ERFURT, Germany, Dec. 3, 2018 /CNW/ - Chinook Tyee Industry
Limited ("Chinook") (TSXV: XCX) announces that AMP Alternative
Medical Products GmbH ("AMP"), its wholly-owned
subsidiary, has entered into a €500,000 Series B drawdown loan
facility provided by Taiga Atlas plc
("Taiga Atlas"). AMP completed a €75,000 Series A equity
financing with Chinook during 2018.
AMP is a German based biopharmaceutical company developing
medical cannabis formulations and dose delivery systems for
patients in Germany.
Proceeds from the financing will be used to build out AMP's
German sales and distribution supply chain and to assist Canadian
licenced producers of cannabis ("LPs") to become EU-GMP certified
for exporting medical cannabis to Germany. AMP will import medical
cannabis from LPs that have received EU-GMP certification and
distribute their products to German pharmacies through AMP's
strategic partners. AMP is currently in negotiations, and
expects to enter into supply agreements in the near term, with
several LPs which includes AMP overseeing the LP's EU-GMP gap
analysis and audit to ensure final certification in Germany and provide financing for the EU-GMP
upgrades if required. AMP intends to offer its services to
any LP that wishes to enter into a supply agreement to export
EU-GMP medical cannabis into Germany. By 2021, AMP anticipates
developing its own medical cannabis strains (produced by LPs) in
collaboration with German patients, doctors and pharmacists.
"Since legalization last year, the demand for medical cannabis
in Germany has grown dramatically
however patients cannot access the medication due to insufficient
supply," commented Dr. Feuerstein, Managing Director of AMP.
"Imports, predominantly from Canada, will be the only reliable supplier to
the growing German medical cannabis market even after domestic
cultivation begins."
Dr. Stefan Feuerstein and Mr.
Claudio Morandi have been nominated
by Chinook to stand for election as directors of Chinook at its
upcoming annual general and special shareholders' meeting to be
held on December 5, 2018. Dr.
Feuerstein is currently the Managing Director of AMP and a director
of Taiga Atlas and was formerly
Managing Director of IIC, an investment agency for Eastern Germany and TLW, German State of Thuringia economic
development. Mr. Claudio
Morandi is currently the Chairman of Taiga Atlas and formerly, Senior Vice President
of MFC Merchant Bank Ltd., a specialty trade and structure finance
bank.
About AMP Alternative Medical Products
AMP Alternative Medical Products GmbH, is a biopharmaceutical
company focused on providing cannabis formulations and dose
delivery systems for German patients, with offices in Erfurt and
Berlin Germany and Vancouver, Canada. For further
information, visit www.amp-eu.com, Twitter or Instagram.
About Chinook
Chinook Tyee Industry Limited is a holding company, listed in
Canada on the TSX Venture
Exchange, with two European subsidiaries, Mercury Partners &
Company plc, a Malta public
liability investment holding company and AMP Alternative Medical
Products GmbH.
Forward-Looking Statements
This news release contains forward-looking statements that are
based on Chinook's expectations, estimates and projections
regarding its business and the economic environment in which it
operates, including with respect to Chinook's business plans,
including its ability to assist LPs with obtaining EU-GMP
certification and export medical-grade cannabis to Germany and the timing thereof, Chinook's
expectations and estimates regarding the profitability of the
medical-grade cannabis business in Germany and Chinook's plans to develop and
product its own medical-grade cannabis strains. Although Chinook
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward-looking statements and readers should
not place undue reliance on such statements. Factors that could
cause actual results to differ materially from those in
forward-looking statements include general economic, market or
business conditions, including the general acceptability of
medical-grade cannabis in Germany,
risks associated with regulatory changes and the retail sector
generally, availability of personnel, materials and equipment on a
timely basis, accidents or equipment breakdowns, uninsured risks
and receipt of necessary TSX Venture Exchange approvals. These
forward-looking statements speak only as of the date on which they
are made, and Chinook undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release
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SOURCE AMP Alternative Medical Products