/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, Nov. 28, 2018 /CNW Telbec/ - LiveWell Canada
Inc. ("LiveWell" or the "Company"), (TSXV: LVWL)
(CSE: LVWL), an innovative cannabis and hemp company focused on
advanced research on CBD and other cannabinoids, as well as
developing, producing and distributing health and wellness
products, has released its first quarter (Q1 Fiscal 2019)
operating and financial results for the period ending September 30, 2018. The Company's unaudited
interim financial statements and related management discussion and
analysis for the period are available on the Company's SEDAR
profile at www.sedar.com and on the Company's website at
investors.livewellcorp.com.
Key Operational Highlights in the First Quarter Fiscal
2019:
- Entered into an agreement with Vitality CBD Natural Health
Products Inc. ("Vitality"), to purchase 1,000 acres of industrial
hemp biomass to be harvested from farmland located in Alberta. The Company extracted approximately
25,000 kg of CBD from this industrial hemp biomass.
- Hosted a CBD Hemp investor event series across Canada to inform the market about the health
and wellness benefits of CBD, and its future global growth
prospects.
- Announced the interest of the Government of Québec to finance
up to 25% of the overall financing of the Research and Innovation
Centre at LiveWell's site in Litchfield, Québec. The Company is continuing
to have positive discussions with the new government following the
election, and due diligence is in progress.
- Augmented senior management team with the appointments of
Peter Geimer (VP, Sales &
Marketing) and Jean Bernard (VP,
Information Security and Technology).
- Closed a non-brokered private placement of approximately 4
million units at $1.25 each for total
gross proceeds of $5 million.
Key Developments Subsequent to September 30, 2018
- Signed a major CBD supply and marketing binding term sheet with
Global Wellness, a U.S. private equity firm. Partnering with
Vitality CBD Natural Health Products Inc, the 15-month deal
commences January 2019 for 1,000
kg/month, increasing to 3,000 kg/month in April 2019. At closing of the definitive
agreement, Global Wellness will pay a US$3
million deposit for the initial CBD supply. It is expected
to close in December 2018.
- Appointed David Rendimonti to
the role of CEO and President to better position LiveWell for
global growth in health and wellness markets.
- Announced the signing of a binding letter of intent to acquire
Acenzia Inc., a leading developer and manufacturer of natural
health products, for a total consideration of $20 million. The acquisition is expected to be
completed before the end of 2018.
- Submitted evidence package for a cannabis cultivation licence
at LiveWell's Artiva site in Ottawa, which is pending approval from Health
Canada.
- Closed a non-brokered private placement of 1,937,500 Units at
$0.80 each for total net proceeds of
$1.5 million.
- Approved to list on the CSE and began trading on November 26, 2018. Livewell will delist from the
TSXV at the close of business November 28,
2018. With the CSE listing, LiveWell is positioned to pursue
CBD opportunities not only in Canada, but globally, including the large and
important U.S. market.
Refer to LiveWell's website (www.livewellcorp.com) for further
details on the above events.
The pace of development has escalated since the Company refined
its corporate vision, strategy and leadership team to position for
growth in the global health and wellness market for CBD and other
cannabinoid products. "In 2018 we laid the foundation to
deliver on our vision to be a global CBD life science company,
focused on innovative health and wellness products and functional
outcomes for consumers," said David
Rendimonti, President and CEO of LiveWell.
"Over the next 12 months LiveWell will continue to make waves as
we deliver wholesale CBD to the market, develop and prepare our
suite of products and expand into international marketplaces," Mr.
Rendimonti added.
About LiveWell Canada
LiveWell Canada Inc. is an innovative Canadian hemp and cannabis
company focused on advanced research on CBD and other cannabinoids,
as well as developing, marketing and distributing prescription and
consumer health and wellness products. The company has greenhouses
under construction located in Ontario and Québec.
Neither the CSE, TSXV nor its Regulation Services Providers (as
that term is defined in the policies of the CSE/TSXV) accept
responsibility for the adequacy or accuracy of this release.
SOURCE LiveWell Canada Inc.
For more information, visit livewellcorp.com
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the
Company and its business. Often, but not always, forward-looking
statements can be identified by the use of words such as "plan",
"continue", "expect", "schedule", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed"
and other similar words, or statements (including negative
variations) that certain events or conditions "may" or "will"
occur. Such statements are based on the current
expectations of management. The forward-looking events and
circumstances discussed in this release may not occur by certain
specified dates or at all and could differ materially as a result
of unknown and known risk factors and uncertainties affecting the
Company, including risks regarding the cannabis and hemp industry,
economic factors, the equity markets and risks associated with
growth and competition. The Company cautions that this foregoing
list of material factors is not exhaustive, and readers are
encouraged to read all Risk Factors disclosed in the Company's
MD&A dated October 26,
2018.
The forward-looking information contained in this press
release represents expectations of the Company as of the date of
this press release and accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, it does not undertake
to update this information at any particular time except as
required in accordance with applicable securities laws.
SOURCE LiveWell Canada Inc.