World Class Announces Revenue Collaboration Agreement With Parity for Extraction in North Carolina and Potentially Other US States

TORONTO, March 25, 2019 (GLOBE NEWSWIRE) — World Class Extractions Inc. (CSE: PUMP) (the “Company” or “World Class”) is pleased to announce that it has signed a definitive collaboration agreement (the “Collaboration Agreement”) with Parity Partners PBC (“Parity”), a corporation doing business in the State of North Carolina. The Collaboration Agreement sets forth the terms on which Parity will assist World Class in expanding its hemp and cannabis large scale extraction business in the United States.

Parity is co-founded by Bert James. Mr. James is a founding board member for the newly formed US Hemp Farming Alliance which is a partner organization with the US Hemp Round Table and the US Hemp Authority. He is the owner of Homegrown Agriculture Inc., since 2001, and the former CEO of Bio Regen Co-Op, an agricultural co-op with more than 100 farm members. Mr. James is a lead supporter and advocate of the North Carolina Industrial Hemp Program and is a featured speaker at hemp events across the United States.

In consideration for the various services that the parties intend to provide each other, as described below, the parties will split the net income arising out of the venture, with 75% being allocated to World Class and 25% to Parity. In addition, World Class has, as of the date hereof, granted Parity an aggregate of 40,000,000 warrants (“Warrants”) to purchase common shares in the capital of World Class (“Common Shares”). The Warrants vest in 5,000,000 increments upon the venture achieving certain gross revenue and net income thresholds, with each such increment having a different exercise price, all as described in the table below.

Parity Obligations

Under the terms of the Collaboration Agreement, Parity will be responsible for the following:

• sourcing appropriate locations in the United States to locate World Class’s proprietary extraction machines (the “WCE Machines”);
• obtaining all licenses and approvals necessary for World Class to extract oils containing THC, CBD, and other cannabinoids from hemp and cannabis plants (the “Extraction Services”); and
• supplying the raw materials necessary for World Class to perform the Extraction Services;
• developing a market for the Extraction Services and the products produced out of the Extraction Services, including by employing salespeople and developing relationships with distributors.

World Class Obligations

Under the terms of the Collaboration Agreement, World Class will be responsible for reimbursing Parity for the employment of Parity’s staff, other than its sales staff and paying for the delivery and installation of the WCE Machines.

Michael McCombie, Chief Executive Officer of World Class, stated, “This agreement represents a major milestone in expanding World Class’s business into the United States. We are absolutely thrilled to build upon World Class’s present success and momentum by taking our business into the United States. Parity will be a valuable partner, and World Class is excited to work together with Parity through strong collaboration and mutual commitments.”

Bert James, CEO of Parity, stated, “Parity Partners PBC is proud to be a part of the future of cannabis processing with World Class Extractions. The alignment, values and vision both companies offer the hemp industry is exciting. We will be a part of the new history being written about hemp and plant extracts.”

About World Class Extractions Inc.

The Company 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, the Company’s 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. The Company can save its clients floor space, utility drying costs, equipment and processing labour costs.

About Parity Partners PBC

The United States based Parity Partners PBC provides operational balance in agricultural production and further processing models. By utilizing a national network of trusted partners and service providers, combined with decades of related industry experience, clear paths are created to implement new and innovative technologies. Through collaboration and innovation, sustainable and regenerative practices find their way from the farmer’s field to the consumer’s counter. Parity promotes and facilitates open communication with supply chains and processors leading to increased efficiency and premium end products.

For further information please contact:

Michael McCombie
Chief Executive Officer
Email: mike@wcextractions.com

Forward Looking Statements

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be anticipated, estimated, or intended.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Search CannabisFN

Press Coverage

Psychedelics Index

Top Videos

Matthew Nordgren of ARCADIAN Fund

Matthew Nordgren is an ambitious executive, dedicated philanthropist, and accomplished athlete who brings a unique passion to creating strategic alliances. He has breadth and depth of experience in finance, corporate development, and capital sourcing, as well as in building highly motivated teams of skilled professionals. In 2005, Mr. Nordgren received his education at the University […]

Neill Dixon of O’Cannabiz Conference & Expo

The producers of O’ Cannabiz have decades of experience producing national-profile events and creating global connections between business communities in the arts, broadcasting, media and technology. They have organized trade summit initiatives with governments around the world. And they have worked closely with sponsors in all levels of Canadian government.

Biome Grow Inc.

Biome Grow (CSE: BIO) wholly owns Highland Grow, an Authorized Licensed Producer in Nova Scotia under the ACMPR, P-209 Inc., a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR.

Indiva Ltd.

Indiva aims to become a house of global marijuana brands, recognized for high quality cannabis products.

Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer