CBD MED RESEARCH CORP. ("CBM" or the "Company")

TSX.V NEX Symbol: CBM.H

CBD MED RESEARCH CORP. / TheNewswire / January 10, 2017 - CBD MED Research Corp. (“the Company” or “CBD”)) Reports Termination of the proposed Change of Business and Resumption to Trade

Further to the News Release dated December 30, 2016 reporting on the status of the proposed transaction with Medipacs and the change of business, the Company views Medipacs unilateral demands and misrepresentations as fundamental breach of contract and has formally rescinded the agreements with Medipacs (the “Agreements”) by issue of a formal notice to Medipacs dated and effective January 7, 2017. The Company has not and will not issue any shares to Medipacs or for finder’s fees in relation to the Agreements.

CBD management and counsel have reviewed the contracts between the parties and are of the opinion that CBD had met its obligations and has no further financial obligations or liabilities to Medipacs Inc.

Pursuant to the fundamental breach and rescission of the Agreements, the Company has reserved the right to pursue available remedies including damages and recovery of expenses.

Outstanding liabilities – CBD did undertake two programs with specialized institutions in Canada.

1. The first institution was to test the Veterinary CRI Mini-infusion device. The total program agreement called for expenditures of $72,000.00 to test the device on 40 post-operative canine patients, to manage pain. A phase one advance of $26,000.00 was paid. As of November, twelve canine patients were treated in the program. Notice to suspend the program was provided in November. There is an outstanding liability of between $5000.00 to $10,000.00. 

 

1. The second program was to explore human applications of the PRN human infusion device. The Key Opinion Leader (KOL) program agreement was for $42,000.00 less 25% contribution from the institution. $14,000.00 was advanced for phase one by the Company and completed. Phase two results are pending. Notice to suspend the program was provided in November. CBD estimates a potential maximum liability of $14,000.00 from the second program.  

Transfer to the Canadian Securities Exchange (“CSE”). Regarding the shareholder approval and the Company’s previous intentions to transfer to the CSE, the Company has decided at this time to remain listed on the TSX.V NEX.

We advise that the trading of the company’s securities will resume on January 11, 2017.

The Company will seek and review new business opportunities.

 

On behalf of the Board of Directors,

 

CBD Med Research Corp.

 "Gary F. Zak"

President, CEO

Email:  gzak1@shaw.ca

(604) 802-7551

 

 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  This news release includes certain statements that may be deemed “forward-looking statements”. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedar.com