July 30,
2020
KITCHENER, ON, July 30, 2020 /CNW/ - James E. Wagner Cultivation
Corporation (the "Corporation") (NEX: JWCA.H; OTCQX:
JWCAF) announces a cease trade order was issued by the Ontario
Securities Commission on July 29,
2020 for failure to file its interim financial statements
for the three months ended March 31,
2020, including the related management discussion and
analysis and interim filing certifications.
As previously announced, 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 with Trichome Financial Corp. ("Trichome
Financial") emerging as the "Successful Bidder", the
Corporation and its subsidiaries (the "JWC Group") 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 August 31,
2020, provided that all remaining conditions are satisfied.
As previously disclosed, 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'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 August
31, 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