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 corporation incorporated below 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 particular other terms and situations. A extensive 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 corporation 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 searching for to grow to be 1 of the biggest CBD HEMP retail and on line retailers, developing a controlled access to Central European buyers by opening retail areas in Germany and Luxembourg. Presently CWE owns and operates six shops in Germany via DCI GmbH, a wholly-owned German subsidiary, and 1 retailer in Luxembourg via CBD Wellness Europe S.a.r.l., a wholly-owned Luxembourg subsidiary.
The shops are operated below 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 extensive news release with additional particulars relating to the Proposed Transaction, monetary 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 situations which includes, 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 needed 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 details circular, filing statement or prospectus in lieu thereof to be ready in connection with the Proposed Transaction, any details released or received with respect to the Proposed Transaction may well not be precise or full and should really not be relied upon. Trading in the securities of a capital pool corporation should really be deemed 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 below the U.S. Securities Act of 1933, as amended, and may well not be provided or sold in the United States or to, or for the account or advantage of, U.S. persons (as defined in Regulation S below 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 invest in 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 consists of particular forward-seeking statements, which includes statements about the Corporation’s future plans and intentions and completion of the Proposed Transaction. Wherever feasible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the adverse or other variations of these words, or related words or phrases, have been made use of to recognize these forward-seeking statements. These statements reflect management’s existing beliefs and are primarily based on details at the moment out there to management as at the date hereof.
Forward-seeking statements involve considerable threat, uncertainties and assumptions. Lots of aspects could trigger actual benefits, overall performance or achievements to differ materially from the benefits discussed or implied in the forward-seeking statements. These aspects should really be deemed meticulously and readers should really not location undue reliance on the forward-seeking statements. Even though the forward-seeking 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 benefits will be constant with these forward-seeking statements. These forward-seeking statements are created 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 needed by law.
About Cann-Is Capital Corp.
The Corporation is a Capital Pool Corporation (“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 enterprises with a view to finishing a proposed Qualifying Transaction.
For Much more Information and facts
For far more details please get in touch with:
Jonathan Graff, Chief Executive Officer
Phone: (416) 862-3558
E mail: [email protected]