TORONTO, June 06, 2018 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) is pleased to announce that Robert Petch has joined the board of directors of MPX. Mr. Petch has over 30 years of experience in management, strategic planning and financial analysis. With experience on both the buy-side and sell-side of the investment market, Mr. Petch will be a valuable asset on the execution of MPX’s on-going strategy of growth in the North American cannabis industry.
Mr. Petch worked for 15 years at Dresdner Kleinwort Benson advising companies on strategy, fund-raising including IPOs where he led a number of successful issues, acquisitions (public and private), disposals and other market-related issues. More recently, he spent 4 years assessing investment opportunities for a specialist AIM-listed private equity investment company and a further 4 years advising a substantial family office on its private equity and real estate portfolio before going independent in 2014.
Mr. Petch is a Chartered Accountant, and has an honours degree in Engineering Science from Oxford University. He lives with his wife and three sons in Kent in the United Kingdom.
Stock Option Grant
The Company also announces that a total of 4,992,500 stock options to purchase common shares of MPX were granted to a director of MPX as well as employees and consultants of MPX’s subsidiaries at an exercise price of $0.81 per common share and expiring on May 31, 2023. The grant is subject to regulatory approval.
Under the Company’s stock option plan (the “Plan”), 9.86% of the issued and outstanding common shares or 35,543,262 common shares are reserved for issuance, including the above grant, and the Company may grant an additional 507,987 options under the Stock Option Plan representing 0.14% of the issued and outstanding common shares.
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX adds another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC (“GreenMart NV”) is an award winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market. GreenMart NV has also optioned suitable locations and intends to enter the higher-margin retail arena by applying for at least two dispensary licenses in the Las Vegas market which will operate under the “Health for Life” brand.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries and manages three full service dispensaries and one producer in Maryland.
The Company also leases a property in Owen Sound, Ontario, for which an application to Health Canada has been made for a cannabis production and sales license. In addition, the Company will continue its efforts to develop its legacy nutraceuticals business.
