Tuesday, July 17, 2018 8:24:38 AM
Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT)
("LDS" or the "Company") announces that its affiliate, CSPA Group, Inc.
("CSPA"), has received over CAD$200,000 (two hundred thousand dollars) in
revenue during the last week of June 2018.
The revenue was associated with sales of extracted distillate in the last
week of June 2018 marking the beginning of white label distillate
production. The Company has redesigned all of its packaging for Rêveur and
CannaStripsTM to meet the latest California regulations which went into
effect on July 1, 2018. The new packaging for Rêveur arrived on July 10,
2018, and CSPA estimates that repackaging of the inventory will be completed
by July 18, 2018. The new CannaStripsTM packaging is scheduled to arrive
during the last week of July 2018 at which time the production of
CannaStripsTM with their new flavours and advanced formulae will begin. The
Company will have updates as information becomes available.
Extension of Financial Milestones for Escrow Agreements
In addition, on June 28, 2018, the Company's Board of Directors resolved to
extend the deadline for satisfying certain financial milestones set out
under the terms of its escrow agreements with the former shareholders of
Canna Delivery Systems Inc. ("Canna"). Under the terms of the escrow
agreements, a total of 7,800,000 common shares issued to the former
shareholders of Canna (the "Performance Shares") were held in escrow,
subject to release upon the Company achieving certain financial milestones
by June 30, 2018 (as amended on December 29, 2017). The Company has agreed
to extend the deadline for satisfying the financial milestones until
September 30, 2018. As of the date of this news release, a total of
2,100,000 Performance Shares remain subject to escrow, of which 840,000
Performance Shares are held by the Company's CEO, Brad Eckenweiler.
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