CannLabs, Inc., Announces Reverse Merger and Commitment of $1.25
Million in Funding
Leader in Cannabis Innovation Through Its State-Certified
Laboratory and Integrated Services Platform
DENVER, CO--(Marketwired - Jun 13, 2014) - CannLabs, Inc.,
(formerly SpeedSport Branding, Inc.) (OTCQB: SDSPD), a Nevada
corporation, announced today that it completed a reverse merger on
June 12, 2014, pursuant to which Carbon Bond Holdings, Inc.
("Carbon Bond"), a Colorado corporation, became a wholly owned
subsidiary of the Company. CannLabs will trade on the Over The
Counter Bulletin Board ("OTCQB") under the symbol "SDSPD," until on
or about July 10, 2014, at which time it will be quoted under the
symbol "CANL" on the OTCQB.
CannLabs, Inc. through Carbon Bond, licenses advanced scientific
methods combined with proprietary cloud-based technology to
cannabis testing facilities, which includes the first
state-licensed laboratory in Denver, Colorado. The Company also
provides analytics with real-time business intelligence to generate
the data necessary for the continued advancement of the entire
cannabis business ecosystem. Through its executives and scientists,
the Company also provides industry research and information which
can be used to make business decisions affecting product quality
and safety. Leveraging its expanded research department, the
Company will assist clients by providing the expertise needed to
help develop incremental revenue opportunities.
The Company, now headquartered in Denver, Colorado, will
continue the business of Carbon Bond as its primary line of
business. The Company's new management team includes Chief
Executive Officer and Board Member, Genifer Murray; President,
Chief Operating Officer and Board Member Steve Kilts; and its Chief
Financial Officer, Scott McPherson. The Company's Board of
Directors now consists of six members, including four newly
appointed independent directors, Joe Allbaugh, Ken Johnsen, Mark
Mirken, and Mark Rogers, none of whom were directors of CannLabs,
Inc. prior to the merger.
Immediately following the closing of the merger, CannLabs
completed a private placement of 500,000 shares of its Series A
Convertible Preferred Stock in a private offering, resulting in
gross proceeds of $500,000. In connection with the private
placement, CannLabs also issued warrants to purchase 20,000,000 of
its common stock. In addition, the investor entered into a note
purchase agreement, pursuant to which the investor agreed to
provide $750,000 in additional funding to CannLabs through November
15, 2014. The Company intends to use net proceeds of the private
placement, principally for expansion into other states, research
and development, patent expenses, general and administrative
expenses and carrying out its business plan.
In connection with the private placement, CannLabs has agreed to
file a registration statement with the Securities and Exchange
Commission covering the resale of the shares of common stock
underlying the Series A Convertible Preferred Stock and
warrants.
"We have been at the forefront of the sweeping changes across
the nation as many states have legalized cannabis. We provide the
technology for reliable testing in product quality, data analytics
and widely accepted standards which are essential elements to all
key constituents in the cannabis industry and this is where we
excel," said chief executive officer and founder, Genifer Murray.
"There is tremendous value in owning, distributing and
extrapolating insights from the data we collect every day. We are
deploying a fully integrated business approach to leverage these
opportunities and provide enhanced and complete solution for our
customers across North America."
In accordance with "reverse merger" accounting treatment, the
Company's historical financial statements as of period ends, and
for periods ended, prior to the merger will be replaced with the
historical financial statements of CannLabs prior to the merger in
all future filings with the Securities and Exchange Commission.
The securities sold in the private placement have not been
registered under the Securities Act of 1933 and may not be resold
absent registration under, or exemption from registration under,
such Act.
Additional information on the Company can be found on its web
site at www.cannlabs.com. Investor Relations can be contacted at
855-842-6936 or via
email at investors@cannlabs.com
ABOUT CANNLABS
CannLabs, Inc., is a solutions provider with intellectual
property, proprietary cloud-based analytics and scientific methods
to serve the cannabis industry. Through Carbon Bond Holdings Inc.,
CannLabs provides laboratories with the necessary business
intelligence technology and other solutions required to serve the
cannabis industry, and these include the first state-licensed
laboratory in Denver, Colorado.
CannLabs enables growers, dispensaries and edible makers to
implement best practices while furthering product advancements. In
addition, the CannLabs website allows consumers to easily locate
certified tested products to meet their specific needs.
CannLabs has been at the forefront of educating the public, in
addition to state and local governments as more states legalize
marijuana for various uses. The Company provides client education
around safe cultivation, identifying contamination problems,
consulting on legal cases and the reformulation of cannabis
products, throughout the U.S. and Canada.
The Company plans to license their solutions to new labs and
other cannabis companies in states and provinces as legislation and
testing mandates for legalization are approved. This will allow the
Company to further scale its data analytics and consulting business
across a broader geographic area. In addition, the CannLabs team
will focus on research and development which will further drive
value for their customers and provide incremental revenue
opportunity.
Safe Harbor Statement
All statements herein other than statements of historical facts
are forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements are based upon our current expectations
and speak only as of the date hereof. Such statements are not
guarantees of future performance and are subject to known and
unknown risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied in such
forward-looking statements. Such factors include, but are not
limited to, our ability to raise additional capital, our limited
operating history and revenue, our ability to attract and retain
qualified personnel, our ability to develop new services, market
acceptance of our services, legislative, regulatory and competitive
developments in our industry, general economic conditions, as well
as other factors set forth in our filings with the SEC.
Contact Company Robert Farrell Vice President of Marketing
855-842-6936
robert.farrell@cannlabs.com www.cannlabs.com Investor Relations
Matt Hayden Chairman - MZ North America 949-259-4986
matt.hayden@mzgroup.us www.mzgroup.us
CannLabs (CE) (USOTC:CANL)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
CannLabs (CE) (USOTC:CANL)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024
