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Vancouver, B.C. / May 21th, 2014 / UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") herein provides a corporate update to both its shareholders and the market as to the Company's current state of affairs. Further to the news of April 1, 2014 Umbral has signed a non-disclosure agreement with a Private Company ("PrivCo") and in return has received a business plan containing the details to produce and market, several strains of medical marijuana. The business premises are comprised of a 10,500 sq.ft. building, on 13 acres, which can accommodate up to four or more attached buildings of equal size.
Jag Bal, President and CEO of Umbral Energy states, "The signing of the NDA prohibits the Company from divulging specifics of the business relating to the extent of Privco's capacity, within the Medical Marijuana industry. I am excited by the potential of this opportunity for our shareholders, as we continue our detailed, due diligence."
While the Company is conducting diligence, having discussions and negotiations with respect to undertaking a transaction in the sector, no agreement in principle or otherwise has been entered into with any party and there is no assurance that the Company will acquire any agriculture-related assets, directly or indirectly. Until such time as a transaction is completed, management continues to evaluate all potential transactions across all sectors with a view to creating value for shareholders.
The Company is currently listed as a junior resource issuer having a mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes. The Company has a mineral exploration project in Quebec, Canada as well as an oil and gas project in Alberta, Canada. The Company's most recent activity has been the Little Bow oil project in Alberta, Canada, where, during 2013, the Company participated in drilling an exploration oil well with Aroway Energy Inc. The Company is currently evaluating the potential commercial viability of the well and will provide an update when a decision is made.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: UMBRAL ENERGY CORP.
Release ID: 45376