CARSON CITY, NV, Dec. 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce today that the company executed all the required documents for an Equity Purchase Agreement (the "Equity Agreement") with Oscaleta Partners LLC ("Oscaleta"), as stated earlier in the news release dated November 12, 2019, that should enable Pharmagreen to access capital over the next 2 years to support its current growth plans. The terms of the Equity Agreement will give Pharmagreen the right, but never the obligation, to sell to Oscaleta up to Ten Million Dollars’ worth of Pharmagreen’s registered common stock over an anticipated two-year period at times and in amounts that Pharmagreen deems appropriate.
Now that the Equity Agreement is fully executed, the company has started immediate work on the registration statement. The company plans to access the capital for its ongoing project development for state of the art greenhouse and tissue cultured starter plantlets production facility construction. Pharmagreen’s primary use of the facilities is to supply hemp farmers with its “CBD Dana” hemp strain that is a very high yielder of high CBD content biomass and flower tops, please visit our website; www.pharmagreen.ca
Peter Wojcik, President and CEO, stated, “Partnering with Oscaleta is significant for the company as we can be concerting on executing our business plan and growing the company, while Oscaleta funding agreements with their years of expertise and established network in the industry provides us with additional support in the financial market.”
Commenting on the investment, Stephen Hicks, Manager of Oscaleta, said, "As an institutional investor for more than 20 years, we partner with companies that meet very specific criteria – it boils down to 'how revolutionary is this?' We're excited about the long-term potential."
About Oscaleta Partners, LLC
Oscaleta Partners, LLC is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies. Since 1996 the structured finance team has made direct investment of over $1.8 billion into growth companies globally. Our expertise lies in our ability to customize a financing plan for the prospective client and then execute on that plan without fail.
About Pharmagreen Biotech, Inc. and WFS Pharmagreen Inc.
WFS Pharmagreen Inc. is a wholly owned Canadian based subsidiary of Pharmagreen Biotech, Inc., a publicly traded (OTC PINKS: PHBI) company. WFS Pharmagreen Inc. is a tissue culture company that is becoming one of the largest producers of hemp plantlets through a proprietary tissue culture process with opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality 100% germ free, disease free and all genetically the same hemp plantlets with high Cannabinoids content and with less than 0.3% THC and other flora while offering full spectrum DNA testing for plant identification, live genetics preservation using low temperature storage for various plant species; For further information on the company progress on the construction of a 63,000 square foot “Tissue Culture Biotech Complex” please visit www.pharmagreen.ca
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
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