VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/29/15 -- Calyx Bio-Ventures Inc. (TSX VENTURE: CYX) ("Calyx" and "the Company") is pleased to announce that its wholly-owned subsidiary Cannigistics Agri-Solutions Corp. ("Cannigistics"), has entered into a memorandum of understanding ("MOU") with a third party with respect to the implementation of its software platform.
The MOU, which has been signed with a well-funded Canadian company that is in the advanced stages of review for a license from Health Canada under MMPR, creates the framework under which Cannigistics' software and information technology will be integrated with various elements of the third party's operations, thus enhancing its current capabilities.
"We are excited to have entered into our first agreement with a downstream user in this space" said Roger Forde, President and CEO of Cannigistics. "This validates the strategy that Cannigistics has established to provide technology solutions addressing key requirements of companies operating in this sector. We are looking forward to a long and mutually beneficial commercial relationship from this MOU."
Further to the Company's press release of September 17, 2014, the Company is undertaking a non-brokered private placement of up to 6,000,000 common shares of Calyx ("Calyx Shares") at a price of $0.05 per Calyx Share for cash proceeds of up to $300,000 (the "Private Placement"). The Company expects that it may pay cash finders' fee of up to 7% and issue finders' warrants of up to 5% of the number of Calyx Shares placed, on all or a portion of the Private Placement. Any finders' warrants issued will enable the holder to purchase one Calyx Share for a period of one year at a price of $0.15. The funds raised from the issuance of the Calyx Shares will be for general working capital and corporate development purposes.
About Calyx
Calyx's wholly-owned subsidiary, Cannigistics Agri-Solutions Corp, is a software development company that has created a software platform tailored to advanced indoor agriculture. The Cannigistics software platform is designed to enhance the efficiency and effectiveness of indoor agricultural operations, and positions Cannigistics to be the industry leader in agri-software solutions by providing businesses with advanced controls over all aspects of their operations. Additionally, Calyx owns a portfolio of proprietary intellectual property with applications in crop enhancement. Calyx also has an approximate shareholding of 25% in Agrisoma Biosciences Inc., a company which is commercializing carinata, a non-food energy feedstock crop, for biofuel production.
ON BEHALF OF THE BOARD OF DIRECTORS
Don Konantz
Director, President and Chief Executive Officer
Forward-Looking Statements: This document contains certain forward-looking statements concerning Calyx, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, or performance that may constitute "forward-looking statements" or "forward-looking information" under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Calyx's control. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although Calyx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Calyx can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Calyx and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Calyx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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 release.
Contacts:
Calyx Bio-Ventures Inc.
Don Konantz
President & CEO
604-649-5961
dkonantz@calyxbio.com
www.calyxbio.com
Cannigistics Agri-Solutions Corp.
Roger Forde
President & CEO
778-331-5156
roger@cannigistics.com
www.cannigistics.com
