|By Marketwired .||
|April 1, 2014 09:26 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/01/14 -- Supreme Pharmaceuticals Inc. (the "Company") (OTCBB: SPRWF)(TSX VENTURE: SL) advises that management is currently visiting the producing medical marijuana facility on which the Company may acquire an option to purchase, as part of its due diligence. The facility is located in the south Okanagan and the Company will get an onsite evaluation of the complex as it enters the final stages of the due diligence period. The 10 day due diligence period expires as of Friday April 4th, 2014. There is no assurance that the normal due diligence and other conditions will be met successfully and the option acquired. The Company will provide further updates as this matter progresses.
The Company has signed a conditional agreement with an arms-length South Okanagan-based company, whereby the Company may acquire an option to purchase its producing medical marijuana business until March 23, 2015 for the sum of $1,000,000, payable in cash and shares, subject to regulatory approval. The Company is currently in a 10-business day due diligence period and if satisfied, Supreme will, subject to prior approval of the TSXV, make a $100,000 option payment.
President and CEO, David Stadnyk stated: "We are looking forward to visit the facility and move this process along."
SUPREME PHARMACEUTICALS INC.
David Stadnyk, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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. 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. 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 harbor provisions of the Private Securities Litigation Reform Act of 1995.