TORONTO, June 14, 2019 (GLOBE NEWSWIRE) -- Aura Health Inc. (the "Company" or "Aura") (CSE:BUZZ) is pleased to announce the signing of master grower, Adrian Richelmi, to build and operate HolyCanna's 60,000 square foot greenhouse facilty in Israel. Aura is a debt holder of HolyCanna that converts into 54% equity (see press release dated November 23, 2018).
Adrian offers over 15 years of expertise in growing medical cannabis for both soilless soil and hydroponics projects. His resume includes designing and building large scale production facilities along with extensive knowledge of industry standards and best construction practices. Adrian graduated from George Brown College with honors, specializing in architecture and design.
Daniel Cohen, CEO of Aura, added, "We welcome Adrian to our team to help with the next stage of building Aura's vertical integration between Israel and Germany. In a very tight market for medical cannabis around the world, we are fortunate to have partnered with someone of Adrian's caliber and expertise."
Under the terms of the engagement, Mr. Richelmi has been retained for a 24-month term and will receive 600,000 common share purchase options of the Company (the "Options"), at an exercise price of $0.22. 475,000 Options are to vest immediately with the balance to vest upon certain milestones reached. The Options shall expire May 28, 2021.
About Aura Health Inc.
Aura Health is building an international network of vertically-integrated cannabis assets. The Company owns 80% of Pharmadrug, a German medical cannabis distributor, a convertible note to 54% of HolyCanna, a cultivation and nursery license holder in Israel, and has a binding LOI to purchase 57% of CannabiSendak, the builder of a network of dispensaries in Israel. Additionally, through significant extraction IP, Aura is dedicated to building a high-margin, downstream business of end-user products.
For further information, please contact:
Daniel Cohen, CEO
Aura Health Inc.
David Posner, Chairman
Aura Health Inc.
Deborah Honig, Investor Relations
Adelaide Capital Markets
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT 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 of Aura. 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 reference to Aura's marketing campaign, and the effectiveness of CanaCom, among others. 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.
The Company's securities 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, such as, but not limited to dependence on obtaining regulatory approvals, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change.
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.
Source: Aura Health Inc