- Board reiterates confidence in LATAM operations and
strategy
- Undertakes comprehensive review to protect shareholders in
face of inaccurate and misleading accusations by
short-sellers
LEAMINGTON, ON, Dec. 6, 2018 /CNW/ - Aphria Inc. ("Aphria"
or the "Company") (TSX: APHA and NYSE:
APHA) today announced its Board of Directors has appointed a
special committee (the "Special Committee") of independent
directors to review the Company's previously completed acquisition
of LATAM Holdings Inc. (the "Acquisition"), which closed on
September 27, 2018, and confirm the
Company's belief that it conformed with all Company policies and
generally accepted corporate governance practices.
The Company's Board reiterated its confidence in the process
leading to the Acquisition, as well as in its Latin American
operations and strategy. However, in the face of inaccurate
and misleading accusations by certain short-sellers, whose sole
interest is in profiting from a decline in the Company's shares, it
is undertaking a comprehensive review, led by a Special Committee
of independent directors of these, and any other, allegations in
the interest of protecting Aphria shareholders.
The Special Committee is composed of John M. Herhalt, Shlomo
Bibas and Tom Looney.
Mr. Herhalt, who is the lead independent director and the Chair of
the Audit Committee, will serve as Chair of the Special
Committee. Each of these members is independent and joined
the Board following the closing of the Acquisition. The Special
Committee is authorized to, and expects to, retain independent
advisors to assist in its review.
Vic Neufeld, Aphria's Chief
Executive Officer, said, "We are committed to protecting our
shareholders and restoring market confidence by confirming all the
facts through an independent process to rebut innuendo and
deception. Until then, it is business as usual at Aphria, as
we continue taking significant steps to solidify our position as a
premier global cannabis company."
We Have A Good Thing Growing
About Aphria
Aphria is a leading global cannabis company driven by an
unrelenting commitment to our people, product quality and
innovation. Headquartered in Leamington,
Ontario – the greenhouse capital of Canada – Aphria has been setting the standard
for the low-cost production of safe, clean and pure
pharmaceutical-grade cannabis at scale, grown in the most natural
conditions possible. Focusing on untapped opportunities and backed
by the latest technologies, Aphria is committed to bringing
breakthrough innovation to the global cannabis market. The
Company's portfolio of brands is grounded in expertly-researched
consumer insights designed to meet the needs of every consumer
segment. Rooted in our founders' multi-generational expertise in
commercial agriculture, Aphria drives sustainable long-term
shareholder value through a diversified approach to innovation,
strategic partnerships and global expansion, with a presence in
more than 10 countries across 5 continents.
For more information, visit: aphria.ca
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements necessarily involve known
and unknown risks, including, without limitation, risks associated
with general economic conditions; adverse industry events;
marketing costs; loss of markets; future legislative and regulatory
developments involving medical marijuana; inability to access
sufficient capital from internal and external sources, and/or
inability to access sufficient capital on favourable terms; the
medical marijuana industry in Canada generally, income tax and regulatory
matters; the ability of Aphria to implement its business
strategies; competition; crop failure; currency and interest rate
fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
The forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
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SOURCE Aphria Inc.