Chelsea Oil & Gas Ltd. Announces Filing of 2017 Financial Statements, Management’s Discussion and Analysis and Annual Information Form

Calgary, Alberta–(Newsfile Corp. – April 30, 2018) – Chelsea Oil & Gas Ltd. (OTC Pink: COGLF) (“Chelsea”) announces that it has filed its audited consolidated financial statements and accompanying notes for the years ended December 31, 2017, 2016 and 2015, and its related management’s discussion and analysis with applicable Canadian securities regulatory authorities.

Chelsea also announces filing of its December 31, 2017 Annual Information Form (“AIF“). The AIF incudes the reserves data and other oil and gas information for the year ended December 31, 2017 in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.

Copies of these documents may be obtained through the Internet on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.

For further information contact:

Chelsea Oil & Gas Ltd.
+1 (403) 457 1959
info@chelseaoilandgas.com
www.chelseaoilandgas.com

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Sunniva Inc. Announces Fiscal 2017 Financial Results

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2018) – Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF) (“Sunniva” or “the Company”), a North American provider of cannabis products and services, today released its financial results and management’s discussion and analysis for the three months and year ended December 31, 2017. All figures are reported in Canadian dollars ($). Sunniva’s financial statements are prepared in accordance with International Financial Reporting Standards.

Message from the CEO

“2017 was a transformative year for Sunniva establishing the necessary infrastructure to become one of the largest vertically integrated cannabis companies operating in the world’s two largest cannabis markets – Canada and California. It has taken us many years to navigate strict federal and state legislative frameworks in California and the recent US presidential support of the legislative rights of individual states affirms our vision of becoming the leading provider of clean, medical grade cannabis within the Golden State,” said Tony Holler, CEO of Sunniva.

“Our vision is to become one of the lowest cost, highest quality cannabis producers in these markets by building large scale purpose-built current good manufacturing practices (“cGMP”) designed greenhouses and establishing sophisticated distribution channels, including our ownership of Natural Health Services (“NHS”) cannabis clinics in Canada which has surpassed 95,000 active patients as of today, to purchase the significant quantities of high quality Sunniva branded and Sunniva private label cannabis products. Our focus moving forward is to execute and de-risk our business model by forward selling a large portion of our production in both markets, supplementing the previously announced 90,000 KG take or pay contract with Canopy Growth in Canada, with an emphasis on creating long term shareholder value.”

2017 was a year of building and 2018 will be the year of execution for our team to drive significant revenue in the near future. The major focus and milestones for the Company over the next year will be:

  • Completing construction and commencing operations in our large-scale cGMP greenhouse facilities in both Canada and California.
  • Finalizing debt financing for the estimated $120 million construction costs of the Sunniva Canada Campus.
  • Securing additional long-term supply contracts in both markets.
  • Leveraging the NHS doctor and software platform to capture a significant percentage of the Canadian medical cannabis market.
  • Establishing a global Sunniva brand – a trusted source of high quality cannabis flower and extracted products and services.”

Financial Highlights – Year ended December 31, 2017

Consolidated Financial Highlights Expressed in 000’s of CDN$, except per share amounts

Three Months Ended
December 31,
Twelve Months Ended
December 31,
2017 2016 Change 2017 2016 Change
Revenue 5,857 5,857 16,072 38 16,034
Cost of Goods Sold 3,353 12 3,341 9,389 12 9,377
Expenses 5,280 864 4,416 20,897 6,059 14,838
Loss from Operations (2,776) (876) (1,900) (14,214) (6,033) (8,181)
Net Income (Loss) 159 (1,561) 1,402 (18,472) (6,887) (11,585)
Basic Earnings (Loss) Per Share $0.01 $(0.11) $0.12 $(0.74) $(0.41) $(0.33)
Weighted Average Number of Shares 26,630,146 14,499,043 12,131,103 25,128,623 16,782,306 8,346,317

 

Operating Highlights Year ended December 31, 2017

Key operating highlights for the Company for the year included:

  • In Cathedral City, California the Company acquired 20 acres of land and 18 licenses to produce and distribute cannabis in California. The Company subsequently received its Conditional Use Permit from the City of Cathedral City which permitted construction to commence on the Company’s 489,000 square foot purpose-built cGMP designed greenhouse facility. The facility is being financed by a related party of the Barker Pacific Group, Inc. as part of the sale and lease back of its greenhouse facility.
  • The Company acquired NHS, one of the largest aggregators of medical cannabis patients in Canada.
  • The Company acquired Full-Scale Distributors, LLC operating through the brand Vapor Connoisseur, a provider of custom private label vaporizers and cartridges to over 80 brands in North America.
  • The Company acquired two leases and extraction licenses in Cathedral City for volatile and non-volatile extraction.
  • The Company raised approximately $25.7 million in private placement financings of common shares, special warrants and convertible debentures.

Results of Operations – Year Ended December 31, 2017

During Fiscal 2017, the Company completed its first year of revenue generation with a total of $16.1 million in revenue for the year ended December 31, 2017. Revenue was generated from its two acquisitions during the period, NHS and FSD, which contributed $11.3 million and $4.8 million in revenue, respectively. Net loss for the year ended December 31, 2017 was $18.5 million as compared to $6.9 million during the year ended December 31, 2016.

The primary factors affecting the magnitude and variations of the Company’s losses are as follows:

In the year ended December 31, 2017 the Company incurred $14.3 million in selling, general and administrative expenses. The Company also incurred costs of goods sold of $9.4 million on a consolidated basis consisting primarily of contract physician compensation in NHS and product manufacturing costs in FSD.

During the year ended December 31, 2017, the Company incurred non-cash expenses of $6.3 million resulting from a fair value increase in its convertible promissory notes and warrants; an expense of $2.5 million resulting from the amortization of intangible assets acquired with NHS and FSD; and share-based compensation expense of $4.0 million. The expenses were applied to the Consolidated Statements of Comprehensive Loss for the year.

The Company incurred a net loss of $18.5 million for the year ended December 31, 2017. On a comparative basis, the net loss increased from the year ended December 31, 2016 by $11.6 million.

The key components contributing to the change in net loss from the year ended December 31, 2017 compared to the year ended December 31, 2016 was comprised of the following:

  • Expense due to the revaluation of secured convertible promissory notes and warrants of $6.3 million that occurred in the year ended December 31, 2017.
  • Costs of goods sold increased from $nil to $9.4 million resulting from the revenue generating activities of NHS and FSD.
  • An increase in costs related to selling, general and administration expenses from $3.6 million to $14.3 million due to the acquisition of two operating companies NHS and FSD and the Company’s overall growth.
  • Expenses for the period resulting from the amortization of acquired intangible assets in the amount of $2.5 million for the year ended December 31, 2017.
  • Expenses were offset by an increase in revenue from $nil to $16.1 million the year ended December 31, 2017. In addition, deferred revenue increased from $nil as at December 31, 2016 to $0.7 million as at December 31, 2017, resulting from customer deposits on sales of merchandise.

Results of Operations – Three Months Ended December 31, 2017

During the fourth quarter of Fiscal 2017, the Company generated $5.9 million in revenue compared to $nil revenue in the fourth quarter of Fiscal 2016. Revenue was generated from its two acquisitions during Fiscal 2017, NHS and FSD, which contributed $3.9 million and $2.0 million in revenue respectively. Net income for the fourth quarter of Fiscal 2017 was $0.2 million as compared to a net loss of $1.4 million during the fourth quarter of Fiscal 2016.

The primary factors affecting the magnitude and variations of the Company’s losses are as follows:

In the fourth quarter of Fiscal 2017 the Company incurred $5.2 million in selling, general and administrative expenses. The Company also incurred costs of goods sold of $3.4 million on a consolidated basis consisting primarily of contract physician compensation in NHS and product manufacturing costs in FSD.

During the fourth quarter of Fiscal 2017, the Company realized a non-cash recovery of $2.4 million resulting from a fair value decrease in its convertible promissory notes and warrant liability; a recovery of $1.4 million resulting from the finalization of the NHS purchase price allocation and the resulting impact on amortization of the intangible software assets; and share-based compensation expense of $0.7 million. The expenses were applied to the Consolidated Statements of Loss and Comprehensive Loss for the period.

The Company earned net income of $0.2 million for the fourth quarter of Fiscal 2017 compared to a net loss of $1.4 million in the fourth quarter of Fiscal 2016. The key components contributing to the change in net loss from the fourth quarter of Fiscal 2017 compared to the fourth quarter of Fiscal 2016 was primarily related to:

  • Recovery due to the revaluation of secured convertible promissory notes and warrants of $2.4 million that occurred in the fourth quarter of Fiscal 2017.
  • Costs of goods sold increased from $nil to $3.4 million resulting from the revenue generating activities of NHS and FSD.
  • An increase in costs related to selling, general and administration expenses from $0.9 million to $5.2 million due to the acquisition of two operating companies NHS and FSD, share-based compensation and the Company’s overall growth. This was offset by an increase in revenue from $nil to $5.9 million in the period.
  • Recovery for the period resulting from the amortization of acquired NHS software in the amount of $1.9 million for the fourth quarter of Fiscal 2017.

Recent Operating Developments Subsequent to December 31, 2017

For a comprehensive overview of Sunniva’s Recent Developments, please refer to the Company’s Management’s Discussion and Analysis of the Financial Condition and Results of Operations for the Three and Twelve Months Ended December 31, 2017.

  • On January 10, 2018, the Company began trading its common shares on the Canadian Securities Exchange under the symbol “SNN”. On February 15, 2018 the Company began trading its common shares on the OTCQX Market, operated by OTC Markets Group, under the symbol “SNNVF”.
  • On February 15, 2018, the Company repaid the FSD note in cash of $2.8 million (US$2.2 million), plus accrued interest, and the remaining portion through the issuance of common shares at the conversion price of US$2.55 per share.
  • On February 21, 2018 Sunniva and Canopy Growth Corporation (“Canopy Growth”) entered into a take or pay supply agreement. Under the terms of the agreement, Canopy Growth will purchase up to 45,000 kilograms of dried cannabis annually which includes Canopy Growth purchasing and distributing Sunniva branded products.  Canopy Growth and Sunniva will share in the revenues as product is sold through Canopy Growth’s distribution network including its online marketplace, Tweed Main Street and via provincial distribution channels. The revenue share will be based on the strain, sales channel and other relevant factors.
  • On March 27, 2018 the Company completed a bought deal public offering for aggregate gross proceeds of $27.8 million. A total of 2,850,900 units (“Units”) and 50,000 Warrants (as defined below) were sold at a price of $9.75 per Unit and $0.02 per Warrant. Each Unit consists of one Common Share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) of the Company. Each whole Warrant shall entitle the holder thereof to acquire one common share at an exercise price per share of $12.50 for a period of 24 months.
  • On April 12, 2018, Sunniva announced that its US subsidiaries received all the necessary State of California temporary licenses for phase one and two for its purpose built state-of-the-art greenhouse cultivation facilities in Cathedral City, California.

Copies of our audited annual financial statements and related management’s discussion and analysis of financial results are available on SEDAR at www.sedar.com.

About Sunniva Inc.

Sunniva, through its subsidiaries, is a vertically integrated medical cannabis company operating in the world’s two largest cannabis markets – Canada and California – where we are committed to delivering safe, high-quality products and services at scale. Our vision is to become the lowest cost, highest quality cannabis producer in the markets we serve by building large scale purpose-built current good manufacturing practices greenhouses, offering better quality assurance with cannabis products free from pesticides, providing better patient and doctor access to cannabis education and sourcing better therapeutic delivery devices. Sunniva’s management and board of directors have a proven track record for creating significant shareholder value both in the healthcare and biotech industries.

Sunniva operates through its wholly owned subsidiaries:

Sunniva Medical Inc. (“SMI“) – SMI is a late stage Access to Cannabis for Medical Purposes Regulations (“ACMPR“) applicant in final review and is building the Sunniva Canada Campus, 700,000 square feet of purpose-built cGMP compliant greenhouse facilities to be located in British Columbia. The total campus is expected to produce over 100,000 kg of premium medical cannabis a year and over 25,000 kg of trim used for extraction. The facility will produce pesticide free products and will convert trim to extracted products such as cannabis oil. The oil can be used for drug delivery formats such as capsules, dissolvable strips, vaporization cartridges, tinctures and creams. Sunniva anticipates breaking ground in the next two weeks. As the facility is not yet under construction, revenue and costs are not known, therefore, profitability cannot be assured.

CP Logistics, LLC (“CPL“) – Through CPL, Sunniva has commenced construction of the Sunniva California Campus, state-of-the-art, purpose-built greenhouse facilities in Cathedral City, California. The Sunniva California Campus is planned in two phases and has been cGMP designed. Phase 1 is designed to be 325,000-square feet producing in excess of 60,000 kg of premium cannabis a year. The total campus is expected to produce over 100,000 kg of premium cannabis a year after Phases 1 and 2 are complete. At this facility, it is estimated 30% of all product will be used for higher margin extracted products and all products will be produced free from the pesticides commonly used within today’s industry. As the facility is not complete, revenue and costs are not known, therefore, profitability cannot be assured.

Natural Health Services Ltd. (“NHS“) – NHS owns and operates a network of 7 clinics in Canada specializing in medical cannabis under ACMPR. NHS connects patients with safe and effective medical cannabis products through Licensed Producers (“LPs“). NHS has in-house physicians and nurse practitioners specializing in the endocannabinoid system providing expert consultation, education, and recommendations for patients. NHS’ proprietary technology infrastructure assists physicians, patients and LPs to comply with the rules of Health Canada. NHS has more than 150,000 active medical documents outstanding and 95,000 active patients.

Full-Scale Distributors, LLC (“FSD“) – FSD, through its brand, Vapor Connoisseur, is a provider of custom, private-label vaporizers and accessories. FSD currently serves the needs of over 80 brands in the North American marketplace. Vapor Connoisseur is recognized for its high quality and innovative vaporization devices. Products are tailored to client needs, ensuring both safety and reliability and FSD will continue to provide these services in coordination with the large supply from both Sunniva Campuses.

For more information please visit: www.sunniva.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Sunniva’s plan to cultivate, produce and distribute a broad range of solutions focused on patients’ needs and Sunniva’s plans, timing and estimates of production for its facilities, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva’s continuous disclosure documents available on http://www.sedar.com. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Sunniva assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

Contact Information:
Dr. Anthony Holler
Chairman and Chief Executive Officer

Investor Relations Contact:
George Jurcic
Manager, Investor Relations
587-430-0680
ir@sunniva.com

Corporate Communications Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

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Koios Beverage Corp. Announces Final Bulletin and Trading Date in Connection with Fundamental Change Transaction

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2018) – Koios Beverage Corp. (CSE: KBEV), formerly Super Nova Petroleum Corp. (CSE: SNP) (OTC: SNOVF) (the “Company” or “Koios Bev“), is pleased to announce that further to its news release on April 13, 2018, the Company’s common shares will resume trading on the Canadian Securities Exchange (the “CSE“) under the symbol “KBEV” at market open on May 1, 2018, following the publication by the CSE of its bulletin granting final approval of the Company’s listing application in connection with its transaction (the ”Transaction“) with Koios, Inc. (“Koios“) completed on April 13, 2018 that constituted a “fundamental change” of the Company within the meaning of the policies of the CSE.

A listing statement describing the Company and Koios, as well as the terms of the Transaction and associated transactions, prepared in accordance with the policies of the CSE, is available on SEDAR at www.sedar.com.

Grant of Stock Options

The Company also announces that it has granted 1,500,000 stock options to two directors of Koios Bev, an officer of Koios, an employee of Koios and two consultants of Koios Bev, pursuant to its Stock Option Plan, at an exercise price of $0.20 per common share. Each option granted to the optionees is exercisable for a period of two years. Of the stock options granted, 600,000 of the stock options vest on April 30, 2019 and 900,000 of the stock options vest on August 30, 2018.

About the Company’s Business

The Company, through its wholly-owned subsidiary Koios, is an emerging functional beverage company which has an available distribution network of over 2,000 retail locations across the United States in which to sell its products. Koios has relationships with some of the largest and most reputable distributors in the United States, including Europa Sports, Muscle Foods USA, KeHE, and Wishing-U-Well.  Together these distributors represent over 80,000 brick and mortar locations across the United States from sports nutrition stores to large natural grocery chains including Whole Foods and Sunflower markets.  Through its partnership with Wishing-U-Well, Koios also enjoys a large presence online, including being an Amazon choice product.  

Koios uses a proprietary blend of nootropics and natural organic compounds to enhance human productivity without using harmful chemicals or stimulants.  

Koios products can enhance focus, concentration, mental capacity, memory retention, cognitive function, alertness, brain capacity and create all day mental clarity.  Its ingredients are specifically designed to target brain function by increasing blood flow, oxygen levels and neural connections in the brain.  

Koios is one of the only drinks in the world to infuse its products with MCT oil.  MCT oil is derived from coconuts and has been shown to help the body burn fat more effectively, create lasting energy from a natural food source, produce ketones in the brain, allowing for greater brain function and clarity, support healthy hormone production and improve immunity.  

On behalf of the Board of Directors of the Company.

KOIOS BEVERAGE CORP.

“Chris Miller”
Chris Miller, CEO and Director

For further information, please contact:
604-283-1722

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding the timing for resumption of trading for the Company’s stock. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Koios has not conducted any scientific studies on the effects of Koios’ products which have been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking Koios’ products will vary from person to person. No claims or guarantees can be made as to the effects of Koios’ products on an individual’s health and wellbeing.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

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CardioComm Solutions Reports a Profitable FY2017 and Revenue Growth

Improving fiscal performance and continued growth opportunities are anticipated for 2018

Toronto, Ontario–(Newsfile Corp. – April 30, 2018) – CardioComm Solutions, Inc. (TSXV: EKG) (“CardioComm” or the “Company“), a leading global provider of consumer heart monitoring and electrocardiogram (“ECG“) software solutions, released its 2017 year-end financials, demonstrating continued sales growth, a profitable 2017 and increased confidence from the Company’s auditor.

The 2017 figures are the result of management’s continued focus on expense control coupled with new revenue generation opportunities. A summary of the SEDAR-posted financials shows the Company reported 2017 working capital of $486,911; net earnings of $39,609 versus a reported loss of $23,057 for 2016 (an increase of $62,667) and revenue growth of 11.7% to $1,749,269 in 2017, from $1,557,555 in 2016.

Material to this year’s financial filing is the removal by the auditor of the going concern statement from the 2017 financial statements. Operationally, the Company has been cash flow positive over the last six fiscal quarters. The Company’s financial statements also accommodate a 70% recovery of a non-operational cash loss of $113,235 related to an international banking transition.

The predominant drivers for revenue growth were increased software licensing contracts that generated recurring revenue streams and customized engineering contracts from device manufacturers and telemedicine groups. Revenue realized from hardware sales fell from 42% of total revenue in 2016 to 21% in 2017. All software-related revenues increased 21%, from 58% in 2016 to 79% in 2017. This increase is in line with the Company’s recognized core competency and growing strategic market position as an innovator in ECG device communications, ECG data management solutions and ECG review and interpretation solutions, as well as the Company’s status as a preferred “software as a medical device” provider to the medical and telemedicine industries.

The Company will continue to emphasize maintaining its recognized leadership as a software innovator in high impact medical software engineering through confirmation of plans to introduce multiple biometric and vital signs monitoring capabilities to its software offerings, as well as automated interpretation algorithms to its GEMS™ and SMART Monitoring ECG offerings. The Company believes access to new and innovative devices will lead the way for further software sales growth, as device manufacturers look to provide consumer and medical markets with access to novel technologies that can provide medically credible results.

CardioComm Solutions has earned the ISO 13485 certification, is HPB approved, HIPAA compliant and holds clearances for the sale of its HeartCheck™ technologies from the European Union (CE Mark), the USA (FDA), China (CFDA) and Canada (Health Canada).

To learn more about the CardioComm Solutions’ products, please see the Company’s websites www.theheartcheck.com and www.cardiocommsolutions.com.

About CardioComm Solutions

CardioComm Solutions’ patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada).

FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x227
egrima@cardiocommsolutions.com
www.cardiocommsolutions.com

Forward-looking statements

This release may contain certain forward-looking statements and forward-looking information with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. Such statements and information reflect management’s current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and forward-looking information.

In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation, Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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New Zealand Energy Corp announces 2017 End of Year Results

Wellington, New Zealand–(Newsfile Corp. – April 30, 2018) – New Zealand Energy Corp. (“NZEC” or the “Company”) (TSX-V: NZ) announced today it has filed with Canadian regulatory authorities its 2017 consolidated financial results, management discussion and analysis and Form 51-101 reserves report, which documents are available on the Company’s website at www.newzealandenergy.com and on SEDAR at www.sedar.com.

Commenting on the Company’s performance during the year, Chairman James Willis said: “2017 has been a year of consolidating changes made in 2016 with a continued focus on sustained increases in hydrocarbon production, managing costs downwards and increasing third party services and revenues. While the second half of 2017 was adversely affected by issues arising from equipment failures and unplanned maintenance, these are now behind us. The result is that 2017 has produced a small, but positive, operating cashflow. In addition, our health and safety performance continues to be excellent, with company wide participation and close attention by everyone to our goal of zero harm to people..”

Mr Willis went on to say: “The results from early in 2018 are good, due to the positive results from the new pump and completion installed mid-February in the Copper Moki-1 well, which has been producing at an average of 160 boe/d (90% oil) since late February. Looking to later in 2018, the Waihapa/Ngaere joint venture has agreed, in principle, to proceed with the next phase of the Waihapa enhanced oil project — targeting installation in the second half of calendar 2018. This project, together with the existing production and revenue base, provide a sound basis to grow the business”.

Cash provided by operating activities was $66,799, compared to 2016 when $782,961 of cash was used in operations. The net loss for the 2017 year was $4,536,800 compared with a loss for the previous year of $5,225,884. Included in the net loss was an impairment of $1,591,776 (2016: $2,955,857) mainly attributable to declines observed in the Copper Moki wells. The Company achieved average net daily production of 129 boe/d (87% oil) through 2017 compared to 219 boe/d (78% oil) during 2016.

On behalf of the Board of Directors

“James Willis”

Chairman

New Zealand Energy Corp.

New Zealand Energy Contacts

Email: info@newzealandenergy.com
Website: www.newzealandenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARDLOOKING INFORMATION AND CAUTIONARY NOTE REGARDING RESERVE ESTIMATES

This document, the consolidated financial statements for the quarter ended 31 December 2017 and full financial year and the Management’s Discussion and Analysis contain certain forward- looking information, forward-looking statements (“forward-looking statements”). The reader’s attention is specifically drawn to the qualifications, disclosure and cautionary statements in these documents regarding forward-looking statements and reserve and resource estimates.

The Company notes that such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond NZEC’s control, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information.

As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. All forward-looking statements are made as of the date of this document or the date of the documents referenced above, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

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Thiel College, University of Pittsburgh Agreement Fast Tracks Students into Graduate Program

Thiel College and University of Pittsburgh have reached an agreement that will allow Thiel juniors to be admitted into the University of Pittsburgh Graduate School of Public and International Affairs graduate program

Greenville, Pennsylvania–(Newsfile Corp. – April 30, 2018) – Thiel College students can earn guaranteed admission to The University of Pittsburgh Graduate School of Public & International Affairs as a junior through an agreement signed recently.

Students who meet the University of Pittsburgh Graduate School of Public and International Affairs admission standards can be admitted to the graduate program in their junior year of undergraduate studies. Students admitted to the graduate program will also be awarded a minimum $5,000 merit scholarship.

Students will receive their Bachelor’s degree from Thiel College (https://www.thiel.edu/) and move on to the University of Pittsburgh to choose from its Master of Public Administration, Master of Public & International Affairs, or Master of International Development degrees.

“This is a tremendous opportunity for Thiel students to gain an outstanding liberal arts foundation and then move seamlessly to graduate studies at a recognized, ranked and respected institution,” Thiel College Vice President for Academic Affairs and Dean of the College Liz Frombgen, Ph.D., said. “The agreement with the University of Pittsburgh connects our students to another resource for reaching their full potential.”

The University of Pittsburgh Graduate School of Public & International Affairs is celebrating its 60th anniversary in 2018 and is one of the country’s oldest and most prestigious professional schools for public service. It is currently ranked seventh nationally in international/global policy and administration and 19th nationally in local government management by US News and World Report. Foreign Policy magazine ranks it among the top 20 master’s programs for a policy career in international relations worldwide.

“We at the Graduate School of Public and International Affairs have been very impressed by the quality of Thiel College’s undergraduate program and its mission of educating all students,” said Michael Rizzi, Ed.D., GSPIA’s Director of Student Services. “We are confident that a student who graduates with a Thiel degree is well prepared for the rigors of our master’s degree program, and we see this partnership as a natural connection between two high-quality institutions.”

About Thiel College

Thiel College (https://www.thiel.edu/) is a private liberal arts institution founded in the Lutheran tradition. Located in Greenville, Pa., the College offers 60 majors and minors, 25 varsity sports, and an 11:1 student-faculty ratio to more than 900 students. A dedicated faculty paired with dynamic research and internship opportunities produce numerous graduate school and job placements. Coeducational from its beginnings, the College celebrated its 150th anniversary in 2016 and remains committed to combining tradition with innovation.

Media Contact:
Thiel College
7245892188
ddirienzo@thiel.edu

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Abattis Completes Acquisition of Remaining Minority Interest in Gabriola Green Farms

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2018) – Abattis Bioceuticals Corp. (the ”Company” or “Abattis“) (CSE: ATT / OTC: ATTBF) is pleased to announce, further to its news release dated April 18, 2018, that it has completed its acquisition of the remaining 10% ownership interest (the “Interest“) in its subsidiary, Gabriola Green Farms Inc. (“Gabriola“). Abattis acquired the Interest from CannaNUMUS Blockchain Inc. for $2.5 million. Gabriola is now a wholly-owned subsidiary of the Company.

About Abattis Bioceuticals Corp.

Abattis is a life sciences and biotechnology company which aggregates, integrates, and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. The Company has successfully developed and licensed natural health products, medicines, extractions, and ingredients for the biologics, nutraceutical, bioceutical, and cosmetic markets. The Company is also seeking to acquire exclusive intellectual property rights to agricultural technologies to be employed in extraction and processing of botanical ingredients and compounds. The Company follows strict standard operating protocols and adheres to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company’s website at: www.abattis.com.

ON BEHALF OF THE BOARD OF ABATTIS BIOCEUTICALS CORP.,

“Rob Abenante”
Robert Abenante, President & CEO

For more information, please visit the Company’s website at: www.abattis.com or www.northernvinelabs.com

For inquiries, please contact the Company at (604) 674-8232 or at news@abattis.com.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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