Ms. Rosy Mondin reports
QUADRON CLOSES CYBERNETIC CONTROL SYSTEMS ACQUISITION
Quadron Capital Corp. has closed the acquisition of Cybernetic Control Systems Inc.
Cybernetic has developed electronic/automated products and systems relating to LED lighting systems and nutrient mixing/sensing systems specific to the cannabis industry.
Proven record of producing automation designs that increase efficiencies and improve return on investment for licensed marijuana growers.
Quadron president and chief executive officer Rosy Mondin statesd: “Cybernetic has a proven track record of designing, manufacturing and supplying custom and standard machines to bring automation to the process manufacturing and industrial sectors. As commercial production in the cannabis sector is in its infancy, there is enormous potential to take Cybernetic’s automation experience and apply it to create efficiencies, consistencies and overall better returns for emerging companies in this rapidly growing industry.”
Pursuant to the acquisition, the shareholders of Cybernetic received an aggregate of 2.7 million common shares of Quadron at a deemed price of 25 cents per share, in consideration for all of the issued and outstanding share capital in Cybernetic. Up to an additional 6.15 million common shares of Quadron may be issued to Cybernetic shareholders, upon Cybernetic meeting certain revenue milestones, of up to $2.5-million, for the fiscal year ending April 30, 2018. The purchase price also includes an offset of $350,000 owing to Quadron. The initial 2.7 million common shares issued in connection with the acquisition are subject to a hold period expiring July 18, 2017.
About Quadron Capital Corp.
Quadron operates through its two subsidiaries, Soma Labs Scientific Inc. and Greenmantle Products Ltd., providing ancillary equipment, products and services, designed and structured to address the complex needs and requirements of cannabis industry participants in Canada and the United States. Soma provides research, services and production equipment to the biotech and bioceutical industries, including cannabis extraction and processing equipment that is being leased and/or sold to various industry participants. Greenmantle’s business involves the sale of ancillary cannabis products, such as customized dispensing devices (that is vaporizer pens) and consumption type products such as branded encapsulation products to authorized cannabis industry participants.