Release date- 13012017 - Vancouver, B.C. - Alliance Growers Corp. (CSE: ACG) announces that the has filed on SEDAR its audited consolidated financial statements for the year ended August 31, 2016, together with the auditors' report as well as the MD&A and officers' certificates.
The Company is awaiting the revocation of the January 5, 2017 Cease Trade Order by the BCSC and OSC. The delay in finalizing the financial statements was to deal with unjustified claims against the Company arising from consulting agreements dated prior to current management's involvement, which were never approved by the prior board of directors. The Company was able to satisfy the auditor's queries and the claims were set up as contingent liabilities only.
Appointment of a New Director
The Company is pleased to announce the appointment of Ian Lambert to the Board of Directors of the Company on January 9, 2017. Mr. Lambert, who has been serving as Strategic Advisor on the Advisory Board for the past year, has over 30 years' experience managing public companies as a CEO, Director, and Chair of Audit and Corporate Governance Committees.
The Board of Directors now consists of Dennis Petke (CEO), Rupert Shore, Sina Pirooz and Ian Lambert. The audit committee is comprised of Dennis Petke, Rupert Shore and Ian Lambert.
Dennis Petke, Alliance Growers CEO stated 'We appreciate our many supporters' and investors' patience as we completed the annual audit. Now that it is filed, we are back focusing on the finalization of the previously announced Exclusive License Agreement with BRIM for the development of our Cannabis Botany Centre. We, as management and stockholders as well, want our supporters to know we are fully committed to completing our plans as expeditiously as possible, while at the same time maximizing the opportunity and mitigating risks. We believe we will all benefit from this careful, prudent approach in the long term'.
About Alliance Growers Corp.
Alliance Growers is a diversified cannabis company driven by the Company's 'Four Pillars' Organization Plan - MMPR cannabis production facilities, distribution network, consumer products, and research and development.
Alliance is final stages of executing a Definitive License Agreement with B.R.I.M. for a Canada Exclusive License to jointly develop and operate cannabis Botany Centres. The initial project is planned as a staged development of a 40,000 square foot facility being located near Vancouver, B.C., to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the cannabis market and agriculture market in general. The planned facility will grow cannabis plantlets using proprietary tissue culture propagation, specifically the 'Chibafreen Invitro Plant Production System', which assures consistent composition and purity of each plantlet for the growers. As well, Alliance Growers is negotiating to obtain exclusive Canadian distribution agreements for certain proprietary products for support of the cannabis growing industry in addition to possible partnerships with existing MMPR licensed and soon-to-be licensed facilities.