Vancouver, B.C. - Oct. 20, 2017 --/ D.M.O. Newswire /-- UMBRAL ENERGY CORP. (CSE:UMB) (“Umbral or Company”) is pleased to announce that its 75% owned subsidiary, PhyeinMed Inc. (“PhyeinMed”) a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations) has begun the full build out of their 15,500 sq ft facility in Falkland, British Columbia. It is anticipated that the build out will be completed by January, 2018. With this first phase build-out, PhyeinMed will be positioned to meet all the requirements by Health Canada to receive a licence to cultivate.
In addition to this first phase of construction, PhyeinMed has chosen to accelerate the second phase of expansion on a brand new 14,000 sq ft, two story facility which will be built simultaneously with the retrofitting of our current building. These two facilities represent over 37,000 sq ft of the planned 420,000 sq ft of cannabis production that PhyeinMed is targeting for this 13 acre location. The addition of the second phase increases the initial production of our facilities to 4,550 kg and could potentially have a positive material affect on our first year cash flow projections.
Jagdip Bal, president and chief executive officer of Umbral states “We are extremely confident in our construction plans and our ability to complete on budget. Once we looked at all the details, it became obvious that moving directly into phase two was a good decision and could be done without derailing any of our original timelines. We are excited about our progress, and the ability of PhyeinMed to meet the increasing market demands.”
About Umbral Energy Corp.
The Company is currently listed as a junior resource issuer having a mineral exploration project in Quebec. Additionally, in efforts to increase shareholder value, the Company is involved in other activities, including a non-resource project. This includes the Company owning a 75% interest in PhyeinMed Inc, a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations).
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
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This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.