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TORONTO, ONTARIO -- (Marketwired) -- 06/03/15 -- Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE: NHL)(OTCQB: SPLIF) announces the receipt of DTC Eligibility by The Depository Trust Company ("DTC"), the termination of its previously announced New Mexico acquisition and a wind up of its legacy clinic business.
Nutritional High announces that it has secured DTC eligibility by The Depository Trust Company for its shares traded on the OTCQX® under the symbol "SPLIF". The DTC is a subsidiary of the Depository Trust & Clearing Corporation ("DTCC"), and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
The Company has elected not to proceed with the previously announced acquisition (see: Nutritional High press release dated April 10, 2015) of an interest in Zephyr Management Inc., a management company which was to be established to provide services to Sacred Garden ("Sacred Garden"), an entity licensed to produce medical cannabis in New Mexico. The Company's decision was influenced by various factors identified during the due diligence process, larger opportunities in other states being pursued by Nutritional High, and a decision to maintain the Company's stated focus on marijuana oils, extracts and edibles while limiting exposure to risks inherent in marijuana growing.
Nutritional High CEO, David Posner, commented as follows: "Given the small size of the New Mexico market in relation to the costs to acquire Zephyr, to build out its grow capabilities, and to build out our edibles facility using the quality control and dosing methods we have been, we have decided to focus our financial resources on other pipeline opportunities."
Mr. Posner continued: "Nutritional High will instead focus on executing its business plan in states which have either approved adult (recreational) marijuana use or medical marijuana states which are more populous. To this end, in addition to operationalizing our existing assets in Colorado and Illinois, we have selected five other states in which to focus our development efforts and we are seeing significant progress on those fronts. We may also consider lower cost entry points into New Mexico in the future. We wish Sacred Garden well in its efforts to continue to expand and develop its business."
Wind up of Canadian Clinic Business
The Company also wishes to announce that it is taking steps to wind up its legacy clinic business, which was operated under its 51% owned subsidiary, Eglinton Medicinal Advisory Inc. The Company has taken this decision to become a pure play company focused entirely on the US edibles and infused marijuana products market.
About Nutritional High International Inc.
Nutritional High is primarily focused on developing, acquiring and designing products and brands in the marijuana-infused edible products and oil extracts sectors for medical and adult recreational use. The Company works exclusively in U.S. states where such activity is permitted and regulated by state law, through entities which hold a valid license to produce marijuana-infused edible products and to distribute, and dispense marijuana products.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company's securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.Contacts: Nutritional High International Inc. David Posner CEO (647) 985-6727 NEXT ARTICLE
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