Abattis Bioceuticals Corp. (ATTBF)

[wingtrade]

05/01/2014 Abattis acquires 34% of Instant Payment Systems

2014-05-01 18:28 ET - News Release

Mr. Michael Withrow reports

ABATTIS ANNOUNCES THE ACQUISITION OF 34% INTEREST IN INSTANT PAYMENT SYSTEMS LLC

Abattis Bioceuticals Corp., through its wholly owned Washington subsidiary Abattis Bioceuticals International Inc., has acquired a 34-per-cent interest in Instant Payment Systems LLC, a U.S. entity based in Washington state, in consideration for 200,000 common shares at a deemed price of $1.15 per share and $100,000. Under the terms of the agreement Abattis will receive 60% economic interest with the responsibility of being the marketing and sales arm of the organization.

The acquisition is an important piece to the Abattis network of companies focused on participating in specific sectors of the burgeoning North American Medical Marijuana industry.

The IPS technology is novel and secure. Patients throughout the world can use the IPS technology to preload a payment on either their phone app or a prepaid loyalty card to purchase their medicine. They can also use this technology to serve as a tool to retain purchase information and quantities. This innovation solves problems regulators and dispensaries face as the patient records are safe and secure yet tracked so there is no abuse and prescribed amounts can be kept on file and transactions can be audited.

Mike Withrow, CEO of Abattis stated "This transaction enables the company to provide a valuable service and solves a problem to an unmet need for dispensaries of medical marijuana and other botanical medicines. The IPS cards and phone apps can be branded and loyalty programs can be used so the patients save money and can maintain a budget while managing their purchases of Medical Marijuana. The system also protects dispensaries from carrying cash as funds are automatically credited to their accounts. It is becoming clear that investors understand our comprehensive business model. We are not just about cultivation. We look forward to integrating this technology into our Washington State Lab model. We believe the use of this system by dispensaries will become the minimum standard requirement for dispensaries worldwide. We wished to thank the investment community for its support through our recent period of growth."

Rene Babi principle of IPS stated " We see a large opportunity to provide a secure and comprehensive process that meets the needed controls, reporting, and privacy needs of the dispensaries and their patients. We expect our system to set the standard for payment and patient tracking in this industry. We feel our strategic partnership with Abattis presents tremendous opportunities in this rapidly growing and important product industry. "

We seek Safe Harbor.

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