Vancouver, British Columbia / TheNewswire / March 7, 2017 - Further to its February 23, 2017, news release, Vodis Pharmaceuticals Inc. (CSE: VP / FSE: 1JV) ("Vodis" or the "Company") announced today the Company wishes to Clarify Certain Disclosure.
At the request of IIROC the Company wishes to clarify certain disclosure of future oriented financial information disclosed in its news release dated February 23, 2017. Specifically the revenue projection was not explained in the context of its associates and related costs.
The Company anticipates revenues to Vodis from Vodis-branded cannabis products sold by OCI, at full operational capacity, would be as follows:
All amounts are shown $ USD
At an exchange rate of 1.30 this would equate to a fee of $2,080,000 CAD to Vodis.
Costs to be incurred in relation to the fulfillment of the branding contract including development of marketing programs, trademark, licensing and initial marketing are estimated to be as follows:
Upfront Q1 Q2 Q3 Q4 Annual Total Costs
$75,000 $22,500 $47,500 $51,000 $56,000 $ 252,000
There can be no assurances that these targets can be met.
Vodis and its subsidiaries cannot have any interest whatsoever in any proceeds as a result of production, processing or retail activities in the United States, it can license its brand and production consulting services to approved Washington State license holders to ensure that all products produced under the Vodis name and/or associated with the "VIP" brand meet or exceed the Vodis brand quality standards.
For further information please contact:
Vodis Pharmaceuticals Inc.
8788 River Road
Delta, BC V4G 1B4
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward- looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the use of proceeds of this financing. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.