Alcanna Announces the Closing of the Previously Announced Acquisition of 28 Solo Liquor Stores, All Trademarks and Brand
June 25 2019 - 6:32PM
Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) today
announced the closing of the previously announced acquisition by
the Canadian Liquor Retailers Alliance Limited Partnership (the
“Alliance”) of certain assets of “Solo Liquor”. Alcanna owns
approximately 71% of the Alliance, who acquired the underlying
assets of twenty-eight (28) stores operating as Solo Liquor, two
(2) additional leased locations that have not yet been opened, the
“Solo Liquor” brand and related trademarks. The previously
announced asset purchase agreement (the “Purchase Agreement”) is
with FTI Consulting Canada Inc. in its capacity as court-appointed
receiver and manager of the assets, properties and undertakings of
Solo Liquor Stores Ltd. and Solo Liquor Holdings Ltd.
On June 18, 2019, the Court granted an approval
and vesting order transferring the assets that are the subject of
the Purchase Agreement. The transaction is now closed, with
all conditions and requirements for approvals waived by the
Alliance or satisfied.
ABOUT ALCANNA INC.Alcanna is
one of the largest private sector retailers of alcohol in North
America and the largest in Canada by number of stores – operating
260 locations under the brand names Wine & Beyond, Liquor
Depot, Ace Liquor, Solo Liquor and Brown Jug in Alberta, British
Columbia and Alaska. The Company also operates nine (9) cannabis
retail stores under the “Nova Cannabis” brand, with eight (8)
locations in the Province of Alberta and one in the Province of
Ontario. With revenues in excess of $700 million per year, Alcanna
processes over 20 million individual retail transactions of
beverage alcohol and cannabis.
Alcanna's common shares and convertible
subordinated debentures trade on the Toronto Stock Exchange under
the symbols "CLIQ" and "CLIQ.DB", respectively.
Additional information about Alcanna Inc. is
available at www.sedar.com and the Company’s website at
www.alcanna.com.
For Further Information
James BurnsVice Chair and Chief Executive
OfficerAlcanna Inc. (587) 460-1026james.burns@alcanna.com
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