VANCOUVER, July 16, 2018 /CNW/ - Namaste Technologies Inc.
("Namaste" or the "Company") (TSXV: N) (FRA: M5BQ)(OTCMKTS: NXTTF)
is pleased to announce that the Company has received approval from
the TSX Venture Exchange (the "Exchange") for a Normal Course
Issuer Bid ("NCIB") to repurchase for cancellation up to
25,308,136 common shares of its own capital through the
facilities of the Exchange. The NCIB will be in place for a
12-month duration, commencing on July
18th, 2018 and ending July
17th, 2019. Additionally, Namaste is also pleased
to announce that the Company will attend and present at Grit
Capital Advisory's upcoming July 25-27th
2018 conference, GritCAMP.
Pursuant to the notice of intention filed with the Exchange, the
Corporation intends to purchase for cancellation, through the
facilities of the Exchange and at the market price of the
Corporation's common shares ("Common Shares") at the time of
purchase, up to 25,308,136 Common Shares, representing
approximately 8.9% of the Company's issued and outstanding common
shares and 10% of the Company's "public float" (as such term is
defined in the TSX-V Corporation Finance Manual).
The NCIB will be conducted on behalf of the Company by Canaccord
Genuity Inc. ("Cannacord"). The actual number of Common Shares that
may be purchased and the timing of any such purchases will be
determined by the Corporation and will be made in accordance with
the requirements of the Exchange.
The Corporation will enter into a pre-defined plan with
Cannacord to allow for the purchase of Common Shares by the
Corporation at times when it ordinarily would not be active in the
market due to internal trading blackout periods.
Namaste is pleased to announce that CEO Sean Dollinger will be presenting at GritCAMP's
upcoming cannabis and crypto conference on July 25th-27th, 2018. Grit
Capital Advisory firm is well-known for its aggressive "out of the
box" thinking. The conference will feature 20 of the most exciting
crypto, cannabis, gaming & health-tech companies in
North America and will feature +50
international wealth managers, 1x1 company circuit, immersive games
and competitions, unique skill building in personal cyber-security,
presenting with flair, tricks of the trade tax planning, live
pyrotechnics entertainment and much more.
Genevieve Roch-Decter, CEO of
Grit Capital comments: - "Cannabis and crypto are two of the most
booming growth sectors in North
America. Billions of dollars of capital are being invested
into these industries with increasing institutional backing. Grit
Capital prides itself on showcasing the right companies to the
right people, in immersive settings where "fun" and "informative"
intersect, driving strong investor engagement."
To sign-up for GritCAMP, the crypto & cannabis markets and
investments conference, visit www.gritcamp.ca
Management Commentary
Sean Dollinger, President and CEO
of Namaste comments: - "We believe that the present trading price
of the Common Shares of the Namaste is at a significant discount to
a what we believe is reflective of the Corporation's value as a
whole. Subsequently, management is of the view that it is in the
best interests of all shareholders of the Corporation that, from
time to time, Common Shares be acquired by the Corporation and
returned to the treasury, thus increasing the Corporation's value
per Common Share for remaining shareholders.
We're also very proud to have joined Grit Capital's GritCAMP
conference and I'm very much looking forward to presenting and
participating in the event. Grit
Captial's management team have demonstrated themselves to be
forward-thinking and innovative with respect to their platform and
initiatives in the cannabis industry."
About Grit Capital Inc.
Grit Capital is a capital markets advisory firm based in
Toronto, Canada. In a nutshell: We
"Tell the Right Story to the Right People" and "Incessantly Chase
ROI". We showcase our clients to investors through targeted 1x1
meetings, events, conferences, cross-north America roadshows and on
social media. We pride ourselves on "out of the box" thinking to
captivate mindshare. The intersection of "fun" and "informative" is
where we and our clients thrive. We control our own messaging
through our media platform, GritMedia, featuring a weekly
newsletter that goes out to ~2k curated finance professionals. For
further information about Grit Capital, please visit our corporate
website at;
www.gritcapital.ca
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste
operates the largest global cannabis e-commerce platform with over
30 websites in 20+ countries under various brands. Namaste's
product offering through its subsidiaries includes vaporizers,
glassware, accessories, CBD products, and the company will soon be
selling medical cannabis in the Canadian market, subject to
approval by Health Canada.
Namaste has developed and acquired innovative technology
platforms including NamasteMD.com, Canada's first Health Canada compliant
telemedicine application, and in May
2018 the Company acquired a leading e-commerce AI and
Machine Learning Company, Findify AB. Findify uses artificial
intelligence algorithms to optimize and personalize a consumer's
on-site buying experience. Namaste is focused on leveraging its
cutting-edge technology to enhance the user experience throughout
its platforms. Namaste will continue to develop and acquire
innovative technologies which will provide value to the Company and
to its shareholders as well as to the broader cannabis
market.
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastetechnologies.com
Further information on the Company and its products can be
accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION This press release contains
forward-looking information based on current expectations. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Although such statements are based on
management's reasonable assumptions, Namaste assumes no
responsibility to update or revise forward-looking information to
reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. These statements speak only as of
the date of this press release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company's disclosure documents which can be found under the
Company's profile on www.sedar.com. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Neither the TSX Venture Exchange nor its market regulator has
reviewed or approved the contents of this press release.
SOURCE Namaste Technologies Inc.