Blox Labs Enters into Letter of Intent with AgraFlora Organics International Inc.
Toronto, Ontario – TheNewswire - June 18, 2019 – Blox Labs Inc. (“BLOX” or “the Company”) (CSE: BLOX) (Frankfurt: BR1B) and AgraFlora Organics International Inc. (“AgraFlora”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), wish to announce that they have executed a letter of intent (“LOI”) to negotiate in good faith a definitive agreement whereby AgraFlora Organics International Inc. (“AGRA) and BLOX intend to enter into a commercial services arrangement (“CSA”). AGRA is a diversified corporation focused on the international cannabis industry that has expertise in all facets of large-scale cultivation and propagation operations, a comprehensive genetics portfolio, access to industry experts, and is developing one of the world’s largest propagation and cultivation facilities (2.2 Million sq. ft.) in Delta, BC. Pursuant to the CSA, AGRA will be retained to help BLOX build a best-in-class team of professionals from the cannabis, agriculture and pharmaceutical sectors to manage and operate its planned hemp business. As consideration for AGRA entering into the CSA, BLOX will issue 20,000,000 common shares at an agreed price of $0.05 per share, subject to completion of the transaction between BLOX and Best Cannabis Products Inc. (“BCP”).
BLOX Labs CEO, Jeff Zanini commented, “the ability to leverage operational and technical expertise from a scaling company such as Agra Flora Organics is an instrumental step in the execution of our future business model”.
The letter of intent between BLOX and AGRA that was previously announced on February 20, 2019 has expired in accordance with the terms of the agreement.
There can be no assurance that the transaction will be completed as proposed or at all. BLOX will provide further disclosure by way of press releases and updates as such additional information becomes available.
About Blox Labs Inc.
On February 28, 2019, Blox announced it had entered into a definitive agreement to acquire all the issued and outstanding securities of BCP in exchange for approximately 234,800,000 common shares of Blox which would result in a reverse takeover and a change of business for Blox. BCP is a Canadian company headquartered in Toronto, Ontario that owns a 50 acre parcel of land, inclusive of a 180,000 sq. ft. state-of-the-art greenhouse, in Leamington, Ontario – a preeminent locale for hemp and cannabis cultivation in Canada. For more information please visit: www.bloxlabs.ca.
About Agraflora Organics International Inc.
Agraflora is a growth-oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, Ont., and is a joint venture partner in Propagation Service Canada and its large-scale, 2.2-million-square-foot greenhouse complex in Delta, B.C. The company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry.
For additional information:
Blox Labs Inc.
Blox Labs Inc.
AgraFlora Organics International Inc.
T: (800) 783-6056
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.