Vancouver, B.C., September 30, 2020 - Big Sky Petroleum Corporation (TSX-V: BSP.H) ("Big Sky") and Pure Extract Technologies Inc. ("Pure Extracts") are pleased to announce that further to the Big Sky news release dated February 19, 2020 announcing its proposed acquisition (the "Proposed Transaction") of Pure Extracts, pursuant to which Big Sky will acquire all of the outstanding shares of Pure Extract Technologies Inc., that Pure Extracts has received its Health Canada Standard Processing license.
Health Canada officially granted Pure Extracts a Standard Processing license under the Cannabis Act after an extensive 5-month application and vetting process. The Company’s refined business model combining extraction tolling, white-label production of vape pens & edible products along with 34 proprietary ‘Pure Pulls’ in-house formulations is ideally suited to prosper given the current climate of dramatically reduced biomass costs.
Pure Extracts is proud to have achieved this licensing milestone with no down-time due to COVID-19 and is confident that its operational plan, with its focus on employee safety, will allow the Company to continue to operate in a safe and efficient manner. “We are thrilled to be commencing production in our new, EU-GMP compliant, purpose built facility and are confident that our state-of-the-art extraction and processing equipment will produce the highest quality cannabis and hemp derived oil available on the market,” says Founder & COO, Doug Benville.
Pure Extracts is in an ideal market position as the consumer demand for edibles and infused beverages is starting to accelerate, biomass prices have reached new lows, outdoor grown biomass will be readily available for extraction this Fall and the number of dispensaries in Canada continues to rapidly increase.
The Company currently has 12 full-time-employees and is actively hiring a number of additional positions. By the end of 2020, with the launch of its functional mushroom products, Pure Extracts expects to employ 18-20 individuals at its site. Complementing its current, proprietary formulations, is the Company’s research & development with scientific adviser, Dr. Alexander MacGregor, Founder of the Toronto Institute of Pharmaceutical Technology.
“Pure Extracts plans to position itself as an extraction industry leader in terms of its Full Spectrum Oil (FSO) quality,” says CEO Ben Nikolaevsky. “We can’t wait to show our LP partners the incredible quality extracted oil that we can produce, be it for medicinal or recreational usage. Our standards are high, as you would expect from an EU-GMP compliant producer with an exceptionally experienced team. The dedication and determination our team displayed over the last 2 years has been exemplary.”
About Pure Extracts
Pure Extract Technologies Inc. is a plant-based extraction company focused on cannabis, hemp, and functional mushroom sectors. The company’s Standard Processing licensed facility is located in Pemberton, BC. Pure Extracts combines cannabis and hemp tolling services along with white labelling for both Canadian and international Licensed Producers along with Pure Pulls branded products for the provincial dispensaries. Pure Extracts is ideally positioned to rapidly develop and commercialize functional wellness products and medicinal products to rapidly developing mushroom sector. The Company was founded by industry veterans with significant experience in all the key areas of cannabis businesses including formulation, extraction, manufacturing, quality control, branding and finance.
About Big Sky Petroleum Corp.
Big Sky is currently listed on the NEX board of the TSX-V. Management of the company has been actively engaged in assessing possible projects with a view to completing an acquisition.
For further information please contact:
Big Sky Petroleum Corporation
Sean Bromley, CEO and Director
(778) 985-8934Pure Extract Technologies Inc.
David Gdanski, Investor Relations
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Proposed Transaction is subject to a number of conditions. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the CSE Listing Statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the company should be considered highly speculative.
Neither the TSXV nor the CSE has in any way passed upon the merits of the Proposed Transaction and have neither approved nor disapproved the contents of this press release.
All information contained in this news release with respect to Big Sky and Pure Extracts was supplied by the parties, respectively, for inclusion herein, and Big Sky and its directors and officers have relied on Pure Extracts for any information concerning Pure Extracts.
This news release contains forward-looking statements relating to Pure Extracts’ intended business of hemp and cannabis extraction which will require receipt by Pure of a Standard Processing license, the timing and completion of the Proposed Transaction, the future operations of Big Sky, Pure Extracts, and the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", “intends”, "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Proposed Transaction and the future plans and objectives of Big Sky, Pure Extracts and the Resulting Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of Big Sky, Pure Extracts, and the Resulting Issuer include the failure to satisfy the conditions to completion of the Proposed Transaction set forth above and other risks detailed from time to time in the filings made by Big Sky, Pure Extracts and the Resulting Issuer under securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Big Sky, Pure Extracts and the Resulting Issuer. As a result, Big Sky, Pure Extracts and the Resulting Issuer cannot guarantee that the Proposed Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Big Sky, Pure Extracts and the Resulting Issuer will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Released: 09.30.20 on Stockwatch