RISE Life Science Further Extends Escrow Release Date
Toronto, Ontario--(Newsfile Corp. - July 16, 2019) - RISE Life Science Corp. (CSE: RLSC) (the "Company" and/or "RISE") announced today that it has further extended the date when proceeds of its April 1, 2019 financing may be released.
On April 1, 2019, the Company announced that it had completed a third tranche of its previously announced offering (the "Offering") of unsecured convertible notes (the "Notes") and common share purchase warrants ("Warrants") of the Company. Proceeds of the third tranche of the Offering (the "Escrowed Proceeds"), together with the Notes and Warrants comprising the third tranche of the Offering (the "Escrowed Units"), were deposited with an escrow agent upon closing. If the Company completed a CBD-related investment on or before June 30, 2019, the certificates representing the Escrowed Units would be automatically released from escrow to the subscribers therefor, and the Escrowed Proceeds would automatically be released from escrow to the Company. On June 30, 2019, the Company announced that the escrow release date was extended to July 15, 2019. The escrow release date has been further extended to a date that the Company will determine and announce when available.
About RISE Life Science Corp.
RISE is currently developing and evolving medical and adult-use hemp-based formulations to create general use health and well-being products for the emerging consumer category made possible by the legalization of hemp in the United States pursuant to the Agricultural Improvement Act of 2018. The Company launched its CBD-based sexual wellness products in June 2018. The acquisition of Life Bloom Organics in July 2018 expanded RISE's portfolio of CBD products from sexual health and wellness products to include general wellness, sleep, sports and muscle recovery and PMS products and provides access to Life Bloom's existing channels of distribution and production in the United States and California in particular. RISE also leverages Life Bloom's proprietary process of nanotizing CBD for increased bioavailability (without psychoactivity) in future products created under the RISE brand umbrella.
RISE's Life Bloom OrganicsTM brand and KarezzaTM brand proprietary 'Nano' hemp extract oral sprays, quick dissolve oral tablets and topical balms and lotions can be found at natural health food markets, chiropractic offices, specialty retailers and medical dispensaries in Southern California, as well as online at www.lifebloomorganics.com, www.karezza.love and www.Amazon.com.
Cautionary Statement Regarding Forward-Looking Information
The Canadian Securities Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in RISE's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, continue, estimate, expect, intend, may, potential, believe, should, target, goals, projections, anticipated" and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements including the Company's expectations with respect to pursuing new opportunities and its future growth and other statements of fact.
Although RISE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: general economic conditions; pending and proposed legislative or regulatory developments including the impact of changes in laws, regulations and the enforcement thereof; reliance on funding models; operational and infrastructure risks including possible equipment failure and performance of information technology systems; intensifying competition resulting from established competitors and new entrants in the businesses in which the Company operates; insurance coverage of sufficient scope to satisfy any liability claims; fluctuations in total customers; technological change and obsolescence; loss of services of key senior management personnel; privacy laws; leverage and restrictive covenants; fluctuations in cash timing and amount of capital expenditures; tax-related risks; unpredictability and volatility of the price of the Company's securities; dilution; and future sales of the Company's securities. Further risks include operational risks of operating in the U.S.; U.S. federal regulation risks; variation in U.S. state regulations; change of U.S. cannabis laws; security risks; risks related to permits and authorizations; risks related to potential acquisitions; risks on liability, enforcement complaints etc.; banking risks; marketing, sales, manufacturing and distribution risk regarding our product growth plans; changes in laws; limited operating history; reliance on management; requirements for additional financing; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult use cannabis industry; and regulatory or political change. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements.
For Investor inquiries, please contact:
Scott Secord, Executive Chairman
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46306