TORONTO, Sept. 10, 2020 /CNW/ - Namaste
Technologies Inc. ("Namaste" or the "Company") (TSXV: N)
(FRANKFURT: M5BQ) (OTCMKTS: NXTTF), a leading online platform for
cannabis products, accessories, and responsible education, today
announced an agreement (the "Agreement") with Lifted Innovations
Inc. ("Lifted"), a private B2C e-commerce company selling
cannabis-related accessories and ancillary products in the United States and Canada. In connection with the Agreement and
Namaste's strategic partner status, Lifted issued 3,065,000 common
shares ("Lifted Shares") to Namaste, constituting, at the time of
issuance, an undiluted 5% shareholding.
As further described in a press release dated July 27, 2020, Lifted had announced that Kootenay
Zinc Corp. (CSE: ZNK) ("Kootenay") had formally commenced an offer
(the "Offer"), supported by the Board of Directors of Lifted, to
acquire all of the issued and outstanding shares of Lifted thereby
entitling Lifted shareholders to receive one common share of the
resulting issuer, PeakBirch Logic Inc. ("PeakBirch"), for each
Lifted common share tendered. The Offer was part of a larger
reverse takeover and change of business transaction of Kootenay
(the "Transaction").
The Transaction, including the Offer, has now been completed and
Namaste has received 3,065,000 common shares of PeakBirch in
exchange for the Lifted Shares, constituting approximately an
undiluted 3.3% shareholding of PeakBirch. The PeakBirch shares are
subject to certain resale restrictions, including a 4 month hold
period and a monthly limit on sales subject to certain
exceptions.
The Agreement provides that Namaste and Lifted shall, for 24
months, collaborate wherever practicable in respect of matters of
potential mutual benefit, including in respect of, the development
of business in the United States,
efficiencies relating to common ancillary businesses; and potential
opportunities relating to the licensing of technology. The
Agreement also provides a release in favour of Lifted and certain
releasees from claims relating to the current or former assets or
business of Lifted.
About Namaste Technologies Inc.
With headquarters in Toronto, Canada, Namaste Technologies
is a leading online platform for cannabis products, accessories,
and responsible education. The Company's 'everything cannabis
store', CannMart.com, provides customers with a diverse selection
of hand-picked products from a multitude of federally-licensed
cultivators, all on one convenient site. Namaste's global
technology and continuous innovation address local needs in a
burgeoning cannabis industry requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
FORWARD-LOOKING INFORMATION – This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen. The
forward-looking information contained herein, including statements
related to potential collaboration with Lifted and its successor
wherever practicable in respect of matters of potential mutual
benefit, is made as of the date of this press release and is based
on assumptions management believed to be reasonable at the time
such statements were made as well as other considerations that are
believed to be appropriate in the circumstances. While we consider
these assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. By their nature,
forward-looking information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
operations, and risks relating to the market price of Namaste's
common shares. Additional risk factors can also be found in the
Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
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 or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.