Bluestone Drilling Delivers 7.9 meters of 19 g/t Au & 44 g/t Ag and 9 meters of 8.4 g/t Au & 53 g/t Ag at Cerro Blanco
Momentum Public Relations
Press Release: July 3, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional high-grade drill assays from its ongoing infill resource conversion program at its Cerro Blanco Gold project.
The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources through infill drilling. The focus of the current program is the conversion of Inferred Resources within key veins in the upper part of the Cerro Blanco ore body and vein extensions outside of the current resource.
A total of eight holes are reported in this press release and 47 holes have been reported to date, for 4,992 meters of infill drilling undertaken since the Feasibility Study.
Table 1. Significant Intercepts (this Press Release)
HOLE ID
|
FROM (m)
|
TO (m)
|
CORE INTERVAL (m)
|
TRUE WIDTH (m)
|
Au g/t
|
Ag g/t
|
Vein ID
|
UGCB19-137
|
6.3
|
7.4
|
1.1
|
1.1
|
5.4
|
6.3
|
VN_29_New
|
49.2
|
50.3
|
1.1
|
1.1
|
12.7
|
12.0
|
VN_18
|
|
UGCB19-138
|
18.6
|
19.6
|
1.0
|
1.0
|
3.9
|
6.6
|
VN_20
|
37.5
|
38.5
|
1.0
|
1.0
|
4.9
|
34.1
|
VN_18
|
|
112.3
|
113.3
|
1.0
|
1.0
|
7.9
|
81.9
|
VN_02
|
|
121.2
|
122.2
|
1.0
|
1.0
|
5.6
|
45.4
|
VN_05
|
|
128.6
|
129.7
|
1.1
|
1.0
|
7.8
|
71.4
|
VN_06
|
|
UGCB19-139
|
32.6
|
34.9
|
2.3
|
2.0
|
8.1
|
24.1
|
VS_31
|
50.6
|
51.5
|
0.9
|
0.9
|
6.0
|
22.3
|
–
|
|
94.8
|
95.7
|
0.9
|
0.9
|
4.7
|
19.6
|
VS_24
|
|
97.8
|
99.0
|
1.2
|
1.0
|
5.3
|
21.6
|
VS_24
|
|
105.5
|
106.7
|
1.2
|
1.2
|
4.0
|
10.5
|
–
|
|
UGCB19-140
|
14.2
|
15.2
|
1.0
|
1.0
|
4.5
|
33.5
|
VN_29_New
|
29.0
|
30.0
|
1.0
|
1.0
|
11.7
|
29.0
|
VN_01
|
|
75.0
|
76.0
|
1.4
|
1.4
|
7.4
|
19.1
|
VN_18
|
|
UGCB19-141
|
38.0
|
39.0
|
1.0
|
1.0
|
3.8
|
9.9
|
VN_18
|
120.2
|
121.7
|
1.5
|
1.5
|
26.8
|
189.0
|
VN_02
|
|
UGCB19-142
|
8.0
|
9.0
|
1.0
|
1.0
|
4.1
|
21.5
|
VN_29_New
|
UGCB19-143
|
2.4
|
3.7
|
1.2
|
1.2
|
7.4
|
23.2
|
VS_20
|
6.3
|
7.3
|
1.0
|
1.0
|
6.7
|
32.6
|
VS_20
|
|
10.9
|
12.0
|
1.1
|
1.1
|
12.6
|
24.5
|
VS_15
|
|
57.0
|
66.0
|
9.0
|
9.0
|
8.4
|
53.2
|
VS_07, 08
|
|
incl.
|
57.9
|
59.7
|
1.8
|
1.8
|
24.9
|
134.8
|
VS_08
|
67.8
|
68.8
|
1.0
|
1.0
|
4.8
|
43.3
|
VS_06
|
|
74.5
|
75.6
|
1.1
|
1.1
|
91.7
|
561.0
|
VS_06
|
|
150.0
|
152.8
|
2.8
|
2.8
|
8.2
|
57.1
|
Vein New
|
|
185.4
|
187.9
|
2.5
|
2.5
|
13.6
|
52.8
|
Vein New
|
|
UGCB19-144
|
4.2
|
5.2
|
1.0
|
1.0
|
5.4
|
7.5
|
VN_27_New
|
89.3
|
95.8
|
6.5
|
6.1
|
4.0
|
3.5
|
VN_02, 03, 05
|
|
98.8
|
106.7
|
7.9
|
7.5
|
19.0
|
44.3
|
VN_06, 07, 09
|
|
incl.
|
105.7
|
106.7
|
1.0
|
1.0
|
98.5
|
271.0
|
VN_09
|
112.3
|
113.9
|
1.6
|
1.6
|
75.1
|
56.2
|
VN_10
|
|
126.2
|
136.0
|
9.8
|
9.4
|
7.2
|
8.7
|
VN_11
|
|
144.4
|
146.9
|
2.5
|
2.3
|
64.3
|
159.3
|
VN_12
|
|
155.1
|
156.0
|
0.8
|
0.8
|
9.1
|
5.9
|
Vein New
|
|
159.9
|
160.9
|
1.1
|
1.1
|
6.9
|
5.8
|
VN_21
|
Notes: Intervals in bold are cited in the text of the press release. Only intercepts averaging over 3 g/t Au when diluted to a minimum 3 meters true width are stated. Hole coordinates and azimuth/dip information accompany the plan view attached to this release.
Darren Klinck, President & CEO commented, “The drilling program which has been focused on the North zone at Cerro Blanco over the past few months has demonstrated remarkable continuity and consistency intercepting targeted veins. Additionally, as can be common with these types of deposits, the program continues to identify new veins that will require follow-up and should ultimately be positive for future resource updates. We are very excited with the results to date as well as with the continued strengthening of our understanding on the geologic model which we believe will continue to add significant value to the project.”
All holes cited in this press release were drilled from various platforms located within the underground workings at Cerro Blanco that extend over three kilometers. All holes were designed to target Inferred Resources within the upper parts of the current resource, with all holes drilled in the North Zone with the exception of UGCB19-139 and UGCB19-143 which were collared in the South Zone.
Hole UGCB19-144 drilled in the southern part of the North Zone resource successfully intercepted a total of 12 veins including a new vein, VN_19. The best intercept was 19 g/t Au and 44 g/t Ag over 7.5 meters (true width) pertaining to veins VS_06, VS_07 and VS_09, including 1 meter grading 98.5 g/t Au and 271 g/t Ag. Holes UGCB19-137, UGCB19-140, UGCB19-142 were all drilled west from the main North Ramp decline and were successful in intercepting new veins VN_18 and VN_29 located in the footwall of the current resource. UGCB19-138 and UGCB19-141 were drilled at positive angles (35 and 50 degrees respectively) and successfully confirmed the extension of vein VN_02 into the overlying Salinas conglomerates.
Hole UGCB19-143 drilled in the South Zone assayed 8.4 g/t Au and 53.2 g/t Ag over 9 meters (true width) from 57 meters pertaining to vein VS_07 and VS_08.
A plan view showing drill hole locations can be accessed by clicking HERE.
Results for a total of 47 holes have now been released to date as part of the Infill resource conversion program. Drilling is ongoing and further results will be reported in due course.
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
Investor Relations Services
As part of Bluestone’s capital markets initiatives planned throughout the year, the Company has retained PI Financial Corp. (“PI”) to provide market-making services in accordance with TSX Venture Exchange (“TSXV”) policies. In consideration of the services provided by PI, Bluestone will pay PI a monthly cash fee of $5,000. PI will not receive shares or options as compensation; however, PI and its clients may have or may acquire a direct interest in the securities of Bluestone. Bluestone and PI are unrelated and unaffiliated entities. PI is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and can access all Canadian stock exchange and alternative trading systems. The capital and securities required for any trade undertaken by PI as principal will be provided by PI.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
Grown Rogue Second Quarter Revenue Increases Sixfold Year-over-Year and 125% Quarter-over-Quarter to $1.9M
Momentum Public Relations
Press Release: July 3, 2019
Grown Rogue International Inc. (CSE:GRIN | OTC: GRUSF) (“Grown Rogue” or the “Company“), a vertically-integrated, multi-state cannabis company, with licenses and operations in Oregon, California, and now entering Michigan, has released its financial and operating results for its fiscal second quarter ended April 30, 2019. The Company’s financial statements and management’s discussion and analysis for the period are available on the Company’s SEDAR profile at www.sedar.com or through the Company’s website at www.grownrogue.com. All amounts are expressed in United States Dollars unless otherwise indicated. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures.
Financial Highlights
- Second quarter 2019 revenues increased more than six-fold year-over-year, from $0.3 million to $1.9 million. Quarter-over-quarter revenues increased 125%, from $0.8 million in Q1.
- Adjusted Gross Margin2 was ($0.02) million for the quarter and $0.2 million for the year-to-date. Adjusted Gross Margin was $0.4 million for the second quarter (20%) and $0.8 million for the year-to-date (28%)
- Adjusted EBITDA3 was ($1.0) million for the second quarter.
Management Commentary
“Our second quarter revenue results are indicative of the brand strength and distribution reach we have achieved in Oregon and we are taking the same platform to California and Michigan,” said Obie Strickler, CEO of Grown Rogue. “The proposed acquisition of Decibel Farms announced in April is expected to increase our manufacturing capacity in Oregon where we continue to enjoy record demand for our products. Our California distribution license went into effect during the second quarter with revenues expected to commence this month.”
Grown Rogue expects to increase its combined annual flower production capacity in Oregon and Michiganfrom approximately 5,000 lbs (2,300 kgs) currently, to approximately 12,000 lbs (5,400 kgs) by the end of fiscal year 2019 following the anticipated incorporation of Decibel Farms and scaling of its cultivation operations in Michigan. The increased capacity is inclusive of the 40,000 square feet of greenhouse production capacity in Oregon in the proposed Decibel Farm transaction announced in April 2019. Grown Rogue’s anticipated acquisition of the Decibel brand includes Decibel’s “Loud” branded pre-roll which features a unique “painted on” rosin. Grown Rogue plans to introduce this innovative product in the California market in the third calendar quarter of 2019.
Qualitative Performance Factors
“We believe that licenses, assets, and operations are of little value without an experienced team that knows how to cultivate quality cannabis products at scale and build meaningful brands. Our team has been building these core competencies for the past 3 years,” added Jacques Habra, Chief Strategy Officer.
Grown Rogue has received recognition at regional cannabis competitions for “Highest Percentage THC”, “Highest Percentage Terpenes”, as previously announced in a press release on January 8, 2019. This recognition for cultivation excellence are the foundation of the Grown Rogue products that the company intends to bring to California and Michigan.
Grown Rogue current multi-state presence
Well-established in Oregon, Grown Rogue has expanded into California and its third state, the highly populated, limited-license state of Michigan through a partnership agreement
Oregon Operations
- Cultivating 130,000 sq. ft. of canopy in Oregon (including Decibel Farms) including three outdoor and greenhouse farms and a state-of-the-art indoor facility
- Increased outdoor yield from 2018 to 2019 by over 50%
- Increasing market penetration and sales revenue
California Operations
- Expanded into California with a 16,000-square-foot microbusiness facility in Eureka with retail, processing and distribution licensing partnership spanning San Francisco to Los Angeles.
- Secured state and local approval for distribution license and type 6 manufacturing (non-volatile), and local approval for type 7 manufacturing (volatile).
Michigan Operations
- Subsequent to the close of the second quarter a binding LOI was signed to acquire Michiganoperator “Inferno Gardens Inc.” which includes one retail dispensary (referred to as provisional centers in Michigan), a 24,000 sq ft indoor cultivation facility, and a processing/manufacturing center. First sales are anticipated to begin in early 2020.
- As a result of this new agreement with Inferno Gardens originally disclosed in a press release on July 2, 2019, Grown Rogue has elected not to move forward with a previously announced option to acquire alternative Michigan operations as previously announced in a press release on February 25, 2019.
Selected Financial Information (Complete financial tables have been filed on www.sedar.com)
Three Months |
||
Period Ended April 30, |
2019 |
2018 |
(in $000s except per share amounts) |
||
Revenue |
1,885 |
291 |
Adjusted Gross Margin2 |
376 |
(42) |
Adjusted EBITDA3 |
(969) |
(631) |
Net loss |
(1,648) |
(1,097) |
Net loss per share |
(0.02) |
(0.29) |
Cash |
323 |
497 |
Weighted Common Shares Outstanding |
71,891 |
3,774 |
Second Quarter 2019 Financial Overview
Grown Rogue revenue grew to $1.9 million, a 548% increase from revenue of $0.3 million in its second fiscal quarter ended April 30, 2018, and a 125% increase on a consecutive quarterly basis from $0.8 million in Grown Rogue’s first quarter of fiscal 2019. Organic sales growth are driven through the internal sales force, third party distribution, and strengthening of the Grown Rogue brand.
F2019 Q2 Adjusted Gross Margin2 was $0.4 million, or 20% of revenues, a substantial improvement from Adjusted Gross Margin of ($0.04) million for the same period last year. Adjusted Gross Margin improved as a result of the efforts of the Company over the past year to refine its cultivation processes to be more efficient, resulting in lower cost of sales, while also increasing revenue.
General and administrative expenses were $1.3 million for the second quarter of fiscal 2019, compared to similar expenses of $0.6 million for the second quarter of fiscal 2018. The increase in expenses was primarily related to the expanded scope of operations and associated sales, general and administrative support. Grown Rogue’s Adjusted EBITDA3 amounted to ($1.0) million for the three months ended April 30 2019, compared to ($0.6) million for the three months ended April 30, 2018. The increased loss was primarily attributable to infrastructure investments required to support the company’s growth plans.
The Company’s cash and cash equivalents position was $0.3 million as at April 30, 2019. Subsequent the second quarter the Company completed a CAD $1.5 million debenture financing.
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About Grown Rogue
Grown Rogue International (CSE: GRIN | OTC: GRUSF) is a vertically-integrated, multi-state Cannabis family of brands on a mission to inspire consumers to “enhance experiences” through cannabis. We have combined an expert management team, award winning grow team, state of the art indoor and outdoor manufacturing facilities, and consumer insight based product categorization, to create innovative products thoughtfully curated from “seed to experience.” The Grown Rogue family of products include sungrown, light dep and indoor premium flower, live rosin jars and terp diamonds, infused, indoor and sungrown pre-rolls, live resin and rosin carts, along with chocolate edibles created in partnership with a world-renowned Chocolatier.
NOTES:
1. |
|
The Company’s “Cost of sales, less effects of fair value adjustment of biological assets converted to inventory” is a non-IFRS measure that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. As the Company’s biological assets are developed towards a state where they can be harvested and processed into saleable inventory, the carrying value of these biological assets are adjusted to fair value as at each financial reporting date. Once the biological assets are transferred to inventory based on this value, these fair value adjustments form a component of the value of the inventory, which is subsequently recorded as cost of sales upon final sale. The Company’s cost of sales, less effects of fair value adjustment of biological assets converted to inventory measure attempts to remove these fair value adjustments from cost of sales. The Company believes that this is a useful metric to evaluate its operating performance. |
2. |
|
“Adjusted Gross Margin” is the result of deducting “Cost of sales, less effects of fair value adjustments of biological assets converted to inventory” from revenue for the period. |
Three months ended |
||
April 30, 2019 |
April 30, 2018 |
|
$ |
$ |
|
Revenue |
1,885,115 |
291,026 |
Cost of sales, less effects of fair value adjustments |
(1,509,462) |
(333,472) |
Adjusted Gross Margin |
375,653 |
(42,446) |
3. |
|
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is not a recognized performance measure under IFRS. The Company defines Adjusted EBITDA as the Company’s net income (loss) for a period, as reported, before interest, taxes, depreciation and amortization, and is further adjusted to remove transaction costs, stock-based compensation expense, accretion expense, gain (loss) on derecognition of derivative liabilities and the effects of fair-value accounting for biological assets and inventory. The Company believes that this is a useful metric to evaluate its operating performance. The following is a reconciliation of the Company’s net income (loss) to Adjusted EBITDA. |
Adjusted EBITDA Reconciliation |
Three months ended |
||||
April 30, 2019 |
April 30, 2018 |
||||
$ |
$ |
||||
Net loss, as reported |
(1,648,446) |
(1,097,275) |
|||
Add back costs of goods sold, net of the unrealized gain on |
1,902,389 |
376,997 |
|||
Less cost of sales, less effects of fair value adjustments of |
(1,509,462) |
(333,472) |
|||
(1,255,519) |
(1,053,750) |
||||
Add back accretion expense, as reported |
12,886 |
30,066 |
|||
Add back amortization of intangible assets, as reported |
8,821 |
4,295 |
|||
Add back amortization of property and equipment, as |
163,801 |
132,922 |
|||
Add back stock-based compensation expense, as reported |
112,080 |
– |
|||
Add back interest expense (recovery), as reported |
(10,772) |
255,109 |
|||
Add back transaction costs |
– |
– |
|||
Less gain on derecognition of derivative liability, as reported |
– |
– |
|||
Adjusted EBITDA |
(968,703) |
(631,358) |
|||
FORWARD LOOKING STATEMENTS
This press release contains statements which constitute “forward‐looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) statements regarding the future direction of the Company (ii) the ability of the Company to successfully achieve its business and financial objectives, (iii) plans for expansion of the Company into Michigan and securing applicable regulatory approvals, and (iv) expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws; compliance with extensive government regulation and related costs, and other risks described in the Company’s public disclosure documents filed on www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company’s Form 20-F and 6-K filings with the Securities and Exchange Commission.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational cannabis marketplace in the United States through its indirect operating subsidiaries. Local state laws where its subsidiaries operate permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are disclosed in the Company’s Listing Statement filed on its issuer profile on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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SOURCE Grown Rogue International Inc.
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Contact:
For further information on Grown Rogue International please visit www.grownrogue.com or contact: Obie Strickler, Chief Executive Officer, obie@grownrogue.com; Jacques Habra, Chief Strategy Officer, jacques@grownrogue.com; Investor Relations Desk, Inquiries, invest@grownrogue.com
- Published in Cannabis, Grown Rogue, Medical Marijuana, News Home
Sirona Biochem Announces SGLT2 Inhibitor Development Progress
Momentum Public Relations
Press Release: July 3, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (“Sirona“) is pleased to announce that clinical development of Sirona’s SGLT2 inhibitor, TFC-039, which is currently well into phase 1 of human trials, is progressing on schedule with no adverse events.
Wanbang and Sirona are unable to comment further on the details of the progress for strategic as well as competitive reasons.
Sirona Biochem’s SGLT2 inhibitor, TFC-039, was licensed to Wanbang Biopharmaceuticals, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical Group in 2014 with exclusive rights for China. In exchange for this license, Wanbang Biopharma will provide upfront and milestone payments of up to US$9.5M in addition to royalty payments for product sales in China. Since the initial licensing agreement, the Fosun Pharma group has invested tremendous resources to the development and has already paid Sirona $1.5US Million in milestone payments. Wanbang Biopharmaceuticals has approved this news release.
“Wanbang continues to be very dedicated to the development of this treatment for diabetes. The current status of the program is exactly where we expected it to be at this time and while we would like to comment further, we understand and respect the need for confidentiality”, said Dr. Howard Verrico, CEO of Sirona Biochem. “Our business development and legal teams have been committed to working on the ground in China to maintain and strengthen the relationship with the two companies. We anticipate that the mutual benefits will extend well beyond this program and into other regions in the near future. Having two projects based on Sirona’s technology reach clinical trials is a rare achievement for a biotechnology company of our size.”
Worldwide, an estimated 8.5% of the adult population (422 million people) have type 2 diabetes, and about a quarter of them (148 million; 10.9% of the population) live in China. A recent study in Chinaanalyzed data from more than 400,000 adults suffering from type 2 diabetes. It was revealed that men and women with type 2 diabetes had a 32% and 64% greater risk of developing cancer, respectively, compared with their peers in the general population. Cancer is a leading cause of death in China.
Source: www.medscape.com/viewarticle/912934
About Wanbang Biopharmaceuticals and Fosun Pharmaceuticals
Wanbang Biopharmaceuticals develops, manufactures and sells drugs with indications for chronic disease treatment, antibiotics, and other endocrine diseases in China. Founded in 1981, they are presently headquartered in Xuzhou, China, and are a subsidiary of Shanghai Fosun Pharmaceutical Group. Fosun is a leader in the pharmaceutical industry and regarded as one of the top five domestic pharmaceutical companies in China. For more information on Fosun and Wanbang, please visit www.fosunpharma.com/en.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
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.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
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Contact:
regarding this press release, please contact: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in Bio technology, Life Sciences, News Home, Sirona Biochem, Skin Care
Grown Rogue Reaches Binding Agreement for Michigan Cultivation, Processing, and Dispensary on West Side
Momentum Public Relations
Press Release: July 2, 2019
Grown Rogue International Inc. (CSE:GRIN | OTC:GRUSF) (“Grown Rogue” or the “Company“), a vertically-integrated, multi-state cannabis company with licenses and assets in Oregon, California, and now entering Michigan, announced today a binding agreement (“Agreement”) to expand further into Michigan through a new strategic acquisition and partnership with experienced cannabis operators in Muskegon. The partnership is with Inferno Gardens, Inc (“Inferno Gardens”), whose assets include the local approval for one retail dispensary (referred to as provisional centers in Michigan) and a 24,000 sq ft indoor manufacturing facility that will include both cultivation and processing when fully constructed. State licensing is in progress and expected to be completed in the coming months. The facility is approximately 40% constructed and expected to be fully operational within 120 days. Final acquisition and partnership is subject to Michigan regulatory approval and full licensing of Grown Rogue at the state level.
The terms of the Agreement include the following provisions:
- Grown Rogue obtains the option to acquire a 51% ownership of Inferno Gardens, subject to state regulatory approval, for a one-time payment of $250,000 due upon the signing of the definitive agreement with a deposit of $50,000 submitted in conjunction with the execution of the Agreement;
- Grown Rogue will provide up to $2MM in financing as a loan for development and operational build-out of the cultivation, processing, and dispensary centers of which Grown Rogue will be paid back under an established schedule;
- Grown Rogue will have the right to purchase the remaining 49% of Inferno Gardens for either stock or cash or a combination of both at the earlier of Grown Rogue stock reaching $1.00 / share on the Canadian Securities Exchange for a period of 10 consecutive days or 24 months from signing the Definitive Agreement. Unless Inferno Gardens permits, Grown Rogue may not exercise this option for a period of 12 months following the signing of the definitive agreement.
- Grown Rogue will also issue 900,000 common shares to Inferno Gardens based on milestones including signing of definitive agreement, production of 500 lbs of dried cannabis flower and achieving $3,000,000.00 in top line revenue.
“The cultivation facility, pending all regulatory approval, is targeted to be fully operational by the end of the fourth quarter of this year with first revenue anticipated in early first quarter of 2020,” explained Obie Strickler, Grown Rogue CEO. “Given that current Michigan market rates for quality cannabis flower fetches around $3000/lb, this new revenue source bodes well for our company’s revenue targets. We are excited to partner with Jesse and the rest of his team at Inferno Gardens and bring our proven business model and brand to the Michigan market. “
The binding Agreement also considers the appointment of Inferno Gardens leadership to a management role for oversight of the development and operation of the Michigan facilities. Plans for the dispensary and processing facility are slated for launching in early 2020.
The Company believes the Muskegon location is ideal with the facilities positioned on a popular corridor that see millions of locals and visitors passing through each year en route to Lake Michigan.
“Our positive relationship with the City of Muskegon and local community has been very helpful in advancing our licensing and development initiatives,” shared Mr. Jesse Sproat, CEO of Inferno Gardens. “The partnership with Grown Rogue adds tremendous credibility and allows us to accelerate our go to market plans.” According to the Detroit Free Press, A significant portion of Muskegon County as well as several neighboring Counties have opted out of the cannabis program in Michigan. (1) “Since Muskegon is such a popular destination for locals and tourists, our vertically integrated operation will soon be online to cater to the growing consumer base enjoying Michigan State Parks,” added Mr. Sproat.
Michigan is the 2nd largest medical cannabis population in the United States with the highest per capita medical patient registrations. The State passed the recreational vote in November 2018, and expects a minimum of two years to fully convert the regulations to be in compliance for recreational adult use.(2)
“Our facility in Muskegon will have the capacity to produce approximately 4,000 lbs (~1814 kg) yearly of premium cannabis. This translates to $13-14 million in yearly revenue using today’s average market prices in Michigan,” stated Jacques Habra, Chief Strategy Officer of Grown Rogue. “We expect demand for high quality cannabis products in Michigan to continue to oustrip supply for many years.”
About Grown Rogue
Grown Rogue International (CSE: GRIN | OTC: GRUSF) is a vertically-integrated, multi-state Cannabis family of brands on a mission to inspire consumers to “enhance experiences” through cannabis. We have combined an expert management team, award winning grow team, state of the art indoor and outdoor manufacturing facilities, and consumer insight based product categorization, to create innovative products thoughtfully curated from “seed to experience.” The Grown Rogue family of products include sungrown, light dep and indoor premium flower, live rosin jars and terp diamonds, infused, indoor and sungrown pre-rolls, live resin and rosin carts, along with chocolate edibles created in partnership with a world-renowned Chocolatier.
- Published in Cannabis, Grown Rogue, Marijuana, News Home