ALLIANCE GROWERS ANNOUNCES COMMENCEMENT OF PHARMAGREEN BIOTECH INC. FINANCING INITIATIVES
July 31, 2019 – Vancouver, BC – Alliance Growers Corp. (CSE: ACG; FWB:1LA; OTCQB: ALGWF) (“Alliance Growers” or “the Company), announces that the Securities and Exchange Commission (“SEC”) has declared effective, July 15, 2019, the registration on Form S-1 (file 333-230413) relating to the sale from treasury of up to 20,000,000 shares of Class A common stock at an issue price of $2 per share, and the resale of 4,051,725 common stock that have been issued to the Selling Stockholders named in this registration statement for Pharmagreen Biotech Inc. (“Pharmagreen”).
Alliance Growers and Pharmagreen are working together to build and operate the Cannabis Biotech Complex on a 25-acre property near Mission in British Colombia. Now that the Form S-1 has been accepted, Pharmagreen is commencing its financing initiatives to fund its portion of the Cannabis Biotech Complex.
Commenting on the Form S-1 registration statement being declared effective, Dennis Petke, President and CEO of Alliance Growers stated, “This is a long-awaited milestone which now enables Pharmagreen to commence its financing initiatives to fund their 70% portion of the Cannabis Biotech Complex. Pharmagreen CEO Peter Wojcik has worked diligently over the last year to prepare several financing options that are now able to be activated with the graduation of Pharmagreen from the Pinks to the OTCQB. This major milestone is instrumental to Alliance as it now demonstrates to investors that Pharmagreen will be able to finance its portion of the Complex. This is the catalyst that we have been waiting for. Based on feedback from investors, this milestone has generated confidence that the Cannabis Biotech Complex will proceed. We will be announcing further updates on the financing for the Biotech Complex in the coming weeks, one being the warrant incentive program, which is expected to generate between $500,000 and up to as much as $1M by the end of August. This financing, along with The New York Family Office financing plus the initiation of the Short Form Prospectus will position Alliance to execute on its projects and provide value to all stakeholders in a timely manner. We believe warrant holders will be pleased with the lower warrant pricing and the other inventive being offered. We thank our many loyal shareholders for their support and patience as we execute on our business plan in a very volatile cannabis market.”
Pharmagreen will not receive any proceeds from the re-sale of the securities by the selling security stockholders. Pharmagreen will receive the proceeds from the sale of the 20,000,000 shares issued out of treasury. The registration statement may be accessed through the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: PHBI) company. WFS Pharmagreen Inc. is a cannabis company that is becoming the largest producer of cannabis plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreens’ mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same plantlets of cannabis and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various cannabis and horticulture plants; extraction of botanical oils mainly CBD oil, and to deliver laboratory based services to the North American Cannabis and agriculture sectors. For further information on the company progress on the construction of a 63,000 square foot “Cannabis Biotech Complex” please visit www.pharmagreen.ca
About Alliance Growers Corp.
Alliance Growers is a Diversified Global Medical Cannabis Company driven by the Company’s ‘Four Pillars’ Organization Plan – Cannabis Biotech Complex, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Technology.
Alliance Growers is working with Pharmagreen Biotech Inc. to jointly develop and operate a 63,000-square foot Cannabis Biotech Complex, to be the first of its kind in Western Canada to house a DNA Botany lab, CBD extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general.
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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