LiveWell Completes Acquisition of Sole Produce and Closes $6 Million Secured Debt Financing
November 20, 2017
OTTAWA, ONTARIO – LIVEWELL (“LW“, “LiveWell” or the “Company“), through its wholly owned subsidiary Artiva Inc. (“Artiva“) is pleased to announce the completion of the acquisition of Sole Produce and the closing of a $6 million secured debt financing (the “Financing”).
Artiva expects to use the net proceeds from the Debt Facility to fund a portion of the acquisition cost and to repay existing secured indebtedness at the Sole level.
Mr. Seann Poli, Co-CEO of LiveWell commented: “This is a tremendous day for LiveWell as we work towards establishing one of the world’s largest greenhouse cannabis production facilities located under one roof.”
Ottawa Facility Overview:
LiveWell is planning to retrofit an existing 540,000 square foot greenhouse facility located in Ottawa, Canada. It will be built to an unparalleled level of quality assurance, procedures, and testing. The facility is situated on 100 acres of prime agricultural land that is 100% owned by the Artiva.
LiveWell Foods Canada Inc. (Ottawa, Canada) is dedicated to the highest quality standards in delivering cannabis and hemp products. LiveWell is planning to retrofit an existing 540,000 square foot greenhouse facility in Ottawa, Ontario. The facility will be built to an unparalleled level of quality assurance, procedures, and testing. The company intends to establish partnerships with leading sector names, with interests and operations abroad.
On behalf of the Board of Directors,
LIVEWELL FOODS CANADA INC.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “plan”, “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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