|By Marketwired .||
|March 20, 2017 08:30 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/20/17 -- Quadron Capital Corp. (the "Company" or "Quadron") - (CSE:QCC)(CSE:QCC.CN) - is pleased to announce that it has closed the acquisition of Cybernetic Control Systems Inc. ("Cybernetic").
-- Cybernetic has developed electronic/automated products and systems relating to LED lighting systems and nutrient mixing/sensing systems specific to the cannabis industry. -- Proven track record of producing automation designs that increase efficiencies and improve ROI for licensed marijuana growers with proven track record.
President and CEO of Quadron, Rosy Mondin states, "Cybernetic has a proven track record of designing, manufacturing and supplying custom and standard machines to bring automation to the process manufacturing and industrial sectors. As commercial production in the cannabis sector is in its infancy, there is enormous potential to take Cybernetic's automation experience and apply it to create efficiencies, consistencies and overall better returns for emerging companies in this rapidly growing industry."
Pursuant to the acquisition, the shareholders of Cybernetic received an aggregate of 2,700,000 common shares of Quadron at a deemed price of $0.25 per share, in consideration for all of the issued and outstanding share capital in Cybernetic. Up to an additional 6,150,000 common shares of Quadron may be issued to Cybernetic shareholders, upon Cybernetic meeting certain revenue milestones, of up to $2,500,000, for the fiscal year ending April 30, 2018. The purchase price also includes an offset of $350,000 owing to Quadron. The initial 2,700,000 common shares issued in connection with the acquisition are subject to a hold period expiring July 18, 2017.
About Quadron: Quadron operates through its two subsidiaries: Soma Labs Scientific Inc. ("Soma") and Greenmantle Products Limited ("Greenmantle"), providing ancillary equipment, products and services, designed and structured to address the complex needs and requirements of cannabis industry participants in Canada and the US. Soma provides research, services and production equipment to the biotech and bioceutical industries, including cannabis extraction and processing equipment that is being leased and/or sold to various industry participants. Greenmantle's business involves the sale of ancillary cannabis products, such as customized dispensing devices (i.e. vaporizer pens) and consumption type products such as branded encapsulation products to authorized cannabis industry participants.
For more information, visit: www.quadroncapital.ca
On behalf of the Board of Directors of
QUADRON CAPITAL CORPORATION
Rosy Mondin, Director
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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