Blueberries Medical Provides Corporate Update
TORONTO, April 01, 2020 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) (the “Company” or “Blueberries”), a Latin American producer of medicinal cannabis and cannabis-derived products, is providing the following update on the Company’s recent operating activities.
In view of the COVID-19 pandemic, we would like to provide an update on our activities at Blueberries. Blueberries has a well-prepared supply chain that is positioned to minimize disruption. Our continued focus on the health and safety of our employees and consultants, the safety of our operations, and the safety of the communities in which we live, and work remains paramount. To minimize this risk, the following actions have been taken in accordance with local and international health authority recommendations:
Instituted remote working practices for staff where possible
Implemented rigorous preliminary screenings processes at all operational locations
Special arrangements at operational facilities have been implemented to maximize social distancing
Any employees or contractors showing potential symptoms shall be placed into self-isolation for 14 days
Restriction and tracking of all employee travel
The Company has made preparations in case the situation were to evolve which includes business continuity emergency measures and a care-and-maintenance plan. The Company has reduced non-critical expenditures and will remain prudent in maintaining its strong financial position and net working capital position. Agricultural and extraction operations, critical to the business of the Company, will be undertaken in the most efficient and optimal way possible with health and safety held paramount. The Company continues to monitor the situation very closely and will provide further updates as needed.
“Our number one priority is the health and safety of all stakeholders and their families. Our team has taken significant measures to ensure we remain safe and are continuing to work towards advancing our business in preparation of our sector, overall economy and financial markets returning to normal levels,” stated Camillo Villalba, Chief Executive Officer. “We are proud to take appropriate and decisive measures to protect our teams, our facilities, and our ability to minimize disruption in our operations.”
About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia and operations currently being established in Argentina. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing. Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.
Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:
Ian Atacan, Chief Financial Officer
Tel: +1 (416) 562 3220
Jessika Angarita, Pacta Relations
Tel: +1 (305) 877 4710
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: commencement of commercial production of CBD-dominant oils and products in 2020, successful implementation of full GMP standards at its extraction facility to allow for additional export potential to international markets, achieving additional milestones in 2020 as contemplated, or at all, ability to expand distribution networks, ability to expand and upgrade the Company’s cultivation facilities in Colombia, internal expectations, expectations regarding the ability of the Company to access new Latin American and international markets, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis for commercial and scientific purposes.
Impact of COVID-19 on Outlook
Due to the global outbreak of the coronavirus disease (“COVID-19”), the Company’s risk profile has increased, notably due to the following: a potential curtailment or total shut down of operations by Government; potential of an employee falling ill and causing a disruption to the operations; the ability to procure and transport critical supplies and parts to the facilities; and the ability of the Company to access to logistical means to generate revenues. If any of these events were triggered, the result could be a delay, postponement or shutdown of the operations for an undetermined period. To minimize this risk, the following actions have been taken: a policy has been instituted supporting employees to work from home where practical; preliminary screenings at facilities, any employees or contractors showing potential signs of COVID-19 will be asked to go into self-isolation; special arrangements at the facilities have been implemented to maximize social distancing. The Company is treating the threat of a COVID-19 outbreak very seriously. A care-and-maintenance plan has been prepared and would be executed in the event of an outbreak at one of the facilities. The Company has entered into a cash preservation mode; all non-critical expenditures have been deferred for the foreseeable future. Should the COVID-19 cause a prolonged interruption of operations, this could impact the Company’s ability to secure financing required to progress the implementation of its strategy and/or could result in an impairment of asset values.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding the Company, and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.