Vancouver, British Columbia--(Newsfile Corp. - March 27, 2019) - World Class Extractions (CSE: PUMP), formerly CBD Med Research, is one of the latest new listings on the Canadian Securities Exchange. World Class provides complete stationary and mobile cannabis and hemp extraction systems in North America and Europe.
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It provides precision single step production mobile extraction systems using patent pending technologies that produce higher yields of crude at faster rates. World-Class Extractions can save its clients floor space, process fees, utility fees, equipment cost and more, including minimizing by-product plant biomass produced and materials used in extraction recovery. Its technology was influenced by the petroleum processing industry, and is designed to be an industrial, scalable, continuous flow extraction process that can use both wet and dry cannabis/hemp as inputs.
Michael McCombie, CEO, stated, "Listing on the CSE is a major milestone for World Class, it allows us to provide liquidity for our loyal existing investors and gives us enhanced access to the capital markets. With our listing achieved, our team can now turn its entire efforts to what really matters - building out our core business, with a view to becoming a leader in the extraction sector."
The company has entered into a binding letter of intent to acquire Quadron Cannatech Corporation, which through its wholly owned subsidiaries, provides turn-key extraction and processing solutions for the cannabis industry. Completion of this acquisition is subject to a number of conditions being satisfied or waived by one or both parties.
Rosy Mondin, CEO of Quadron, stated: "We are very excited to proceed with this strategic alliance with World Class and believe it marks a definitive shift in our business model. Since our launch, Quadron's focus has been the development of extraction and processing solutions to simplify and automate the very complex extraction process for cultivators. As the industry prepares for the legalization and regulation of cannabis concentrates and edibles in Canada, this transaction provides the necessary resources to increase sales, distribution and establish partnerships with leaders in industry with WCE, which will provide a significant growth opportunity for our shareholders. This merger combines the strength of both companies to strategically position them as leading global extractions solutions provider for cultivators and processors both within Canada and internationally to serve a rapidly growing cannabis oils market."
Michael McCombie, CEO of World Class, added: "The combination of our business with Quadron's gives us an opportunity to accelerate our goal of becoming the global leader in extraction and processing in general, with a particular focus on large-scale processing of CBD from hemp. We believe that our strong cash position and unique patent-pending technology, which can use both wet and dry cannabis and hemp as inputs, is the perfect complement to Quadron's experienced team of executives and employees, along with their proven year-over-year revenue increases. This transaction is transformative for World Class and its shareholders, and we couldn't be happier to be able to announce it on our first day of being listed on the CSE."
World Class is well-capitalized, having recently raised gross proceeds of $23 million from a private placement.
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