TORONTO, June 17, 2020 /CNW/ - Namaste Technologies
Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ)
(OTCMKTS: NXTTF), an online platform for cannabis products,
accessories, and responsible education, today announced that Mr.
Meni Morim has resigned as a
director of Choklat Inc. ("Choklat"), a private company in which
Namaste holds a 49% equity interest.
Pursuant to its initial investment in the company in
March 2019, Namaste was granted the
right to appoint a director to the board of Choklat.
Mr. Morim resigned due to disagreements between Mr. Morim and
management of Choklat. While Namaste retains the right to appoint a
director to the board of Choklat to replace Mr. Morim, Namaste has
elected not to exercise such right at this time. Additionally,
Namaste's subsidiary, CannMart Inc., has delivered notice to
Choklat advising that it has terminated its existing purchase order
with Choklat.
The Company is evaluating its next steps including but not
limited to its ongoing investment in the company, strategic
alternatives, and the role of Choklat as part of Namaste's broader
and diverse Cannabis 2.0 strategy. As part of its commitment to
invest capital with discipline, Namaste is constantly evaluating
performance of all investments, particularly those non-revenue or
not near-term revenue generating investments, and their alignment
with Namaste's core values and ability to contribute to Namaste's
long term success.
About Namaste Technologies Inc.
With headquarters in
Toronto, ON, and offices in both
B.C. and around the globe, Namaste Technologies is a leading online
platform for cannabis products, accessories, and responsible
education. The company's 'everything cannabis store', CannMart.com,
provides customers with a diverse selection of hand-picked products
from a multitude of federally-licensed cultivators, all on one
convenient site. Namaste's global technology and continuous
innovation address local needs in a burgeoning cannabis industry
requiring smart solutions.
Information on the Company and its many products can be accessed
through the links below:
NamasteTechnologies.com
NamasteMD.com
Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION – This news release contains
"forward-looking information" within the meaning of applicable
securities laws. All statements contained herein that are not
historical in nature contain forward-looking information.
Forward-looking information can be identified by words or phrases
such as "may", "expect", "likely", "should", "would", "plan",
"anticipate", "intend", "potential", "proposed", "estimate",
"believe" or the negative of these terms, or other similar words,
expressions and grammatical variations thereof, or statements that
certain events or conditions "may" or "will" happen. The
forward-looking information contained herein is made as of the date
of this press release and is based on assumptions management
believed to be reasonable at the time such statements were made,
including management's perceptions of Namaste's standing in the
online marketplace for cannabis products and the potential for
Namaste to appoint a director to the board of Choklat in the
future, the Company's evaluation of its next steps, including its
continued investment in Choklat and Choklat's role as part of
Namaste's Cannabis 2.0 strategy. While we consider these
assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. By their nature,
forward-looking information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: risks relating to the Company's
ability to execute its business strategy and the benefits
realizable therefrom, risks specifically related to the Company's
international operations, and risks relating to the market price of
Namaste common shares. Additional risk factors can also be found in
the Company's current MD&A and annual information form, both of
which have been filed under the Company's SEDAR profile at
www.sedar.com. Readers are cautioned not to put undue reliance on
forward-looking information. The Company undertakes no obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement.
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 or has in any way approved or disapproved
of the contents of this press release.
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SOURCE Namaste Technologies Inc.