MPXOF - MPX International Announces First Quarter 2021 Financial Results

(TheNewswire)

TORONTO, ONTARIO – TheNewswire- March 2, 2021 – MPXInternational Corporation (“ MPX International ”, “ MPXI ” or the “ Corporation ”) (CSE:MPXI ) ; (CNSX:MPXI.CN); ( OTC:MPXOF), a multinational diversified cannabis company, has reported its financial results for its firstfiscal quarter, the three month period ended December 31, 2020. Allfigures are presented in Canadian dollars unless otherwiseindicated.

The Corporation is focused on developing and operatingassets across the global cannabis industry with an emphasis oncultivating, manufacturing and marketing products which includecannabinoids as their primary active ingredient.

Corporate Highlights for the Three Months EndedDecember 31, 2020

MPXI Closed Additional Tranches of the Offering

During the three months ended December 31, 2020, theCorporation completed additional tranches of a non-brokered privateplacement offering (the “ Offering ”) of units (the “ Units ”) and also further amended theDebenture Indenture (as defined below) on December 18, 2020 pursuantto the 2 nd supplementaldebenture indenture to increase the principal amount under DebentureIndenture, as amended on September 16, 2020, by $3,400,000(US$2,500,000) to a new maximum principal amount of up to $10,200,000(US$7,500,000) and to c onfirm the Canadian andUnited States dollar currency exchange rate as 1.36 Canadian dollarsfor each US$1.00 .

During the quarter, the Corporation issued an aggregateof 2,881 Units in three additional tranches closing on October 20,2020 (506 Units), December 24, 2020 (2,229 Units) and December 31,2020 (146 Units) at a price of US$1,000.00($1,360) for aggregate gross proceeds of $3,918,160(US$2,881,000).

As at December 31, 2020, the Corporation issued a totalof 7,375 Units for aggregate gross proceeds of $10,030,000(US$7,375,000) for the closing of the initial six tranches of theOffering.

Each Unit consists of one 12% secured convertibledebenture of the Corporation (a “ Debenture ”) in the principal amountof US$1,000.00 (the “ PrincipalAmount ”) and 7,000 common share purchasewarrants (each, a “ Debenture Warrant ”). The Debentures will have amaturity date of twenty-four (24) months from the date of issuance,subject to certain conversion privileges (the “ Maturity Date ”) as set forth in adebenture indenture (the “ DebentureIndenture ”) entered into with AST TrustCompany (Canada) (“ AST ”). Each Debenture will rank pari passu in right of paymentof principal and interest with all other Debentures issued under theOffering.

The Corporation used the proceeds from the Offering tofund product and facility development as well as for working capitaland other general corporate purposes.

Each Debenture bears interest at a rate of 12% perannum from the date of issue, payable quarterly in arrears on the lastday of March, June, September and December in each year (each, a“ Coupon Date ”). Allaccrued but unpaid interest as of each Coupon Date shall be payable bythe Corporation in cash and shall accrue interest at a rate of 12% perannum.

The Principal Amount is convertible, for no additionalconsideration, into MPXI Shares at the option of the holder at anytime prior to the earlier of: (i) 6:00 p.m. (Eastern Standard Time) onthe Maturity Date; or (ii) the business day immediately preceding thedate specified by MPXI for redemption of the Debentures at aconversion price equal to $0.12 per MPXI Share.

Each Debenture Warrant entitles the holder thereof topurchase one MPXI Share (each, a “ Debenture Warrant Share ”) at an exercise price of $0.20 (the “ Exercise Price ”) for a period oftwenty-four (24) months from the Closing Date (the “ Expiry Date ”).

During the quarter, the Corporation paid aggregate cashfinders fees of $29,716 (US$21,850) and issued an aggregate of 400,583Compensation Warrants to certain finderspursuant . Each Compensation Warrant entitles theholder to acquire one (1) MPXI Share at an exercise price of $0.20 perMPXI Share for twenty-four (24) months. No finder’s fees were paidin connection with the Fourth Tranche .

Canveda Enters into a Supply Agreement with the AlbertaProvincial Retail Regulator for Strain Rec™Products.

On October 1, 2020, the Corporation announced theentering into of an agreement dated August 7, 2020 between Canveda andAGLC for the supply of cannabis under the Strain Rec™ brand.Initially, Canveda will supply several strains of unique, high qualityflower which will be sold by retail outlets in the Province ofAlberta, as well as through AlbertaCannabis.org. Additional productSKUs will follow as Canveda’s product offering diversifies. Theagreement will continue until December 1, 2021, unless terminatedearlier and may be extended upon mutual agreement of the parties for amaximum of two (2) additional terms of up to 18 months each.

MPX International enters into Asset Purchase Agreementto Expand into the Alberta Retail Cannabis Market under the RetailBanner Strain Rec™

On October 14, 2020, the Corporation announced thatMPXI Alberta entered into an asset purchase agreement (the“ Asset Purchase Agreement ”) dated July 31, 2020 pursuant to which MPXI Albertaacquired substantially all of the assets of Blaze 420 Today Inc.(“ Blaze 420 ”),including the leasehold interests to three (3) locations acrossAlberta which each have received development permits to operate asretail cannabis stores (the “ Assets ”).

T he Assets acquired will enableMPXI to establish a cannabis retail platform in Alberta and open up tothree (3) retail cannabis stores in the Edmonton, Alberta area,subject to the final approval from AGLC, upon meeting all licensing requirements.

MPXI Alberta has obtainedapproval from the AGLC to operate as a licensed candidate.

Pursuant to the terms of the Asset Purchase Agreement,MPXI Alberta acquired the Assets for a total purchase price of up to$749,000 comprised of the following consideration and based upon theachievement of certain milestones as set out below:

1. (i) up to $283,333 as of the date of the official openingof the first (1 st ) retailstore (“ Milestone 1 ”)satisfied as follows: (a) $83,333 in cash; (b) $100,000 of MPXI Shares to be issued at a fixed price of $0.25 per MPXIShare; and (c) $100,000 through the issuance of a promissory note(“ Note 1 ”), less anyoutstanding principal amount and any accrued and unpaid interest owingby Blaze 420 to MPXI as of October 1, 2020 (the “ Closing Date ”) pursuant to thepromissory note between Blaze 420 and the Corporation date d June 27,2019 ;

1. (ii) up to $183,333 as of the date of the official openingof the second (2 nd ) retailstore (“ Milestone 2 ”)satisfied as follows: (a) $83,333 in cash; and (b) $100,000 through the through the issuance of a promissorynote (“ Note 2 ”); and

1. (iii) up to $283,333 as of the date of the official openingof the third (3 rd ) retailstore (“ Milestone 3 ”)satisfied as follows: (a) $83,333 in cash; (b) $100,000 of MPXI Shares to be issued at a price per share equal to theten (10) day volume weighted average price of the MPXI Shares on theCSE as of the day Milestone 3 is achieved ; and(c) $100,000 through the through the issuance of a promissory note (“ Note 3 ” together with Note 1 and Note 2, the “ Notes ”).

The Notes will be paid in quarterly increments witheach payment equal to 20% of the Free Cash Flow generated in theprevious quarter by the specific retail store operated by MPXI Albertathat the Note was issued in connection with. “ Free Cash Flow ” means, the cash that is producedafter MPXI Alberta pays for all its operating expenses (includingcreditor payments, sales taxes, corporate taxes and interest payments ) and provides for accruedbut unpaid salaries, payroll taxes, sales taxes, corporate taxes andoperating expenses and overdue creditor accounts. For the avoidance ofdoubt, the Free Cash Flow calculation for purposes of the Agreementwill exclude : (A) the introduction of new capital; (B) any capitalexpenditure; and (C) proceeds from the disposal of any assets.

Appointment of New Chief Financial Officer

On October 19, 2020, the Corporation announced theappointment of Jeremy Blumer as MPXI’s new Chief Financial Officer,effective October 16, 2020.

Mr. Blumer brings over 25 years of financial experiencewith both public and private companies to the Corporation, includingin the cannabis industry as CFO with Quality Green Inc. a cannabislicense holder based in Ontario and Wayland Group Corp. (formerlyMaricann Group Inc.) which controlled a multinational group ofcannabis companies. Mr. Blumer was also the Senior Director and Headof Accounting at Blackberry and held senior finance positions withCerticom, Ontario Ambulance Services Co and Pilot Insurance.

Mr. Blumer is a Chartered Professional Accountant (CPA,CA) and holds an Honours Bachelor of Commerce degree in Accounting andFinance from Queen’s University.

Canveda Completes First Transaction under its Agreementfor the Manufacturing and Distribution of Cannabis Products in Israel

On November 19, 2020, the Corporation announced thatCanveda completed its first delivery of cannabisflower pursuant to the Panaxia Manufacturing & DistributionAgreement.

A first shipment of 100 kg of high-quality cannabisflower was shipped from Canada to Israel on November 15, 2020 afterreceiving an export permit from Health Canada. The flower will bepackaged and distributed by Panaxia under the Salus Biopharma brand toIsraeli patients and pharmacies over the course of calendar Q1 andwill be recorded as revenue as deliveries are confirmed.

Panaxia uses high-quality cannabis flower tomanufacture and distribute a variety of standardized, pharma-grade,smokeless, measured dosage cannabinoid-based products includingsublingual tablets, slow-release tablets, pastilles, rectalsuppositories, vaginal suppositories, skincare ointments, topicalpatches and oral spray inhalers. The Salus BioPharma products will besold to patients with a variety of conditions such as PTSD, chronicpain, cancer, epilepsy, Parkinson’s, Alzheimer’s, anorexia andHIV/AIDS.

Canveda Receives Licence Amendment from Health CanadaAuthorizing Production and Sales of Cannabis 2.0 Products

On December 1, 2020, the Corporation announced thatCanveda received a licence amendment from Health Canada whichauthorizes Canveda to produce, sell, and export all categories ofauthorized Canadian cannabis products, including topicals, extractsand edibles.

Prior to the receipt of the amended licence, Canvedahas been developing its flower and pre-roll product offerings inAlberta, Saskatchewan and Israel. This amendment allows Canveda toimmediately expand into the production and sale of other Cannabis 2.0products, such as extracts, vapes, tablets and topical creams. Theseproducts will be offered under both the “Salus” medical brand andthe popular recreational “Strain Rec™” brand.

Outlook

The Corporationcontinues to be focused on developing and operating assets across theglobal cannabis industry with an emphasis on cultivating,manufacturing and marketing products which include cannabinoids astheir primary active ingredient.

In Canada, the Corporation continues to transition itsprincipal business model away from cultivation to one ofintermediation between buyers and sellers, accessing or facilitatingthe sale of cannabis products from licensed License Holder’s(“ LH ”) and arrangingor facilitating sales to medical cannabis consumers domestically and,increasingly, to international buyers. This strategy reduces oreliminates the need for large capital investment, while generatingfees and margins with equivalent net returns than are generallyavailable from seed-to-sale operations. The Corporation is currentlyinvolved in late-stage negotiations to facilitate several furtherexport opportunities to Europe, Israel and Australia.

Domestically, utilizing the resources of Spartan andthe Medical Cannabis Learning Network, MPXI is currently workingtogether with several third-party License Holders and customeraggregation entities to educate and market cannabinoid-based medicinesto Canadian patients. Revenue is generated through transactionaland/or hourly-based consulting fees from Licence Holders. TheSpartan/MCLN platform acts as both a telemedicine medium providingpatient access to medical practitioners for advice and cannabisprescriptions and as a sales platform for Canveda and anticipatesadding other third-party Licence Holders in the coming months. TheMCLN operates in much the same manner as Amazon or Shopify byproviding on-line sales facilitation between medical cannabis usersand Licence Holders.

This private socialnetwork connects patients with credible information on the use ofmedical cannabis, offers the ability to conduct virtual consultationswith qualified medical practitioners and acts as an order-entry toolfor the purchase of medical cannabis products from Canveda. MPXI is anticipating the addition of otherthird-party Licence Holders to the platform over the next several months.

The MCLN and its integration with the Spartan platformwill play a significant role in our growth in Canada this coming year. Spartan is a leading medical cannabis clinicdedicated to assisting Veterans of the Canadian Forces, RCMP and firstresponders since 2017. Spartan has also expanded its services tohelping Canadians seeking medical cannabis education, prescriptions,and advice on a wide selection of reputable Health Canada approvedproduct offerings at its premier virtual clinic. Spartan prides itselfon its 3 key measures for aligning clients with reputable suppliers:customer service s , productavailability, and product quality. Spartan attributes its continuedgrowth to its 4 Pillars of Success: (1) Honesty; (2) Integrity; (3)Respect; and (4) Giving Back to the Community.

Over 40 countries, including 24 in Europe, havelegalized cannabis in some form and medicinal use is by far the primary focus oflegalization. Success in the medical cannabis marketplace is largelydetermined by the number of patients being served and the MedicalCannabis Learning Network is a leading edge “patient acquisition”technology which can be adapted for use in many countries.

MPXI continues to explore opportunities to enter theretail (dispensary) arena in Canada and Switzerland. The first“HolyWeed” branded location was launched in Geneva in January 2020and has been consistently profitable, supported planned expansion ofretail outlets in Zurich and elsewhere in Europe. The Corporationintends to continue the creation of a retail footprint for itsproducts in Canada, Europe and elsewhere.

In spite of Covid-related delays in the receipt andinstallation of extraction, distillation and packaging equipmentthroughout most of calendar 2020, Switzerland’s CBD processing labis now virtually complete and has the ability to process substantialamounts of CBD distillate and isolate for sale into the global market throughout the coming months. The initialproduction of high-quality CBD distillate commenced in late Septemberwith capacity expected to continue to expand during fiscal Q2 and growsignificantly in subsequent months.

With the ultimate goal of creating a global supplychain of low-cost biomass, efficiently-scaled production of GMPquality cannabinoid products for sale into high-value markets, theCorporation will also continue to develop its projects in Malta andSouth Africa. While again plagued with COVID-19 induced delays, theCorporation still expects each of these two projects to commenceoperations during calendar Q2 of 2021 and calendar Q4respectively.

In Australia, the opportunity to import products fromMalta, Canada and South Africa has prompted the Corporation to changeits focus from domestic production to developing an import anddistribution capability and now plans to import and introduce theSalus branded products to the Australian market. MPXI’s Australiansubsidiary is fully licensed for the import and distribution ofcannabis.

Finally, the Corporation continues to investigate anddevelop other international expansion opportunities that could providelower-cost cultivation, new genetics, innovative productiontechnologies and, most importantly, new markets for its products. Inaddition and as part of the aforementioned investigation, the Board,supported by its management team, regularlyexplores and evaluates potential strategic alternatives focused onmaximizing shareholder value.  These alternatives could include,among other things, the sale of part or all of the Corporation,financing certain business units of the Corporation through equity ordebt, a sale of some of the assets of the Corporation , a merger or other businesscombination with another party, or other strategictransactions.

The business interruption created by the globalshutdowns and travel restrictions has had a negative impact on theprogress of the multiple domestic and international projects initiatedby the Corporation in late 2019 and early 2020. Unlike most othercannabis ventures, virtually all of MPXI’s operations were still inthe pre-revenue stage when the virus emerged. As a result, theCorporation embarked on plan of cost containment, including wagereductions, the cancellation of several consulting arrangements, thedelay of construction of facilities in Switzerland and South Africaand the abandonment of selected infrastructure projects in Canada andAustralia . MPXI will extend many of thesecost-saving initiatives in the post-COVID-19 period.

The international cannabis industry is evolvingrapidly. Regional reports prepared by the London-based cannabisresearch firm Prohibition Partners predicts that by 2028, the Europeanmarket for cannabinoid-based products will reach €120 billion(US$135 billion), the Oceania region will approach US$8.7 billion and,by 2024 Southeast Asia will achieve sales of US$8.5 billion (notinclusive of the huge CBD market in China). These potential revenuesmore than double the projected North American market for the sameperiod.

MPXI, with its access to best practises, productformulations, SKU variety and branding acquired from management’sprevious U.S. involvement, its management experienced in both the U.S.and international cannabis and financial markets, its access to globalcapital and its early mover entry into multiple geographic regions, isextremely well positioned to benefit from this exponential growth inthe international cannabis market.

Financial Overview

Net Revenue

A summary of the Corporation’s quarterly net revenuesince March 31, 2019 is presented below:

The Corporation realized significant growth both yearover year (increase of 210% vs. Q1, 2019) as well as compared to theprior quarter (increase of 129% vs. Q4, 2020).  Canveda and HolyWeedrevenue growth was primarily driven by more months of operations aswell as expansion of those businesses.

The Corporation has an aggressive growth plan includingdistribution across more provinces in Canada, additional,well-established suppliers to help deepen the product offerings andincrease both quality and inventory reliability as well as focusedsales and marketing efforts in Switzerland.  Accordingly, MPXI ispoised for significant sales growth over the mid-term, particularly asCOVID-19 restrictions begin to ease and consumer sales behaviourbegins to settle into both stronger and more reliable patterns andresults.

Cost of Sales

For the three months ended December 31 , 2020, MPXI posted cost ofsales of $461,826 (three months ended December31 , 2019 - $64,704). Cost of sales isexclusively driven by Canveda, Spartan and HolyWeed sales.

Gross Profit

Gross profit for the three months ended December 31 , 2020, before adjustmentfor the unrealized gain in the fair value of biological assets was$1,448,665, representing a gross margin of 61.4%. The gross margin wasdriven by sales at Canveda, Spartan and HolyWeed. Gross profit afteradjustment for the unrealized gain in the fair value of biologicalassets was $1,771,417 calculated at 75% of sales. The unrealized gainin fair value of biological assets relates to cannabis plants invarious growing stages at the Canveda Facility.

Gross profit for the three months ended December 31 , 2019, before adjustmentfor the unrealized gain in the fair value of biological assets was$551,605 which represents a gross margin of 88.2%. The higher grossmargin was mainly driven by the high percentage of sales attributableto Spartan, which are commission based and have minimal cost of sales.Gross profit after adjustment for the unrealized gain in the fairvalue of biological assets was $1,416,848 calculated at 226.5% ofsales. The unrealized gain in fair value of biological assets relatedto cannabis plants at Canveda and HolyWeed.

The increase in gross profits quarter over quarter andyear over year are due to increased operational and sales activityacross the Corporation, particularly in Canada and to a lesser extentSwitzerland. While representing a slightly lower gross marginpercentage, the material increase in volume more than mitigates thatdecrease.  The Corporation is starting to realize the benefits ofincreased efficiencies as well as more refined processes as theCorporation continues to take advantage of its experience andexpertise.  Additionally, Canadian operations continue their movetowards distribution in multiple, Canadian jurisdictions, particularlycompared to the prior year, which will further increase sales andgross margin dollars.

Operating Expenses

Professional fees decreased to $227,348 for the threemonths ended December 31 ,2020 as compared to $845,051 in the comparable period. These feesinclude expenses related to audit, advisory, legal work, governmentand investor relations, consulting and costs associated with the boardof directors of MPXI (the “ Board ”). The decrease is largely attributable to the significantcost savings initiatives the Corporation has undertaken. This has alsobeen helped by the less complex nature of the quarter’s transactionswhen compared to the same period last year, requiring less external,professional support.

As part of the Corporation’s incentive stock optionplan (the “ Stock Option Plan ”), the Corporation recognized $3,257 share-basedcompensation for the three months ended December31 , 2020, as compared to $40,172 in thecomparable period. The Corporation granted stock options to employees,directors, officers, and consultants of the Corporation under theStock Option Plan on February 26, 2019, May 29, 2019, September 19,2019, February 11, 2020 and October 15, 2020.

Amortization and depreciation decreased to $1,379,733for the three months ended December 31, 2020, as compared to$1,453,547 in the comparable period. This relates to amortization ofintangible assets and depreciation of property, plants and equipmentbeing held by the Corporation during the three months ended December31, 2020.  While the Corporation has continued to invest in critical,capital assets, the Corporation has only required less expensivepackaging and fulfillment equipment as compared to base extractiontools which carry a significantly higher price.  The Corporation hasplans for additional capital expenditures throughout the year with theintent of ensuring sufficient capacity to meet demand as well as moreadvanced technology to drive continued product development andinnovation.

General and administrative expenses for the threemonths ended December 31, 2020, and 2019, are allocated asfollows:

The decrease in general and administrative expenses forthe three months ended December 31, 2020, as compared to the threemonths ended December 31, 2019, was primarily due to decrease inoccupancy costs, consulting fees, office and general expenses andsales and marketing expenses. More specifically, occupancy and officeand general costs have decreased in locations that are no longer partof its cost base.  The decrease in consulting fees is result ofdecreased use of consultant resources relating to new businessinitiatives as well as M&A activities, as was the case in theprior year.  Sales and marketing expenses are also down due to theirnature as discretionary expenses and that the Corporation’s focus onmaintaining a lean structure as it moves toward profitability.  It isour expectation that these types of expenses are likely to increase asmore production and products come on-line.

The Corporation will continue to review its coststructure to ensure it operates in as an efficient a manner as ispossible.  While nothing specific is planned in this regard, it isthe Corporation’s intention to continuemonitoring and adjusting its cost base as required, focusing onrevenue and profit generating activities while minimizing theadministrative overhead burden.

Other income and expenses

Foreign exchange for the three months December 31, 2020of ($16,902) ($146,640 at December 31, 2019) is relatively flat forthe quarter.  Currency fluctuations were not of a specifically highexposure due to most currency being held in CAD vs. the prior yearwhich saw a considerable amount of activity in Switzerland.  As anote, the Corporation operates in a number of jurisdictions andexpects cash flows to occur in multiple currencies including UnitedStates dollars, Swiss Francs, Euros, South African rand, andAustralian dollars.

Accretion expense for the three months ended December31, 2020 of $379,331 ($48,416 at December 31, 2019) relates to theincrease in convertible debentures held at December 31, 2020 whencompared to the same period the prior year.

Change in fair value of contingent considerationrelated to the Spartan transaction. There is no longer a liability onthe balance sheet as the milestone obligations have not beenmet.

FMV change – option component for the three monthsended December 31, 2020 reflects a gain of $781,239 and relates to thechange in fair value of the option component of convertible debt atDecember 31, 2020.  This amount can fluctuate quarter over quarter asa function of valuing the outstanding instrument.

Transaction costs for the three months ended December31, 2020 of $213,008 relate primarily to professional services inconnection to the acquisition of MPXI Alberta, and Spartanfinancing.

Non-IFRS Measures

EBITDA

EBITDA for the 3 months ended December 31, 2020 was($702,727) compared to ($3,084,730) for the three months endedDecember 31, 2019, representing an increase of 77%.  This is theresult of a full quarter operations, increasing sales, particularly inCanada, and more efficient management of costs.

The Corporation’s sales have continued to increasewhich is generally what is driving the higher EBITDA.  MPXI’sprospects continue to improve with the current lean structure andcontinued trajectory for sales which is expected to continuethroughout the year subject to the unpredictable business impacts ofCOVID-19. The COVID-19 pandemic may continue to have material impactson business development and market penetration and may continue tocause some fluctuation in the growth trajectory as society continuesto work through the pandemic.

Summary of Quarterly Results

A more detaileddiscussion of these and other metrics, as well as operational events,can be found in the Corporation’s Financial Statements andManagement Discussion & Analysis (“ MD&A ”) filed on www.sedar.com .

About MPX International Corporation

MPX International Corporation is a multinational diversified cannabis company focused on developing and operating assets across theinternational cannabis industry with an emphasis on cultivating,manufacturing and marketing products which include cannabinoids astheir primary active ingredient. With current operations spanning fourcontinents in Canada, Switzerland, South Africa, Malta and Australiaas well as evolving partnership and distribution opportunities inother jurisdictions, MPXI continues to position itself as an emergentglobal participant in the cannabis industry.

Cautionary Statement Regarding Forward-LookingInformation

This news release includes certain “forward-lookingstatements” under applicable Canadian securities legislation thatare not historical facts. Forward-looking statements involve risks,uncertainties, and other factors that could cause actual results,performance, prospects, and opportunities to differ materially fromthose expressed or implied by such forward-looking statements.Forward-looking statements in this news release include, but are notlimited to, MPX International’s objectives and intentions. Forward-looking statements are necessarily based on a number ofestimates and assumptions that, while considered reasonable, aresubject to known and unknown risks, uncertainties and other factorswhich may cause actual results and future events to differ materiallyfrom those expressed or implied by such forward-looking statements.Such factors include, but are not limited to: general business,economic and social uncertainties; litigation, legislative,environmental and other judicial, regulatory, political andcompetitive developments; delay or failure to receive board,shareholder or regulatory approvals; the Corporation’s ability toeffectively deal with the restrictions, limitations and health issuespresented by the COVID-19 pandemic; future cannabis pricing; cannabiscultivation yields; costs of inputs; its ability to market productssuccessfully to its anticipated clients; reliance on key personnel andcontracted relationships with third parties; the regulatoryenvironment in Australia, Canada, Malta, South Africa, Switzerland andother international jurisdictions; the application of federal, state,provincial, county and municipal laws; and the impact of increasingcompetition; those additional risks set out inMPX International’s public documents filed on SEDAR at www.sedar.com , including itsaudited annual consolidated financial statements for the financialyears ended September 30, 2020 and 2019, and the correspondingmanagement’s discussion and analysis; and other matters discussed inthis news release. Although MPX International believes that theassumptions and factors used in preparing the forward-lookingstatements are reasonable, undue reliance should not be placed onthese statements, which only apply as of the date of this newsrelease, and no assurance can be given that such events will occur inthe disclosed time frames or at all. Except where required by law, MPXInternational disclaims any intention or obligation to update orrevise any forward-looking statement, whether as a result of newinformation, future events, or otherwise.

For further information about MPXI,please contact:

MPX International Corporation

W. Scott Boyes, Chairman, President andCEO

T: +1-416-840-4703
info@mpxinternationalcorp.com

or visit one our websites:

https://mpxinternationalcorp.com

https://cbdetc.com

https://holyworld.ch/en /

https://spartannetwork.ca

https://strainrec.ca

https://canveda.ca

https://miracbd.ca

http://mpxi.tv

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