Vancouver, British Columbia / TheNewswire / February 7, 2018: Radiant Health Care Inc. (the "Company" or "Radiant") announces that it has acquired the operating and intellectual assets of Teal Pioneer Inc. ("Teal"), including its proprietary software platform for patients and medical cannabis dispensing clinics and physicians.
The assets were acquired by the Company as part of a settlement agreement between the Company and Teal, whereby the assets of Teal and its wholly-owned subsidiary Teal Valley Inc. were assigned and transferred to the Company in full and final settlement of outstanding indebtedness owed by Teal to the Company. In conjunction with the settlement, the Company has ceased its collections action against Teal and Teal has withdrawn its application for a court order preventing the Company from doing so.
Radiant's President and CEO, Brett Walker stated, "We are happy to have reached a resolution in this matter, without significant cost to Radiant or a drawn-out collections actions against Teal. We were disappointed in the decision of Teal's management to file a frivolous action against the Company aimed at frustrating Radiant's legal rights, but we are pleased it has been resolved in the Company's favour."
Radiant is a British Columbia based company focused on the healthcare sector. Currently, the principal business of the Company is the identification, evaluation, and acquisition of interests in healthcare assets and businesses, with a focus on the Canadian medical cannabis sector.
On Behalf of the Board of Directors
For further information, please contact:
President & Chief Executive Officer
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the sale of the Teal assets, the anticipated business plans and timing of future activities and the prospects of the success of the Company. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including risks and uncertainties relating to the inability of the Company to complete the sale of the Teal assets and general economic, market or business conditions. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's public filings are available at www.sedar.com.