TORONTO, March 20, 2019 (GLOBE NEWSWIRE) -- World Class Extractions Inc. (formerly, CBD Med Research Corp.) ("WorldClass" or the "Company") is pleased to announce that the Canadian Securities Exchange (the "CSE") has provided final approval to list the Company's common shares ("Common Shares") for trading. The Common Shares will commence trading at the opening of the market on Thursday, March 21, 2019 under the stock symbol "PUMP". As noted in the Company's press release of March 11, 2019, the net proceeds of the Company's $23,000,000 subscription receipt financing have been released to the Company, which leaves it well-capitalized for the conduct of business.
World Class provides complete stationary and mobile cannabis and hemp extraction systems in North America and Europe. Using patent-pending technology, World Class anticipates higher yields of full spectrum cannabis oil at faster rates and larger volumes then current extraction technologies. Its technology was influenced by the petroleum processing industry, and is designed to be an industrial, scalable, continuous flow extraction process that can use both wet and dry cannabis/hemp as inputs.
Michael McCombie, Chief Executive Officer of World Class, stated, "Listing on the CSE is a major milestone for World Class, it allows us to provide liquidity for our loyal existing investors and gives us enhanced access to the capital markets. With our listing achieved, our team can now turn its entire efforts to what really matters - building out our core business, with a view to becoming a leader in the extraction sector."
The Company is also pleased to announce that, effective immediately, it has appointed Shimmy Posen as its Corporate Secretary. Mr. Posen is a lawyer at Garfinkle Biderman LLP, focused on helping companies go public and raise funds in the capital markets. His areas of expertise are corporate finance, mergers and acquisitions, and securities law. Mr. Posen has previously acted for public and private companies, securities dealers and financial institutions on a number of public and private financings and commercial transactions. Mr. Posen holds a J.D. from Osgoode Hall Law School and a B.A. in Political Science from York University.
Stock Options and Warrants
In addition to the CSE listing, the Company also announces the grant of an aggregate of 10,600,000 stock options and 5,600,000 Common Share purchase warrants to certain directors, officers, employees and consultants. The stock options and warrants each entitle the holders thereof to acquire one Common Share for a period of two years.
About World Class Extractions Inc.
The Company is a Canadian based developer of an innovative extraction process for both the hemp and cannabis industry. The Company intends to provide single step continuous flow extraction services to the hemp and cannabis industry. Using patent pending technology, the Company's results produce higher yields and better-quality crude hemp oil at faster rates. The technology allows the extraction of CBD Oil and other related extracts from wet or dried natural plants. The Company can save its clients floor space, utility drying costs, equipment and processing labour costs.
Information concerning the Company and its previously announced business combination can be found in the Company's listing statement dated March 14, 2019, which is located at the Company's profile at www.sedar.com and on the Company's profile on the CSE website.
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Chief Executive Officer
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Source: World Class Extractions Inc.