BEVERLY HILLS, CA and TORONTO, ON / ACCESSWIRE / February 3, 2016 / GIDDY UP ENERGY PRODUCTS, INC., a subsidiary of Creative Edge Nutrition (FITX), a nutritional supplement Energy drink and Energy Bar company, focusing on active lifestyles, CEN Biotech Inc. has the following updates:
Creative Edge Nutrition, Inc. and CEN Biotech, Inc. are pleased to report that FINRA has approved the spin-off of CEN from Creative Edge. On January 29, 2016 FINRA publicly announced the approval of the spinoff of CEN Biotech, Inc. from Creative Edge Nutrition.
As Creative Edge notified shareholders in September of 2015, a dividend will be afforded FITX shareholders, who will receive 1 share of CEN Biotech, Inc. common stock for every 700 common shares of FITX owned as of the close of business on the record date of November 30, 2015. The Company has given February 29, 2016 as the anticipated date of distribution of the new CEN Biotech shares to Creative Edge shareholders.
CEN Biotech will become a separate and autonomous, publicly traded company. The spinoff is a testament of CEN Biotech's confidence in its ability to executing its original strategy in the production of medicinal marijuana. The Company remains strongly committed to its pursuit to obtain the necessary license and approval to produce marijuana under Canada’s Marijuana for Medical Purposes Regulations as well as other endeavors in the marijuana industry.
As an Additional update:
On or about February 2, 2016, CEN Biotech filed a Statement of Claim against the Attorney General of Canada in the Ontario Superior Court of Justice. In its claim, CEN Biotech claims the following:
(a) damages for detrimental reliance in the sum of FIFTEEN MILLION DOLLARS ($15,000,000.00);
(b) damages for pure economic loss in an undetermined amount;
(c) prejudgment and post judgment interest in accordance with sections 128 and 129 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended, and section 31 of the Crown Liability and Proceedings Act, R.S.C., 1985, c. C-50, as amended;
(d) the costs of this proceeding on a substantial indemnity basis, plus all applicable taxes; and
(e) such further and other Relief as to this Honourable Court may seem just.
As a "penny stock" Company, within the meaning of federal and state securities law, Creative Edge Nutrition, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, Creative Edge Nutrition, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.
SOURCE: Creative Edge Nutrition, Inc.