TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Biome Grow Inc. (“Biome”or the “Company”) (CSE:BIO) (ORTFF) (FSE:60TA) announces that it has secured The Depository Trust Company (“DTC”) eligibility for its shares traded in the United States under the symbol ORTFF The Company's common shares traded on the OTC Market in the United States, under the symbol "ORTFF" are DTC eligible, effective December 13th, 2018. The “DTC”will facilitate electronic settlement of transfers of its common shares in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for certain investors.
Khurram Malik, Chief Executive Officer of Biome states: "We are very pleased to have obtained DTC eligibility. Biome is registering its shares with DTC as a fundamental step towards establishing the company with the American investment community. This electronic method of clearing securities expedites the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms. The DTC's electronic settlement of our shares is critical to having an effective market."
The “DTC” is a subsidiary of the Depository Trust & Clearing Corp. that manages the electronic clearing and settlement of publicly traded companies in the United States. DTC eligibility will simplify the process of trading and is expected to enhance liquidity of the Company's common shares on the OTC marketplace.
Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the ACMPR; Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR; Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s ACMPR; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island, and; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests.
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward‐looking statements and information concerning DTC eligibility and the process associated with shares trading in the United States under this method. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to Biome with respect to DTC eligibility and electronic settlement of transfers in the United States.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements speak only as of the date on which they are made, and Biome, or any of its subsidiaries undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
For further information:
Chief Executive Officer, Biome Grow