CEN Biotech Inc. (FITX) Clarification On Ownership Of The World’s Largest And Most Advanced Legal Cannabis Production Facility
- Published on Monday, 03 February 2014
- Written by THCbiz Staff
MADISON HEIGHTS, MI — Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), in a previous press release announced a collaborative deal in the operation of its future medical marijuana facility in Lakeshore, Ontario Canada. 8k filings with the SEC through our collaborative partner have led to confusion in the ownership held by Creative Edge Nutrition Inc.
This is to clear up any confusion. Creative Edge Nutrition Inc. owns 75% (Seventy-Five Percent) of Cen Biotech, Inc.
The structure of the CEN Biotech Inc. ownership was done with the best interest of shareholders and the company in mind. The percentages held by Wise Phoenix LLC, AJOA Holdings LLC and the “key Players” are held in trust on behalf of Creative Edge Nutrition. This structured ownership was for a multitude of reasons; most importantly, to prevent a Hostile takeover and protect what is the company’s most valuable asset. It also prevents control from being in the hands of one individual or party.
Outside parties have attempted to acquire the land the company has leased from the owner. He has received offers in excess of $25 million dollars for 10.3 acres in an attempt to obtain the site. In the past months, numerous hedge funds, investments banks and large corporations have attempted to acquire up to 80% of the facility in exchange for capital. Bill Chabaan, President, is adamant: “We have stayed vigilant in our focus and will institute any and all preventative measures to protect our interests.”
Bill Chabaan reassures shareholders, “There have been many offers of financing but it was important to bring on a collaborative partner who understands our market and will contribute to our operations. As always, my team and I, act ONLY in the best interest of our shareholders.”
About CEN Biotech
CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition (OTC Pink: FITX) for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR) CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada.
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Creative Edge Nutrition’s products, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Creative Edge Nutrition’s filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting Creative Edge Nutrition Inc. please refer to the Company's Securities and Exchange Commission filings, which are available at http://www.sec.gov/. Creative Edge Nutrition Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Creative Edge Nutrition, Inc.