Entourage Health Corp.
(
TSX-V:ENTG) (
OTCQX:ETRGF)
(
FSE:4WE) (“
Entourage” or the
“
Company”), a Canadian producer and distributor of
award-winning cannabis products confirmed today it has signed an
additional amendment to its senior secured credit facility entered
into on March 29, 2019 (the “Credit Facility”). The latest
amendments to the Credit Facility modify the terms under which
Entourage secured up to $39 million of debt financing over a
three-year term ending in 2022.
Under the terms of the amendment, the Company
secured an extension of the maturity date from May 31, 2022 to June
30, 2022, and a deferral of certain of its financial covenants to
June 30, 2022, subject to certain conditions.
“This amendment demonstrates our efforts to
improve our capital facilities as we restructure our debt for added
financial flexibility, alongside the support of our lenders,” said
George Scorsis, CEO and Executive Chairman, Entourage. “Moving
forward, we intend to explore additional avenues to enhance our
liquidity in order to ensure our long-term success and value for
all our stakeholders.”
A copy of the amending agreement will be made
available on the Company’s SEDAR page.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent company of Entourage Brands Corp. and CannTx Life Sciences
Inc., licence holders producing and distributing cannabis products
for both the medical and adult-use markets. The Company owns and
operates a state-of-the-art hybrid greenhouse and processing
facility located on 158-acres in Strathroy, ON; a fully licensed
26,000 sq. ft. Aylmer, ON processing facility, specializing in
cannabis extraction; and a micropropagation, tissue culture and
genetics centre-of-excellence in Guelph, Ontario. With its Starseed
Medicinal medical-centric brand, Entourage has expanded its
multi-channeled distribution strategy. Starseed’s industry-first,
exclusive partnership with LiUNA, the largest construction union in
Canada, along with employers and union groups complements
Entourage’s direct sales to medical patients. Entourage’s elite
adult-use product portfolio includes Color Cannabis, Saturday
Cannabis and Royal City Cannabis Co.– sold across eight provincial
distribution agencies. The Company also maintains strategic
relationships in the seniors’ market and supply agreements with
Shoppers Drug Mart. It is the exclusive Canadian producer and
distributor of award-winning U.S.-based wellness brand Mary’s
Medicinals sold in both medical and adult-use channels. Under a
collaboration with The Boston Beer Company subsidiary, Entourage is
also the exclusive distributor of cannabis-infused beverages
‘TeaPot’ in Canada, expected to launch in 2022.
For more information, please visit us at
www.entouragehealthcorp.com
Follow Entourage and its brands on LinkedIn
Twitter: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
Instagram: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
For further information, please
contact:
For Investor Enquiries:Valter
Pinto or Scott EcksteinKCSA Strategic
Communications1-212-896-1254entourage@kcsa.com
For Media Enquiries:Marianella
delaBarreraSVP, Communications & Corporate
Affairs416-897-6644marianella@entouragecorp.com
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation which are
based upon Entourage's current internal expectations, estimates,
projections, assumptions and beliefs and views of future events.
Forward-looking information can be identified by the use of
forward-looking terminology such as "expect", "likely", "may",
"will", "should", "intend", "anticipate", "potential", "proposed",
"estimate" and other similar words, including negative and
grammatical variations thereof, or statements that certain events
or conditions "may", "would" or "will" happen, or by discussions of
strategy.
The forward-looking information in this news
release is based upon the expectations, estimates, projections,
assumptions and views of future events which management believes to
be reasonable in the circumstances. Forward-looking information
includes estimates, plans, expectations, opinions, forecasts,
projections, targets, guidance or other statements that are not
statements of fact. Forward-looking information necessarily involve
known and unknown risks, including, without limitation, risks
associated with general economic conditions; adverse industry
events; loss of markets; future legislative and regulatory
developments; inability to access sufficient capital from internal
and external sources, and/or inability to access sufficient capital
on favourable terms; the cannabis industry
in Canada generally; the ability of Entourage to
implement its business strategies; the COVID-19 pandemic;
competition; crop failure; and other risks.
Any forward-looking information speaks only as
of the date on which it is made, and, except as required by law,
Entourage does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for Entourage to predict all
such factors. When considering this forward-looking information,
readers should keep in mind the risk factors and other cautionary
statements in Entourage’s disclosure documents filed with the
applicable Canadian securities regulatory authorities on SEDAR at
www.sedar.com. The risk factors and other factors noted in the
disclosure documents could cause actual events or results to differ
materially from those described in any forward-looking
information.
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
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