LOS ANGELES, CA / ACCESSWIRE / October 9, 2019 / International Cannabrands Inc. (CSE:JUJU) (the "Company") wishes to publish CEO Steve Gormley's response to public assertions made by La Vida Verde, Inc. ("LVV") and its stockholders on October 8, 2019.
Yesterday La Vida Verde announced that its founding shareholders had "re-acquired" a controlling interest from International Cannabrands and that, as such, International Cannabrands' interest in La Vida Verde had been reduced to 42.50%. The release went on to say that management at La Vida Verde was unaware of any discussions taking place with management at International Cannabrands regarding the re-pricing of the transaction between the two companies.
The Company's position, which has been communicated to LVV, is that the attempted seizure of 8.5% of the shares of LVV by the LVV stockholders is not supported by law. Further, as disclosed by the Company in its most recent MD&A, the Company has been in negotiations with LVV and the LVV stockholders.
As I stated in my letter to shareholders, the LVV transaction needs to be restructured. The Company fully intends to examine all of its options with respect to its investment in LVV.
While we needed to publicly respond to these assertions by LVV and its stockholders, I can assure you that we don't intend to use a public forum to continue our negotiations and advance the Company's position. We will update you on this matter with any material developments as required by law.
Thank you for your attention and support while we transition our business model.
International Cannabrands Contact:
Steve Gormley Chief Executive Officer, 12655 W Jefferson Blvd., Los Angeles, CA, 90066
Ph: (323) 828-4321 or [email protected].
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" relating to the timing and execution of the Company's revised strategy, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc.