Entourage Health Corp.
(
TSX-V:ENTG) (
OTCQX:ETRGF)
(
FSE:4WE) (“
Entourage” or the
“
Company”), a Canadian producer and distributor of
award-winning cannabis products, is pleased to announce that
shareholders overwhelmingly approved all proposed resolutions at
its annual general and special meeting of shareholders (“AGM”) held
virtually in Toronto, Ontario on June 10, 2022.
All director nominees, as listed in the
Management Proxy Circular dated May 17, 2022, were elected as
directors of the Company including George Scorsis, Gail Paech, Lu
Cacioppo, Bruce Croxon and Jason Alexander. With a combined average
shareholder approval rating of 99.18%, all elected directors will
serve on the Company’s board of directors (the “Board”) until the
next AGM or until their successors are elected or appointed. At
this time, the Company would also like to thank G. Edmund King,
Andrew Bulmer and S. Randall Smallbone for their tenure as board
directors. Mr. King will retain an advisory position on the
Board.
Additionally, the Company’s shareholders
approved Entourage’s Omnibus Incentive Plan, which was amended from
a “rolling” plan to a “fixed” 20% plan in accordance with the TSX
Venture Exchange rules and policies, and re-appointed MNP LLP as
Entourage’s auditor, to hold office until the next annual meeting
of shareholders or until its successor is duly appointed.
“This past year has been one of the most
transformative in Entourage’s history as we stabilized our
cultivation, production and business practices to align with the
dynamic shifting cannabis landscape,” said George Scorsis,
Executive Chair and CEO, Entourage. “As we move forward, we would
like to thank our shareholders for their ongoing confidence in the
strategic direction we have undertaken to drive sustainable,
profitable growth. Further, we appreciate the contributions and
support from our directors as we look to improve our debt position
and streamline our capital structure to ensure a stable financial
foundation for our long-term success.”
Update on Proposed Amendments to 8.5% Unsecured
Convertible Debenture
The Company also provided an update on the
previously announced proposed amendments to its 8.5% unsecured
convertible debentures due September 25, 2022 (the
“Debentures”), confirming it has entered into
voting support agreements with certain holders of the Convertible
Debentures including Hygrovest Limited, the largest holder of the
Debentures, to vote in favour of certain proposed amendments to the
trust indenture dated as of September 25, 2019 between TSX Trust
Company and the Company governing the Debentures (the
“Proposed Amendments”), and has received
overwhelming support from other holders of the Debentures who have
voted or delivered proxies in respect of the resolution approving
the Proposed Amendments.
The Proposed Amendments are subject to approval
by the TSX Venture Exchange and the approval of the holders of the
Debentures (the “Debentureholders”), which will be
sought at a meeting of the Debentureholders (the
“Meeting”) to be held virtually on June
20, 2022. To be effective, the resolution approving the
Proposed Amendments must be passed by at least 662/3% of the
aggregate principal amount of the Debentures represented in person
or by proxy at the Meeting.
Copies of applicable Company documents noted
herein can be accessed on Entourage’s SEDAR page and a replay of
the 2022 AGM meeting can be found on Entourage’s website here.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.)
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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