CALGARY, June 4, 2018 /CNW/ - Target Capital Inc. d.b.a.
CBi2 Capital ("CBi2" or the "Company") (TSXV:
TCI) (CSE: TCI) is pleased to announce that it has entered into a
series of definitive investment agreements with JAEB Designs Inc.
("JAEB"), the maker of the PenSimple cannabis grinder. Subject to
certain financial and operational performance thresholds,
CBi2 will invest US$500,000 into JAEB through a series of three
separate financings over the next 12-18 months and, assuming no
additional capital is raised by JAEB during this time, will result
in CBi2 holding a 16.60% equity position in JAEB. In
addition, upon investing a total of US$340,000 into JAEB, CBi2 will hold a
seat on JAEB's board of directors.
JAEB is a Boulder-based engineering company that designs and
manufactures cannabis accessories. JAEB is focused on creating
strategic products as well as international patents and trademarks
for smoking and vaporizing devices and accessories, dosing and
measuring devices for flower and concentrates, value-adding
processing equipment, and speciality coatings and application
technologies. JAEB is a graduate of CanopyBoulder's cannabis
accelerator program.
JAEB's debut product, PenSimple, is a one-handed cannabis
grinder that allows for easier use and clean-up while also
maximizing the amount of flower retained after grinding. JAEB has
sold over 13,000 PenSimple units since its launch 18 months ago,
generating over US$900,000 in
revenue, and continues to work on designing an improved
second-generation version of the product, as well as developing
modular PenSimple accessories.
Building on the success of PenSimple, JAEB has identified
further opportunities to create products strategically designed to
improve upon the way users currently consume cannabis and enhance
their overall experience. JAEB has three additional products
nearing commercial sales and another 25+ products in various stages
of development. Proceeds from CBi2 strategic investment
will be used by JAEB to continue to advance products through its
development pipeline to commercial sales, broaden its distribution
network as well as increase its marketing and sales budget for the
PenSimple product.
CBi2 Capital has also delayed its Annual General
Meeting ("AGM"). Details of the rescheduled AGM will be published
shortly and notice thereof will be given to Shareholders.
About CBi2 Capital
Target Capital Inc., to be renamed CBi2 Capital Corp.
is a Calgary, Alberta based
company engaged in making strategic investments in private
companies, including small start‐up operations and land development
corporations. CBi2's common shares are listed on the TSX
Venture Exchange and the Canadian Securities Exchange under the
trading symbol "TCI". Target is executing on a cannabis-focused
investment strategy, where it intends to develop and manage a
diversified portfolio of predominantly early stage cannabis
investment opportunities. Target will explore and invest in a
number of strategic investment opportunities in the medical and
recreational cannabis industry and in businesses offering ancillary
supportive products and services. Upon receipt of shareholder
approval, Target will change its name to "CBi2 Capital
Corp.".
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates, and, more particularly,
statements concerning: CBi2's investment strategy and
the ability to exercise thereon; and JAEB Designs business strategy
and the ability to exercise thereon.
When used in this news release, the words "will,"
"anticipate," "believe," "estimate," "expect," "intent," "may,"
"project," "should," and similar expressions are intended to be
among the statements that identify forward-looking
statements.
The forward-looking statements are founded on the basis of
expectations and assumptions made by CBi2 which include,
but are not limited to, the availability of suitable investment
opportunities in the cannabis industry; the estimated growth in the
cannabis market; shifts in public opinion regarding cannabis;
market trends in the cannabis industry, the securities markets and
the general economy; and the expected adult-use cannabis
legalization in Canada.
Although CBi2 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 CBi2 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. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the cannabis industry in general;
actions and initiatives of federal and provincial governments and
changes to government policies and the execution and impact of
these actions, initiatives and policies, including the fact that
adult-use cannabis is currently illegal under federal and
provincial law; the size of the medical-use and adult-use cannabis
market; competition from other industry participants; and other
factors more fully described from time to time in the reports and
filings made by CBi2 with securities regulatory
authorities.
The forward-looking information contained in this news
release is made as of the date hereof and CBi2
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless required by
applicable securities laws. The forward looking information
contained in this news release is 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 news release.
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SOURCE CBi2 Capital
