881 or at email@example.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY ORACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
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