VANCOUVER, Dec. 27, 2017 /CNW/ - Hempco Food and Fiber Inc.
(TSX.V: HEMP) ("Hempco®") is pleased to announce that it has been
approved for graduation to Tier 1 Issuer status from Tier 2 Issuer
status by the TSX Venture Exchange (the "TSXV").
Tier 1 is the TSXV's premier tier and is reserved for the TSXV's
most advanced issuers with the most significant financial
resources. Tier 1 Issuers benefit from decreased filing
requirements and improved service standards.
"Graduating to becoming a Tier 1 listed company on the TSXV is a
reflection of the strong positive development we have gone through
as a company," said Diane Jang, CEO.
"While Tier 1 status comes with certain benefits, it is the strong
positive signal graduation provides to current and potential
shareholders that is the most important outcome. As we mature as an
organization, capitalize on the hemp opportunity, enter into
partnerships with significant companies, we pave the way for
accelerated growth and the potential for further listing upgrades
in the future. I am very pleased with this achievement and look
forward to provide regular updates to shareholders as we grow."
With the graduation to a Tier 1 listing, the common shares of
Hempco previously deposited into escrow pursuant to the rules of
the TSXV will now be governed by the release provisions of Tier 1
Issuer escrow. As such, an aggregate of 14,098,438 common shares
will be eligible for release from escrow immediately. Of these
securities released from escrow, 14,000,000 belong to Charles and Angela Holmes. Further the
news release dated September 18,
2017, Charles Holmes and
Angela Holmes, each of whom is a
principal shareholder, officer and director of Hempco entered into
an option agreement (the "Option Agreement") granting to Aurora an
option (the "Option") to acquire up to an aggregate of 10,754,942
Hempco Shares currently owned by them. Thus, most of the share
released from escrow would need to be held to be tendered under of
the Option Agreement if called upon.
About Hempco Food & Fiber Inc.
For more than 12 years Hempco has been a trusted and respected
pioneer, innovator and provider of premier hemp seed foods. Hempco
is committed to developing hemp foods, hemp fiber and hemp
nutraceuticals, a "tri-crop" opportunity for producers and
processors. Hempco is expanding its processing ability to meet
global demands in a 56,000sq. ft. facility located at Nisku, Alberta. Hempco's common shares
trade on the TSX Venture Exchange under the symbol "HEMP". Hempco
has grown its business significantly and is generating value and
profits for shareholders.
On behalf of the Board of Director,
HEMPCO FOOD AND FIBER INC.
Diane Jang,
CEO
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. The Company is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. Neither TSX nor its Regulation Services
Provider (as that term is defined in the policies of Toronto Stock
Exchange) accepts responsibility or the adequacy or accuracy of
this release.
SOURCE Hempco Food and Fiber Inc.