KELOWNA, BC, Dec. 18, 2019 /CNW/ - Valens GroWorks Corp.
(TSXV: VGW) (OTCQX: VGWCF) (the "Company",
"Valens" or "The Valens Company"), a vertically
integrated provider of industry leading extraction products and
services, including a diverse suite of extraction methodologies,
next generation cannabinoid delivery formats and an ISO 17025
accredited analytical lab, announced today that the TSX Venture
Exchange (the "TSXV") has approved its notice of intention to make
a normal course issuer bid for its common shares ("Shares") as
appropriate opportunities arise from time to time. Valens'
normal course issuer bid will be made in accordance with the
policies of the TSXV. Valens may purchase its Shares during
the period from December 19, 2019 to
December 18, 2020.
Pursuant to the notice and subject to the market price of its
Shares and other considerations, Valens may acquire over the next
12 months up to 6,275,204 Shares, representing 5% of the
outstanding Shares, for cancellation. There are 125,504,096 Shares
outstanding as of December 12,
2019. Any purchases will be made at market prices through the
facilities of the TSXV. Valens believes that the purchase of its
outstanding Shares may be an appropriate use of its resources over
the next 12 months, based upon the market price of its Shares
during such period. AltaCorp Capital Inc. has been appointed by
Valens as broker to conduct the normal course issuer bid.
About The Valens Company
The Valens Company is a global leader in the end-to-end
development and manufacturing of innovative, cannabinoid-based
products. The Company is focused on being the partner of choice for
leading Canadian and international cannabis brands by providing
best-in-class, proprietary services including CO2, ethanol,
hydrocarbon, solvent-less and terpene extraction, analytical
testing, formulation and white label product development and
manufacturing. Valens is the largest third-party extraction
company in Canada with an annual
capacity of 425,000 kg of dried cannabis and hemp biomass at our
purpose-built facility in Kelowna,
British Columbia which is in the process of becoming
European Union (EU) Good Manufacturing Practices (GMP)
compliant. The Valens Company currently offers a wide range
of product formats, including tinctures, two-piece caps, soft gels,
oral sprays and vape pens as well as beverages, concentrates,
topicals, edibles, injectables, natural health products and has a
strong pipeline of next generation products in development for
future release. Finally, the Company's wholly-owned
subsidiary Valens Labs is a Health
Canada licensed ISO 17025 accredited cannabis testing lab providing
sector-leading analytical services and has partnered with Thermo
Fisher Scientific to develop a Centre of Excellence in Plant-Based
Science. Effective at the start of trading on December 19, 2019, The Valens Company will trade
on the TSXV under the ticker VLNS. The Company expects to formally
change its name in due course (with its ticker changing on the
OTCQX once final regulatory approvals are received). For more
information, please visit http://thevalenscompany.com. The
Company's investor deck can be found specifically at
http://thevalenscompany.com/investors/.
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements"
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as "anticipates", "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed", "positioned" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout
this news release. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
The TSXV or other regulatory authority has not reviewed,
approved or disapproved the contents of this press release. We seek
Safe Harbour.
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SOURCE Valens GroWorks Corp.