TORONTO, May 02, 2019 (GLOBE NEWSWIRE) — World Class Extractions Inc. (CSE: PUMP) (“World Class” or the “Company”) would like to congratulate Quadron Cannatech Corporation (“Quadron”) on its introduction of the Big BOSS, the latest model of Quadron’s automated, next generation hemp and cannabis extraction system. According to Quadron’s press release dated May 1, 2019, the Big BOSS provides the same advantages as the distinguished BOSS, but with significantly larger processing capabilities. The Big Boss is capable of processing up to 3,000 lb biomass per day, which translates to 66,000 lbs biomass processing per month (based on operating the Big BOSS 5 days per week), and nearly 800,000 lbs biomass processing per year.
World Class and Quadron have signed an arrangement agreement which, subject to satisfaction of all required conditions, would result in the merger of the two entities (the “Arrangement”). “The introduction of the Big BOSS reflects Quadron’s ongoing commitment to leveraging its technical expertise and creating value for shareholders. World Class is extremely excited to complete its previously-announced merger with Quadron, a like-minded company, and work together to become a global leader in in the emerging, and rapidly growing, cannabis oils market,” said Michael McCombie, Chief Executive Officer of World Class.
World Class is also pleased to announce that it has granted 5,000,000 stock options (the “Options”) each to two officers of Quadron who will become officers of World Class post-Arrangement. The Options are subject to a vesting schedule, with 1,250,000 Options vesting on the date the Company and Quadron complete the Arrangement, and the balance of the Options vesting in increments of 1,250,000 Options every 6 months thereafter. The Options will be exercisable post-Arrangement for a period of three years at an exercise price of $0.21 per Option. However, if the Arrangement is not completed by July 1, 2019, then the Options will expire. The Options and underlying common shares are subject to a four-month hold period in accordance with the policies of the Canadian Securities Exchange.