|By Marketwired .||
|August 6, 2014 10:13 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/06/14 -- Highmark Marketing Inc. (CSE:HMK) ("Highmark") is pleased to announce that it has entered into a share exchange agreement (the "Agreement") with BCBUD Producers Inc. (the "BCBUD") to acquire 100% of its authorized share capital from the shareholder of BCBUD, Blue Moon Advertising Inc. ("Blue Moon"). Highmark is also pleased to announce that it has entered into a consulting agreement with the President of BCBUD, Bill Marshall.
BCBUD has prepared an application to become a licensed producer of marijuana and has informed Highmark that it is ready to file its first application under the Marihuana for Medical Purposes Regulations (the "MMPR").
The Agreement contemplates that 2,500,000 common shares will be issued by Highmark to Blue Moon for the acquisition of BCBUD but that shares will be held in escrow and will be released upon the occurrence of the following events:
---------------------------------------------------------------------------- Release Date Number of Shares Released ---------------------------------------------------------------------------- On receipt of a letter from Health Canada 250,000 common shares confirming a submission number of the BCBUD's application to become a licensed producer under the MMPR ---------------------------------------------------------------------------- On receipt of a Ready to Build letter from 250,000 common shares Health Canada confirming that BCBUD has approval from Health Canada to build a facility pursuant to the MMPR ---------------------------------------------------------------------------- On receipt by BCBUD of a license to produce 2,000,000 common shares marijuana under the MMPR (the "License Shares") ----------------------------------------------------------------------------
The License Shares will also be subject to a stock restriction agreement whereby the stock will be released over a period of three years.
On August 1, 2014, Highmark entered into a Consulting Agreement with Bill Marshall, President of BCBUD, pursuant to which Highmark has agreed to pay Mr. Marshall $3,500 per month. Mr. Marshall has gained extensive experience with MMPR applications, whilst working as a consultant to prospective licensed producers. As the designated Senior Person in Charge, he will be responsible for communicating with Health Canada and assisting with all matters relating to the issuance of a license under the MMPR.
BCBUD cannot legally become a producer under the MMPR until it has been granted a license, and it is currently not known if and when BCBUD will obtain that license. The key milestones to becoming a licensed producer include filing an application, receiving a Ready to Build letter, completion of the upgrades as per the Ready to Build letter, approval from Health Canada to produce upon inspection of the facility, and finally approval to distribute the product to patients.
Highmark would also like to announce a change to its Advisory Board. Highmark's current Consulting Agreement with Greenline Ventures Ltd. has been terminated effective September 4, 2014. From September 4, 2014, Don Schultz of Greenline Ventures Ltd. will no longer be a member of Highmark's Advisory Committee. Highmark has made this change as part of a broader initiative to more closely align compensation to specific performance based milestones. Highmark intends to continue to work with Greenline and Don Schultz where possible on a project basis.
Highmark is a nutraceutical company, based in British Columbia, focused on bringing the health benefits of natural and herbal remedies to the market. Highmark intends to acquire, license, distribute, and market products in the nutraceutical industry.
Further information about Highmark is available under its profile on the SEDAR website www.sedar.com and on Highmark's page on the CSE website.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Highmark. Forward-looking information is based on certain key expectations and assumptions made by the management of Highmark, including future plans for acquisitions. Although Highmark believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Highmark can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Highmark disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Highmark Marketing Inc.
Chief Executive Officer
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