MADISON HEIGHTS, MI, April 11, 2014 --Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), CEN Biotech and RXNB board of directors have decided to rescind the agreement between CEN Biotech, RXNB, GrowLife and OGI.
The Company has learned today that the U.S. Securities and Exchange Commission has suspended trading in the securities of GrowLife due to questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in GrowLife’s common stock. In light of this development and other contributing factors, RXNB and CEN Biotech have advised the CEO of GrowLife and the Board of OGI that both the RXNB Agreement and the CEN Biotech Agreement, and any and all amendments to those agreements, are rescinded, void and of no further force and effect.
Bill Chaaban stated, ``we act in the best interests of our shareholders. During our due diligence process we arranged suitable alternative private financing to fund our project at 20 North Rear Rd in Lakeshore, Ontario. The terms of this deal were a 25% equity stake in the CEN Biotech project located at 20 North Rear Rd in exchange for $20 million usd. The project has been funded $5.0 million usd to date and will be fully funded per the agreement in 90 days from the agreement date. Our project continues on schedule and we intend to call for our pre-license inspection before month`s end. We have already sourced equipment from alternative sources which meet or exceed the quality required at a more competitive price.`` About CEN Biotech CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition (OTC Pink: FITX) for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR) CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada
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