Umbral Announces Phyeinmed Inc. Has Applied for MMPR License
Vancouver, BC / ACCESSWIRE / November 20, 2014 / UMBRAL ENERGY CORP. (UMB.V) (UMBBF) (the “Company” or “Umbral”) is pleased to announce that PhyeinMed Inc.(“PhyeinMed”) the operating company of its targeted acquisition target 1005477 BC Ltd. (“1005477 BC“), has submitted an application for a MMPR Licence.
On October 30, 2014, the Company announced an intended acquisition of 100% of the shares of 1005477 BC, which has acquired 50% equity in PhyeinMed, a company which intends to become a grower and distributor of medical marijuana in Canada. PhyeinMed is now equally owned by 1005477 BC and Estek Ventures Corp.
“We are pleased with the progress of both the acquisition of 1005477 BC, and the MMPR application by PhyeinMed.” said Jag Bal, CEO of Umbral “Additionally, during the due diligence process, we have been extremely impressed with the quality of the team that PhyeinMed has assembled and we look forward to working closer with them in the future.”
PhyeinMed has a team of six staff, and three advisors who worked on the application, all with relevant backgrounds and experience which is pertinent to the development of a Medical Marihuana company.
In discussing the application process, Bal stated “They were very careful in submitting the application to Health Canada. They learned from the mistakes of others, and in addressing the recent changes to regulations, they involved people who are considered experts in this field.” Bal continued “With respect to being partners in this process, we are very clear that this is not a race, and is not a first come first serve process. The quality and completeness of an application is what will ultimately be judged.”
Should PhyeinMed’s application be granted an initial approval from Health Canada, it will proceed with closing the acquisition of a 10,500 sq ft facility on 13 acres, which it has an agreement to purchase. This approval will allow them to execute their security plan as well as developing the growing, storage and distribution areas. Any MMPR applicant, including PhyeinMed, will not be able to legally grow or sell medical marijuana without a licence from Health Canada.
Umbral intends to complete the acquisition of the shares of 1005477 BC, on or before December 12, 2014, although there can be no assurance that the acquisition or any other transactions for the Company’s prospective projects in the medical marijuana industry will be successfully completed
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Umbral Energy Corp.
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