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Abattis Signs MOU with Global Damon Pharma of South Korea

[ACCESSWIRE]

VANCOUVER, BC / ACCESSWIRE / October 5, 2016 / Abattis Bioceuticals Corp. (OTCQB: ATTBF) (CSE: ATT) (the "Company" or "Abattis") is pleased to announce that it has entered into a Memorandum of Understanding with Global Damon Pharma ("GDP") of South Korea, to distribute and sell Abattis' proprietary PhytoNOS™ and Sassy™ Tonics in modified formulations. GDP will engage in the research and creation of necessary components for completion of these two products and will negotiate and enter into a formal Exclusive Licensing Agreement to sell and distribute these two products under licence in South Korea.

GDP will identify, and source, marketing, sales and distribution channels, engage in any risk management programs; and, oversee the compliance of these products within the regulatory framework of the Korean territory. GDP will also retain and liaise with all service providers in the Korean territory and will oversee compliance with revenue objectives and overall performance of the marketing, sales and distribution channels. GDP will provide marketing, sales and distribution reports to Abattis on a quarterly basis as well as submitting payments under any Licensing Agreement. The initial research and feasibility stage of this agreement will expire on or after June 30, 2017 after which Abattis has the option to renew the agreement for 24 months, after which it may enter into a separate services agreement.

Mr. Sonny Hwang, Vice President of GDP noted that: "GDP also wishes to congratulate Northern Vine, one of Abattis' related companies, on its successful achievement of a Controlled Substance Licence. This access to the R&D of scheduled and regulated ingredients allows GDP to complete formulations efforts in a jurisdiction that it federally legal."

About Abattis Bioceuticals Corp.

Abattis is a specialty agricultural technology and biotechnology company which aggregates, integrates, and invests in agricultural technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company also is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols, and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at: www.abattis.com.

About Northern Vine Labs™

Northern Vine Labs™ is licensed by Health Canada for the possession of Cannabis and related active ingredients, as well as the production of extracts for the purpose of analysis. Northern Vine Labs™ product certification and quality assurances programs incorporate global best practices and procedures for application in the Canadian market.

About Global Damon Pharma Co. Ltd.:

The Global Damon Pharma Co., Ltd. (GDP) was established in 1995 by Mr. Don Ki Kim after thirty years of dedicated work as President and CEO of Boryung Pharmaceutical Co., Ltd., one of the leading Korean pharmaceutical companies. GDP provides biological and pharmaceutical consulting services as well as business development including licensing, marketing, sales & distribution of medicines, medical devices, health food and cosmeceuticals. We are currently working with our many business partners from U.S.A., Canada, EU, Japan and APAC, and have achieved more than twenty (20) licensing deals so far since our company was opened 20 years ago.

ON BEHALF OF THE BOARD

"Rene David"
Rene David, CFO and Interim CEO

For further information, contact the Company at (604) 336-0881 or at news@abattis.com.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD LOOKING INFORMATION

This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company's Management's Discussion and Analysis under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.

SOURCE: Abattis Bioceuticals Corp.