Tickers: XTSX:KDA
Tags: Mining
Thetford Mines, Quebec / TheNewswire / October 29, 2018 - KDA Group Inc. (TSXV: KDA) ("KDA Group" or the "Corporation") wishes to precise and clarify its July 3, 2018 press release as requested by the TSX Venture Exchange.
KDA Group was proud to announce on that date the creation of a new subsidiary of the Corporation, CanNorth Medic inc. ("CanNorth") of which it holds 51%. The creation of this subsidiary does not result from the acquisition of a corporation, so no sales agreement has been concluded. In addition, the 49% minority shareholders of CanNorth are at arm's length to KDA Group.
KDA Group's majority interest in CanNorth will allow the Corporation to offer cannabis products for medical purposes to patients. CanNorth will operate in accordance with all applicable laws, rules and regulations.
CanNorth's operations are at a preliminary stage and currently generate no income or sales and CanNorth currently has no significant assets or liabilities. All of its operations are located in Canada and CanNorth does not currently have any operations in the United States and does not plan to operate in the United States.
The Corporation has no specific commitments or obligations to CanNorth since KDA's contribution to CanNorth is based on its pharmaceutical expertise held across its various divisions.
CanNorth filed an application for a cannabis production license for medical purposes with Health Canada dated September 25, 2018 and the status of this application is being processed by Health Canada.
This project is part of the KDA Group's business model and is complementary to KDA Group's business of marketing and offering services and products to the pharmaceutical and medical markets. The sale of medical cannabis would be an additional product offered by KDA Group.
In addition, the Corporation intends to use the proceeds of the private placement as stipulated in the press release of September 7, 2018 for its working capital, general expenses and the settlement of short-term debts except those to subscribers.
ABOUT KDA GROUP
KDA is a leading generic drug distributor and specialized solution provider in the pharmaceutical market. Today it is a respected name for quality and expertise among the different stakeholders in the pharmaceutical sector. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.groupekda.ca and on SEDAR at www.sedar.com.
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release from KDA Group contains forward-looking statements. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target, and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive, and will. By their nature, forward-looking statements require us to make estimates and assumptions and express opinions based on current conditions and anticipated developments as well as other factors that Management may deem appropriate under the circumstances. There is inherent uncertainty and significant risk in these estimates, assumptions, and opinions, particularly of a commercial, economic, and competitive nature, and they are therefore subject to change. KDA Group cannot guarantee that these estimates, assumptions, and opinions will prove to be accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
INFORMATION
Marc Lemieux
Chief Executive Officer
514 622-7370
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