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VANCOUVER, British Columbia, Dec. 07, 2018 (GLOBE NEWSWIRE) - Segra International Corp., a cannabis agritech company, has terminated the proposed acquisition by Chichi Financial Inc., citing recent market conditions as being a major factor in the decision to postpone going public.
"This decision is a measured response to the recent volatility being experienced by the cannabis markets," said Segra CEO Todd McMurray. "It is simply not in the best interest of shareholders to proceed with a go public transaction at this time. Segra will remain focused on adding value and executing our plan to improve the financial performance and risk mitigation of our strategic partners."
About Segra International
Segra is a Canadian agritech company that specializes in cannabis Plant Tissue Culture and molecular genomics. The Company is developing industrial-scale laboratories to produce disease-free, robust, and true-to-type cannabis plantlets for licensed producers globally and has assembled a world-class team of specialists in the fields of Plant Tissue Culture, agronomy, molecular genetics, regulatory compliance, and corporate finance. Segra's proprietary processes and cannabis ecosystem empower its clients to improve product quality and yield, rapidly expand operations, decrease liabilities associated with pests and diseases, and increase financial performance. Segra currently has agreements with four large-scale Canadian licenced cannabis producers including HEXO Corp., Agripharm Corp., and The Supreme Cannabis Company Inc.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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