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TORONTO, ONTARIO--(Marketwired - Mar 18, 2016) - Nutritional High International Inc. (the "Company" or "Nutritional High") (CSE:EAT) (OTCQB:SPLIF) is pleased to announce that it has amended the terms of its exclusive licensing agreement ("Agreement") with Purple Haze Properties LLC ("PHP"), under which the Company may manufacture and distribute various marijuana and hemp-infused edible products using the song titles and bearing the likeness of iconic guitarists Jimi Hendrix, as described in the Company's press release dated June 8, 2015.
The amendment provides for the early payment of the 2016 exclusivity fee and advance royalty in exchange for the issuance of 5,000,000 Common Shares of the Company to PHP at an effective price of US$0.05 per share rather than the market price as the agreement originally provided.
David Posner, CEO of Nutritional High commented "We're pleased to continue our partnership with Purple Haze Properties as we work to roll-out our products in the United States. The use of Jimi Hendrix's iconic imagery and song titles will surely attract product sampling and sales, thereby allowing us to demonstrate our superior taste, dosing consistency and quality. In particular, PHP's willingness to accept their 2016 fee at a premium to today's market price not only highlights their belief in the future viability of our company but also proves their long-term partnership with Nutritional High."
The products under license include gummies, hard candies and beverages for sale throughout North America.
About Nutritional High International Inc.
Nutritional High is focused on developing, manufacturing and distributing products and nationally recognized brands in the hemp and marijuana-infused products industries, including edibles and oil extracts for nutritional, medical and adult recreational use. The Company works exclusively through licensed facilities in jurisdictions where such activity is permitted and regulated by state law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act "), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.