ISS and Glass Lewis Recommend MPX Securityholders Vote in Favour of the Arrangement and MPX Shareholders Vote in Favour of the MPX Continuance and the MPX International Stock Option Plan
TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (CSE: MPX) (OTC:MPXEF) (the “Company” or “MPX”) is pleased to announce that Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis and Co., LLC (“Glass Lewis”), two leading proxy advisory firms, have recommended that securityholders of MPX vote in favour of the proposed transaction (the “Arrangement”) whereby iAnthus Capital Holdings, Inc. (“iAnthus”), will acquire all of the issued and outstanding common shares of MPX through a court approved plan of arrangement under the Business Corporations Act (British Columbia) (“BCBCA”).
As previously announced, under the Arrangement, holders of MPX common shares will receive 0.1673 of a common share of iAnthus and 0.1 of a common share of MPX International Corporation (“MPX International”), a newly created entity which will hold the non-U.S. assets of MPX. Details of the Arrangement are provided in the Company’s documents relating to the proposed plan of arrangement on www.sedar.com.
For questions, securityholders should contact MPX’s proxy solicitation firm, Laurel Hill Advisory Group, whose contact details are provided below in this press release.
The Glass Lewis report states that:
“Based on the unanimous support of the board, and absent a superior competing offer, we believe that the Arrangement Agreement warrants shareholder support at this time.”
The ISS report states that:
“The arrangement makes strategic sense as it offers MPX shareholders an opportunity to own shares in a larger licensed cannabis facilities operator, and, also, MPX shareholders will receive, in respect of each MPX share that they hold 0.1 of a common share of MPX International, which intends to be engaged in the cannabis industry focusing on developing assets in the bioceutical sector.”
MPX Continuance and MPX International Stock Option Plan
Additionally, ISS and Glass Lewis recommend shareholders of MPX vote for (i) the continuance of MPX from the Province of Ontario to the Province of British Columbia (the “MPX Continuance”); and (ii) the stock option plan of the newly formed MPX International (the “MPX International Stock Option Plan”).
The Board of Directors of MPX unanimously recommends that MPX shareholders vote FOR the MPX Continuance and the MPX International Stock Option Plan.
Your vote is very important. Shareholders should vote FOR the MPX Continuance and FOR the MPX International Stock Option Plan using the form of proxy or voting instruction form in advance of the proxy voting deadline on January 11, 2019 at 10:00 a.m. (Toronto time).
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX added another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC is an award-winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries and manages three full service dispensaries and one producer in Maryland.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in MPX’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Forward-looking statements in this news release may include, without limitation, anticipated benefits associated with the acquisition of MPX, the business plan and prospects of MPX International, statements with respect to the effect of the Arrangement on the combined company and its strategy going forward, the timing for the completion of the Arrangement, the final approval of the Arrangement from the Supreme Court of British Columbia, and whether conditions to the consummation of the Arrangement will be satisfied.
Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond MPX management’s control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that such information will prove to be accurate or that MPX management’s expectations or estimates of future developments, circumstances or results will materialize.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. MPX disclaims any intention or obligation to update or revise such information, except as required by applicable law, and MPX does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information please contact:
MPX Bioceutical Corporation
W. Scott Boyes, Chairman, President and CEO
Laurel Hill Advisory Group
North American toll Free: 1-877-452-7184
Collect Calls Outside North America: 416-304-0211