Abattis Files Amended and Restated Financial Statements For the Period Ended March 31, 2017
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2017) - Abattis Bioceuticals Corp. (OTCQB: ATTBF) (CSE: ATT) (the "Company" or "Abattis") announces that, as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure.
The review identified certain discrepancies in our condensed consolidated financial statements for the three and six months ended March 31, 2017 (the "Financial Statements"). As a result, we have amended and restated the Financial Statements. A summary of the material revisions to the Financial Statements is as follows:
Condensed Consolidated Interim Statement of Cash Flows
The comparative figures for the comparative period ended March 31, 2016 have been revised to correspond to the figures in our interim financial statements for the three and six months ended March 31, 2016.
Note 7 to the Financial Statements has been revised to reflect a cash outflow of $1,015 for the purchase of intangible assets.
The change in trade and other payables has been changed from $186,705 to $1,484,263.
The amount of cash received from financing activities has been revised to reflect that $953,944 was received from the issuance of shares for cash and $179,404 was received for share subscriptions received for future exercises of warrants and options.
Statement of Changes in Shareholders' Equity
The number of issued and outstanding shares as at March 31, 2017 was revised from 136,889,955 to 139,169,354 to reflect an error in the disclosed number of shares issued for debt settlements during the period.
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss
Share-based payment expenses was revised to reflect the $540,017 of share-based expenses incurred in the three months ended December 31, 2016.
The Management Discussion and Analysis for the period ended March 31, 2017 has been amended and re-filed to reflect the amended and re-stated financial statements.
Certain other minor revisions are also reflected in the amended and restated Financial Statements, which are available on our profile on SEDAR at www.sedar.com.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada.
About Northern Vine Canada Inc.
Northern Vine Labs™ is licensed by Health Canada (Dealers License) for the possession of Cannabis and related active ingredients, as well as the production of extracts for the purpose of analysis. Northern Vine Labs™ product certification and quality assurances programs incorporate global best practices and procedures for application in the legal Canadian cannabis market.
About Vergence Visionary Bioceuticals Corp.
Vergence Visionary Bioceuticals Corp., dba Vergence Naturals, is a wholly owned subsidiary of Abattis, based in Vancouver, B.C., Canada. The Vergence team are bioceutical marketing specialists focused on health products to penetrate the fast-growing market for natural, safe and effective natural products that meet unmet wellness needs.
ON BEHALF OF THE BOARD,
ABATTIS BIOCEUTICALS CORP,
Robert Abenante, President & CEO
For inquiries, please contact the Company at (604) 336-0881 or at firstname.lastname@example.org.