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ICC Labs Enters Into Letter of Intent With Eurofarma Uruguay S.A., a Member of the Brazilian-Owned Multinational Eurofarma Group of Pharmaceutical Companies

VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that one of its Uruguayan subsidiaries has entered into a letter of intent with Eurofarma Uruguay S.A. (“Eurofarma”), a member of the Eurofarma group of companies. The Eurofarma group is a Brazilian-owned multinational pharmaceutical enterprise with 12 manufacturing plants strategically located in the Latin American market.

Pursuant to the letter of intent, the parties have agreed to negotiate definitive commercial agreements pursuant to which Eurofarma will blend, bottle and package, in accordance with Good Manufacturing Practices (“GMP”), for sale by ICC Labs, various products derived from ICC Labs’ CBD extractions that will be used for medicinal purposes.

“We intend for this letter of intent to just be a first step in our relationship with Eurofarma. We believe that this relationship will enable us to benefit from Eurofarma’s depth of pharmaceutical experience and market expertise, while providing Eurofarma with exposure to cannabinoid products. Further, both of us have located our production operations in Latin America, a low-cost market containing more than 630 million people,” said Alejandro Antalich, Chief Executive Officer of ICC Labs.

The transactions contemplated by the letter of intent are subject to applicable regulatory approvals.

ABOUT ICC LABS INC.

ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoids extracts, giving support and promoting the responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance and the highest standards for quality and safety.

For more information, please visit www.icclabs.com.

Contact:
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
t: 598-2900-0000
e: ir@icclabs.com

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

Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: receipt of the requisite regulatory approvals required and ICC’s ability to complete the construction of its extraction laboratory and successfully cultivate sufficient hemp feedstock. Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

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