Livewell Canada Releases Financial Results for its First Quarter Ended September 30, 2018
OTTAWA, Nov. 28, 2018
LiveWell Canada Releases Financial Results for its First Quarter Ended September 30, 2018
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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 expects to extract 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.
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Media, English - Deborah Stokes, 819 576-3789 - [email protected]; French - Dorra Jemail, 819 718-2042 (8:30 am-4:30 pm), [email protected]; Investors, Nicole Marchand - 416 428-3533 - [email protected]; Company, David Rendimonti, President and CEO - 819 718-2042 -- [email protected]; Steven Archambault, Chief Financial Officer - 819 718-2042 - [email protected] CNW Group 2018