KITCHENER, ON, June 2, 2020 /CNW/ - James E. Wagner
Cultivation Corporation (the "Corporation") (NEX:
JWCA.H; OTCQX: JWCAF) is pleased to announce that, in connection
with its creditor protection proceedings under the Companies'
Creditors Arrangement Act (the "CCAA") and previously
announced Sales and Investor Solicitation Process (the
"SISP") that concluded on May 19,
2020 with Trichome Financial Corp. ("Trichome
Financial") emerging as the "Successful Bidder", the
Corporation and its subsidiaries (the "JWC Group") today
received authorization from the Ontario Superior Court of Justice
(Commercial List) (the "Court") to complete the sale of
substantially all of the JWC Group's assets, as contemplated by the
SISP, to an affiliate of Trichome Financial (the
"Transaction"). The closing of the Transaction is currently
set to occur on or before June 30,
2020, provided that all remaining conditions are
satisfied.
Further details of the SISP and the asset purchase agreement are
available under the Corporation's profile on the System for
Electronic Document Analysis and Retrieval (www.sedar.ca) and are
also available, along with additional information respecting the
CCAA proceedings, on the website of KSV Kofman Inc., the
Court-appointed CCAA monitor (the "Monitor")
(https://www.ksvadvisory.com/insolvency-cases/case/james-e-wagner-cultivation-corporation).
Readers are urged to consult the full text of all documents
available on SEDAR and the Monitor's website for further, more
detailed, information. Readers are cautioned that there are a
number of factors outside of the control of the JWC Group that may
delay or impact the closing of the Transaction and, as a result and
notwithstanding the approval of the Court, the Transaction may not
close on the timeline or in the manner expected by the JWC Group or
at all. Based on the consideration to be received by the JWC Group
under the Transaction, holders of the Corporation's common shares
will not receive any payments for, or distributions on, their
common shares in connection with the transaction or the CCAA
proceedings.
About James E. Wagner Cultivation Corporation
James E. Wagner Cultivation Corporation's wholly owned
subsidiary is a Licensed Producer under the Cannabis Regulations,
formerly the Access to Cannabis for Medical Purposes
Regulations ("ACMPR"). JWC is a premium cannabis
brand, focusing on producing clean, consistent cannabis using an
advanced and proprietary aeroponic platform named
GrowthSTORM™. JWC began as a collective of patients and
growers under the Marihuana Medical Access Regulations (the
precursor to ACMPR). Since its inception, JWC has remained focused
on providing the best possible patient experience. JWC is a
family-founded company with deep roots planted in the local
community. JWC's operations are based in Kitchener, Ontario. Learn more
at www.jwc.ca. For additional information about JWC, please
refer to JWC's profile on SEDAR (www.sedar.com) or the
Corporation's website: www.jwc.ca.
Notice Regarding Forward-Looking Statements
This press release contains statements including forward-looking
information for purposes of applicable securities laws
("forward-looking statements") about JWC and its business
and operations, which include, among other things, statements
regarding the CCAA proceedings and the Corporation's intention to
close the Transaction on or before June 30,
2020. The forward-looking statements can be identified by
the use of such words as "will", "expected", "approximately",
"may", "could", "would" or similar words and phrases.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results
to differ materially from those implied in the forward-looking
statements. There may be factors that cause actions, events or
results to differ from those anticipated, estimated or intended.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release and are based on current assumptions which management
believes to be reasonable. The Corporation disclaims any intention
or obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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.
SOURCE James E. Wagner Cultivation Corporation