Tetra Bio-Pharma Announces Filing of Restated Financial Statements and MD&A

OTTAWA, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. ("Tetra" or the "Corporation") (TSX-V:TBP) (OTCQB:TBPMF), announced today it has filed restated Condensed Consolidated interim financial statements (the "Restated Q3 Financial Statements") for the three and nine-months ended August 31, 2017 (the "Financial Periods"), together with a corresponding restated management's discussion and analysis ("Restated MD&A"), both of which are available on SEDAR under the Corporation's profile.

As part of the review of the Corporation's historical financial statements conducted by UHY McGovern Hurley LLP, the Corporation's independent registered public accounting firm, as required in connection with the Corporation's previously announced bought deal offering, the board of directors of the Corporation, based on the recommendation of the audit committee in consultation with the management of the Corporation and UHY McGovern Hurley LLP, has determined that the Corporation's previously filed financial statements and management's discussion and analysis for the Financial Periods needed to be restated to (i) correct the value assigned to the issued warrants calculated pursuant the Black Scholes method  in order to reflect the correct stock price and (ii) show the appropriate value of warrants issued for an intangible asset based on such corrected stock price. A previously unrecorded amount of $7,218,090 for the value of warrants issued was recognized.

Details of the changes are fully described in Note 21 to the Restated Q3 Financial Statements as filed on SEDAR on February 22, 2018.

The previously filed financial statements and management's discussion and analysis for the Financial Periods were originally filed by the Corporation on SEDAR on October 27, 2017. Each of the Restated Q3 Financial Statements and Restated MD&A replace and supersede the respective previously filed original financial statements and related management discussion and analysis. Such previously filed original financial statements and management discussion and analyses should be disregarded.

About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX-V:TBP) (OTCQB:TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and clinical development. Tetra is focusing on three core business pillars: clinical research, pharmaceutical promotion and retail commercialization of cannabinoid-based products.

More information at: www.tetrabiopharma.com
Source: Tetra Bio-Pharma

For further information, please contact Tetra Bio-Pharma Inc.
Bernard Lessard, MBA, CPA, CMA                            
Chief Financial Officer                       
[email protected]
438 899 7575 ext.207 

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.

Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements.  Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to obtain sufficient financing to execute the Corporation's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Corporation's research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Corporation's public disclosure record on file with the relevant securities regulatory authorities. Although the Corporation has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. While no definitive documentation has yet been signed by the parties and there is no certainty that such documentation will be signed The forward-looking statements included in this news release are made as of the date of this news release and the Corporation does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.