|By Marketwired .||
|July 18, 2014 09:39 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/18/14 -- Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (OTCBB: SPRWF)(CSE: SL) announces that it will be proceeding with a 5 to 1 share consolidation such that a holder of 5 currently issued and outstanding shares will receive 1 new share. Fractional shares will be rounded up. The 290,443,425 shares currently issued and outstanding will become approximately 58,088,685 new shares. The Company does not intend to change either its name or its trading symbol.
David Stadnyk, President and CEO of the Company stated "We have decided to make this move so our corporate structure is more in line with that of our peers. Having less shares outstanding trading at a proportionately higher price should also facilitate the raising of the additional funds needed to complete construction at our Southern Ontario project so we can meet the conditions of our pre-build licence. That project is moving ahead on schedule and on budget."
FORWARD LOOKING INFORMATION
This news 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. This news release includes forward-looking statements with respect to the up grading of the facility, the timing on completetion of the MMPR License conditions and the start of production. 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 news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to finish the upgrading of the facility and put the same into production in accordance within the terms of the MMPR license. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.
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