CannabisNews420.com – Cannabis/Marijuana Industry News
here’s the press release
Asia Cannabis Corp. Announces Execution of Agreement to Acquire Control of Cambodian Company
CALGARY, AB / ACCESSWIRE / February 14, 2019 / Asia Cannabis Corp. (“ACC” or the “Company”) (CSE:ASIA), announced today that, after the successful closing of the Company’s IPO and subsequent listing of common shares on the CSE Exchange, ACC has made the first significant steps to initiate hemp-oriented research and development activities in Cambodia with execution of a share purchase agreement pursuant to which the Company will acquire all of the issued shares of a Cambodian private company. Targeted because of its existing and early participation in the hemp industry, ACC will continue to work with the principals of this company and intends to build on these initial activities in Cambodia. The Company will acquire the issued shares for $1.00(US) and the assumption of the Cambodian entity’s existing debt of approximately $150,000 (US).
The initial focus of these activities Cambodia will be the securing of a license to conduct research and focused testing activities in the local environment. This research will be coordinated through consultations with the principals of InPlanta Biotechnology Inc. (“InPlanta”). InPlanta is the technical partner of the Corporation that has granted a License Agreement to ACC entitling the Company to access the hemp-oriented horticultural, scientific, genealogical and related advice produced by InPlanta for application in the general Asian market. The initial phase of this activity is aimed at determining and selecting three of more varieties of hybridized hemp strains identified by InPlanta for testing in the specific ecological conditions found in Cambodia. This phase is underway and will be completed before the end of February.
In commenting on these developments, Johannes Kingma, President of ACC, stated: “We have been confident that Cambodia represents an excellent location to commence our hemp and CBD-oriented extraction research and development activities in Asia, and the execution of this agreement provides ACC with an excellent launching point in that regard. Our partners at InPlanta have been anxious to commence the initial activities aimed at identifying strains of hemp plants with superior growth and CBD production characteristics in the SE Asian theatre, and we are happy to have now provided them with the tools to aggressively move this process forward. While working with InPlanta, we will also be taking next steps in Cambodia aimed at providing the working base to conduct the exciting research and development activities we have planned for that country.”
ACC is an early stage international agri-technology company which has begun the process of creating a business focused on the development, evaluation, testing, application and, ultimately, supply to the market of proprietary organic hybridization technology and certain products derived from that technology. The core approach of the business will be centred on the planting, growth and harvesting of new and valuable strains of hemp and related crops in commercial quantities under the terms of the InPlanta License Agreement.
In conjunction with InPlanta, the Corporation plans to develop varieties of hemp with superior growth and production characteristics in the various environments found in the licensed territories With the data and associated knowledge gained from these activities, the Corporation intends to leverage the technology to develop a portfolio of strategic hemp investments to take advantage of both the changing social climate relative to hemp use and the historic acceptance of the use of these products and their derivatives in certain of the jurisdictions granted under the License Agreement.
For further information, contact:
Chief Executive Officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Asia Cannabis Corp.
Read more: http://www.digitaljournal.com/pr/4159208#ixzz5gJ2xehab
If you need to know more about mr Kingma
Kingma has been self-employed since 2001. He is currently the Chief Executive Officer, President and Chairman of Synstream Energy Corp. (TSXV:SHM) (since December 2017) and was a director of Synstream from May 2007 to August 2013 and then from December 2017 to present. Mr. Kingma served as the President of Primera Energy Resources Ltd., which was a public oil and gas exploration and development corporation, from October 2009 to July 2010 and as a director of Primera from March 2005 to January 2012. Mr. Kingma was also the Chief Executive Officer and President of Panwestern energy now Valeura Energy Inc. (TSX:VLE) a Canada-based public company engaged in the exploration, development, and production of petroleum and natural gas in Turkey, from January 29, 2004 to June 29, 2010. Prior thereto, he was a registered investment advisor with IPO Capital Corp., Canadian Western Capital Limited and its predecessor Charlton Securities Ltd. Mr. Kingma has also been involved with other publicly traded oil and gas exploration and development corporations including Powermax Energy Inc., for which he served as President, CEO and director, and Explorator Resources Inc., for which he served as a director. Kingma has been involved in early shale oil, Helium, Geothermal and Potash projects both as a catalyst and investor. Additionally Kingma was co-founder of a significant project targetting oilsands in Saskatchewan.
Mr. Kingma studied petroleum mineral land management at Mount Royal College in Calgary.