VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) -- Pressure Technologies plc ("Pressure Technologies") announced today that it has acquired ownership and control of 17,418,000 special warrants (the "PT Special Warrants") in the capital of Greenlane Renewables Inc. ("Greenlane"), formerly known as Creation Capital Corp., at a deemed value of $0.20 per PT Special Warrant. The PT Special Warrants were acquired as partial consideration for the sale of Pressure Technologies' wholly-owned subsidiary, PT Biogas Holdings Limited ("PT Biogas"), to Greenlane (the "Qualifying Transaction") pursuant to the terms of a share purchase agreement between Greenlane and Pressure Technologies dated April 1, 2019, as amended (the "Share Purchase Agreement"). In addition to the PT Special Warrants, Greenlane also paid £2,005,616 (in British pounds sterling) cash consideration and issued a promissory note in the amounts of £3,047,192 (in British pounds sterling) and $5,307,599 (the "Promissory Note").

Each PT Special Warrant will automatically be exercised, without the payment of any additional consideration and without further action on the part of Pressure Technologies, into one common share in the capital of Greenlane (a "Greenlane Share") and one-half of one warrant to purchase a common share in the capital of Greenlane (each full warrant, a "Warrant") on the date that is the earlier of: (i) the fifth business day after a receipt for a final prospectus qualifying the distribution of the securities issuable upon the exercise of the PT Special Warrants; and (ii) the date that is four months and one day after the closing date of the Qualifying Transaction, being October 4, 2019, or earlier if exercised at the option of Pressure Technologies. Each whole Warrant is exercisable for one Greenlane Share at a price of $0.26 per Greenlane Share for a period of two years from the completion of the Qualifying Transaction.

Prior to the Qualifying Transaction, Pressure Technologies did not have ownership and control over any securities of Greenlane. Following the Qualifying Transaction, Pressure Technologies attained ownership and control over 17,418,000 PT Special Warrants. On exercise of the PT Special Warrants (assuming the exercise of the other 41,965,225 special warrants issued by Greenlane by way of a private placement financing completed on May 30, 2019), Pressure Technologies will have ownership and control over 17,418,000 Greenlane Shares and 8,709,000 Warrants, representing approximately 25.47% of the issued and outstanding Greenlane Shares on an undiluted basis. Assuming the exercise of all the Warrants held by Pressure Technologies only, Pressure Technologies would have ownership and control over 26,127,000 Greenlane Shares, or approximately 33.89% of the issued and outstanding Greenlane Shares.

The PT Special Warrants are subject to escrow release restrictions pursuant to the policies of the TSX Venture Exchange and an escrow agreement between Greenlane, Computershare Investor Services Inc. and Pressure Technologies, among others.

Pursuant to the terms of the Share Purchase Agreement, and as more particularly described in the filing statement of Greenlane in connection with the Qualifying Transaction, Pressure Technologies will transfer to certain parties, subject to or within escrow, an aggregate of 7,228,470 PT Special Warrants (or its underlying securities), and will reserve 4,354,500 Greenlane Shares as part of an option pool in which Greenlane will have the right to direct Pressure Technologies to sell such shares to certain directors, officers and employees of Greenlane.

Depending upon such factors that Pressure Technologies may, from time to time, deem relevant, Pressure Technologies may, among other things, acquire additional securities of Greenlane or dispose of some or all of the existing or additional securities Pressure Technologies holds or will hold.

Pressure Technologies is issuing this press release pursuant to the requirements of National Instrument 62-103. A copy of the related early warning report (the "Report") will be issued by Pressure Technologies and will be filed on the SEDAR website (www.sedar.com) under the profile for Greenlane. For further information or to obtain a copy of the Report, please contact Pressure Technologies as follows:

Pressure Technologies plc
Unit 6B Newton Business Centre
Newton Chambers Road
Chapeltown, United Kingdom
S35 2PH
Telephone: +44 (0) 114 257 3616  

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