World Class and Quadron Announce Approval of Quadron Shareholders to Plan of Arrangement
June 11th, 2019
Toronto, Ontario–(Newsfile Corp. – June 10, 2019) – World Class Extractions Inc. (CSE: PUMP) (“World Class“) and Quadron Cannatech Corporation (“Quadron“) (CSE: QCC) are pleased to announce that, at the special meeting of the shareholders of Quadron held on June 7, 2019 (the “Meeting“), the shareholders of Quadron voted in favour of a special resolution to approve the proposed transaction, pursuant to which, among other things, World Class will acquire all of the issued and outstanding shares of Quadron, by way of a court-approved plan of arrangement (the “Arrangement“) as previously announced on April 16, 2019.
The Arrangement required approval by (i) at least two-thirds of the votes cast by holders (“Quadron Shareholders“) of common shares in the capital of Quadron (“Quadron Shares“) present in person or by proxy at the Meeting, and (ii) a majority of the votes cast excluding the votes of Quadron Shares held or controlled by “interested parties” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. At the Meeting, the Arrangement was approved by (i) 99.97% of the votes cast by all of the Quadron Shareholders eligible to vote at the Meeting, and (ii) 99.96% of the votes cast by all of the Quadron Shareholders eligible to vote at the Meeting excluding votes of Quadron Shares held or controlled by interested parties. Approximately 37% of the total issued and outstandring Quadron Shares were voted in person or proxy at the Meeting.
It is expected that Quadron will apply for a final order of the Supreme Court of British Columbia in respect of the Arrangement on June 11, 2019. Completion of the Arrangement remains subject to customary closing conditions, which are set out in the Arrangement Agreement, a copy of which can be found on the SEDAR profiles of World Class and Quadron at www.sedar.com. Assuming that the conditions to closing of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed on or before June 17, 2019. Further information about the Arrangement is set forth in the materials prepared by Quadron in respect of the Meeting, which were mailed to Quadron Shareholders and filed under Quadron’s profile on SEDAR at www.sedar.com.
World Class Options
World Class is also pleased to announce the grant of 300,000 incentive stock options to a business consultant. The stock options entitle the holder thereof to acquire one common share of World Class at a price of $0.17 per share for a period of two years.
About World Class
World Class is a Canadian based developer of an innovative extraction process for both the hemp and cannabis industry. The Company intends to provide single step continuous flow extraction services to the hemp and cannabis industry. Using patent pending technology, World Class’ results produce higher yields and better quality crude hemp oil at faster rates. The technology allows the extraction of CBD Oil and other related extracts from wet or dried natural plants. World Class can save its clients floor space, utility drying costs, equipment and processing labour costs.
For more information, visit: www.wcextractions.com.
On behalf of the Board of Directors of
WORLD CLASS EXTRACTIONS INC.
Chief Executive Officer
Quadron, through its wholly owned subsidiaries, provides turn-key extraction and processing solutions for the cannabis industry including proprietary industrial grade equipment, custom build processing facilities, ancillary products, and scientific services. Quadron delivers streamlined, costeffective and innovative solutions to help licensed growers, producers and processors develop market ready products all to achieve quicker ROI.
For more information, visit: www.quadroncannatech.com.
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Chief Executive Officer
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward looking statements in this news release include, but are not limited to, statements with respect to the timing for the completion of the Arrangement and the satisfaction of closing conditions. There can be no assurance that the Arrangement will be completed. Forward looking statements are based on certain assumptions. While Quadron and World Class consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
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