TORONTO, Oct. 07, 2019 (GLOBE NEWSWIRE) — Cann-Is Capital Corp. (the “Corporation”) (TSX-V: NIS.P) is pleased to announce that it has entered into a binding engagement agreement dated October four, 2019 with CWE European Holdings Ltd., a enterprise incorporated beneath the laws of Canada (“CWE”), pursuant to which the Corporation will obtain all of the issued and outstanding shares in the capital of CWE (the “Proposed Transaction”). The Transaction is not a non-arm’s length “Qualifying Transaction” for the Corporation, as such term is defined in Policy two.four of the Corporate Finance Manual of the TSX Venture Exchange (the “Exchange”).
When completed, the Proposed Transaction will constitute the Corporation’s qualifying transaction pursuant to the policies of the Exchange and is topic to compliance with all required regulatory and other approvals and specific other terms and circumstances. A complete press release with additional particulars relating to the Proposed Transaction will stick to in accordance with the policies of the Exchange.
CWE European Holdings Inc. (“CWE”), is a Canadian holding enterprise with wholly-owned subsidiaries that operate a seed to sale CBD HEMP company in German speaking nations in Europe in compliance with applicable laws.
CWE is in search of to grow to be one particular of the biggest CBD HEMP retail and on line retailers, developing a controlled access to Central European shoppers by opening retail areas in Germany and Luxembourg. Presently CWE owns and operates six retailers in Germany via DCI GmbH, a wholly-owned German subsidiary, and one particular shop in Luxembourg via CBD Wellness Europe S.a.r.l., a wholly-owned Luxembourg subsidiary.
The retailers are operated beneath the brand name “HANF” in Germany and Luxembourg.
CWE sales for the year ended December 31, 2018 had been CAD$1.155M with a Net profit of CAD$203K (Audited). Sales for the eight months ended August 31, 2019 had been CAD$1.7M with a net profit of CAD$273 (Unaudited).
A complete news release with additional particulars relating to the Proposed Transaction, economic particulars, transaction structure, descriptions of the proposed management and directors of the resulting issuer, terms of any concurrent financing and sponsorship, if applicable will stick to in accordance with the policies of the Exchange.
Completion of the Proposed Transaction is topic to a quantity of circumstances like, but not restricted to, Exchange acceptance and, if applicable pursuant to Exchange specifications, shareholder approval. Exactly where applicable, the Proposed Transaction can’t close till the necessary shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management facts circular, filing statement or prospectus in lieu thereof to be ready in connection with the Proposed Transaction, any facts released or received with respect to the Proposed Transaction may well not be correct or full and must not be relied upon. Trading in the securities of a capital pool enterprise must be regarded extremely speculative.
This press release is not an present of securities for sale in the United States. The securities described in this press release have not been registered beneath the U.S. Securities Act of 1933, as amended, and may well not be supplied or sold in the United States or to, or for the account or advantage of, U.S. persons (as defined in Regulation S beneath the U.S. Securities Act of 1933, as amended) absent registration or an exemption from registration. This press release shall not constitute an present to sell or a solicitation of an present to get nor shall there be any sale of the securities in any jurisdiction exactly where such present, solicitation, or sale would be unlawful.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither authorized nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Solutions Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this release.
This press release includes specific forward-searching statements, like statements about the Corporation’s future plans and intentions and completion of the Proposed Transaction. Wherever attainable, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the unfavorable or other variations of these words, or related words or phrases, have been made use of to recognize these forward-searching statements. These statements reflect management’s existing beliefs and are primarily based on facts at the moment accessible to management as at the date hereof.
Forward-searching statements involve important danger, uncertainties and assumptions. A lot of elements could bring about actual outcomes, functionality or achievements to differ materially from the outcomes discussed or implied in the forward-searching statements. These elements must be regarded meticulously and readers must not location undue reliance on the forward-searching statements. Even though the forward-searching statements contained in this press release are primarily based upon what management believes to be affordable assumptions, the Corporation can’t assure readers that actual outcomes will be constant with these forward-searching statements. These forward-searching statements are produced as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or situations, except as necessary by law.
About Cann-Is Capital Corp.
The Corporation is a Capital Pool Organization (“CPC”). It has not commenced industrial operations and has no assets other than a minimum quantity of money. Except as particularly contemplated in the CPC Policy, as defined in the final prospectus, till Completion of the Qualifying Transaction, the Corporation will not carry on any company other than the identification and evaluation of assets or companies with a view to finishing a proposed Qualifying Transaction.
For Additional Information and facts
For a lot more facts please speak to:
Jonathan Graff, Chief Executive Officer
Phone: (416) 862-3558
E mail: [email protected]