TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) — MPX Bioceutical Corporation (CSE: MPX) (OTC:MPXEF) (the “Company” or “MPX”) is pleased to announce that Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis and Co., LLC (“Glass Lewis”), two leading proxy advisory firms, have recommended that securityholders of MPX vote in favour of the proposed transaction (the “Arrangement”) whereby iAnthus Capital Holdings, Inc. (“iAnthus”), will acquire all of the issued and outstanding common shares of MPX through a court approved plan of arrangement under the Business Corporations Act (British Columbia) (“BCBCA”).
As previously announced, under the Arrangement, holders of MPX common shares will receive 0.1673 of a common share of iAnthus and 0.1 of a common share of MPX International Corporation (“MPX International”), a newly created entity which will hold the non-U.S. assets of MPX. Details of the Arrangement are provided in the Company’s documents relating to the proposed plan of arrangement on www.sedar.com.
For questions, securityholders should contact MPX’s proxy solicitation firm, Laurel Hill Advisory Group, whose contact details are provided below in this press release.
The Glass Lewis report states that:
“Based on the unanimous support of the board, and absent a superior competing offer, we believe that the Arrangement Agreement warrants shareholder support at this time.”
The ISS report states that:
“The arrangement makes strategic sense as it offers MPX shareholders an opportunity to own shares in a larger licensed cannabis facilities operator, and, also, MPX shareholders will receive, in respect of each MPX share that they hold 0.1 of a common share of MPX International, which intends to be engaged in the cannabis industry focusing on developing assets in the bioceutical sector.”
MPX Continuance and MPX International Stock Option Plan
Additionally, ISS and Glass Lewis recommend shareholders of MPX vote for (i) the continuance of MPX from the Province of Ontario to the Province of British Columbia (the “MPX Continuance”); and (ii) the stock option plan of the newly formed MPX International (the “MPX International Stock Option Plan”).
The Board of Directors of MPX unanimously recommends that MPX shareholders vote FOR the MPX Continuance and the MPX International Stock Option Plan.
Your vote is very important. Shareholders should vote FOR the MPX Continuance and FOR the MPX International Stock Option Plan using the form of proxy or voting instruction form in advance of the proxy voting deadline on January 11, 2019 at 10:00 a.m. (Toronto time).
About MPX Bioceutical Corporation
MPX, through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. The successful Health for Life brand operates in the rapidly growing Phoenix Metropolitan Statistical Area. With the acquisition of The Holistic Center, MPX added another operating medical cannabis enterprise to its footprint in Arizona.
GreenMart of Nevada NLV, LLC is an award-winning licensed cultivation, production and wholesale business, licensed for both the medical and “adult use” sectors in Las Vegas, Nevada, and is already selling wholesale into the Nevada medical cannabis market.
In Massachusetts, MPX is building out and will operate a cultivation and production facility as well as up to three dispensaries and manages three full service dispensaries and one producer in Maryland.