KITCHENER, ON, Aug. 31, 2020 /CNW/ - James E. Wagner
Cultivation Corporation (the "Corporation", and
together with its subsidiaries, "JWC")) (NEX: JWCA.H);
(OTCQX: JWCAF) announces that, in connection with its creditor
protection proceedings under the Companies' Creditors
Arrangement Act (the "CCAA") and previously announced
Sales and Investor Solicitation Process, JWC completed the sale of
substantially all of its assets and business to an affiliate of
Trichome Financial Corp. ("Trichome") on August 28, 2020. The sale transaction was
completed by way of a credit-bid made by Trichome and includes the
assumption of certain liabilities and the payment of costs
associated with the CCAA proceedings.
In connection with the completion of this transaction, all
directors of JWC are expected to resign imminently. JWC no longer
has any operating assets or active business. KSV Kofman Inc., the
Court-appointed monitor overseeing the CCAA, will assist with the
wind-down of JWC's remaining affairs.
The Corporation does not expect to issue any further press
releases.
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