Benton Capital Provides Acquisition Update Of Folium Life Science Inc.

Due to the fact that the Ready-to-Build letter was not received by November 15, 2014, the Company was required to return funds held in escrow related to a non-brokered private placement of subscription receipts plus pro-rata net interest earned on the funds to the underlying subscribers.

Under Benton and Folium’s current share exchange agreement, Folium has until December 31, 2014 to obtain its Ready-to-Build in order for Benton to complete the acquisition of Folium. Benton and Folium remain committed to completing the transaction and executing Folium’s business strategy.

Stephen Stares, Company President and CEO commented, “We’re very disappointed and frustrated with these unexplained delays by Health Canada in processing applications. The MMPR program was developed by Health Canada to add legitimacy, quality control and accountability on the part of producers in the medical cannabis field but at the same time have made this process seemingly unnavigable for applicants. The very process forces applicants to bear significant ongoing holding costs while they wait for an approval under no certain time frames and with no communication with respect to progress.

To our knowledge there have been no new licenses granted under the MMPR program in quite some time which is troublesome for many companies such as ours that are faced with ongoing expenses and no real answers in sight.” Benton will continue to update shareholders as the acquisition of Folium progresses.

To read more, visit http://finance.yahoo.com/news/benton-capital-provides-acquisition-folium-202121934.html

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