VANCOUVER, British Columbia, Aug. 21, 2020 (GLOBE NEWSWIRE) — Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) (“Organic Flower” or the “Company”) is pleased to announce that it has entered into a letter of intent (the “Letter of Intent”), dated August 12, 2020, to acquire up to a 13% equity interest in a U.S.-based company, which owns certain hydrogen assets with global applications for a purchase price of CA$4,500,000 payable in cash. Under the terms of the arms-length acquisition, the Company also has an option (the “Option”) to increase its ownership to 90% of the assets, which primarily consist of small footprint, environmentally friendly IP for the modularized and lowest tier production cost of hydrogen.
Having successfully distributed its interest in AgraFlora Organics International Inc. (“AgraFlora”) to its shareholders, Organic Flower continues to be opportunistic in evaluating opportunities across all sectors both as an investor and operator, minority shareholder, or sole shareholder, as per its investment policy disclosed on October 1, 2018. As of the date of this press release, the Company has renewed the investment policy to include the renewable energy sector as a potential continuing area of focus for the Company. The renewed investment policy is available for review on the Company‘s website at (https://sowinvestments.ca/).The Company now has 9 investments in a variety of sectors having successfully held CA$120 million in investments during the past fiscal year and returned capital to its holders through the distribution of its AgraFlora interest.Completion of the investment contemplated by the Letter of Intent, including the acquisition of an equity interest in the U.S.-based company, remain subject to a number of conditions, including the successful completion of due diligence, receipt of any required regulatory approvals and the negotiation of definitive documentation which is expected to include warranties, representations, covenants, terms and conditions which are customary for transactions of this nature. No investment can be completed until these conditions have been satisfied. The contemplated investment is not expected to constitute a fundamental change for the Company within the meaning of the policies of the Canadian Securities Exchange.The Company confirms that there have been no material developments, other than those disclosed through news releases and Form 7 monthly progress reports filed on the Company’s profile with the Canadian Securities Exchange. Additionally, the Company advises that management and other insiders of the Company are currently subject to a trading blackout policy, in compliance with applicable securities laws and regulations.ABOUT ORGANIC FLOWER INVESTMENTSOrganic Flower is an investment company, that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the health and renewable energy industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in our investments.ON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS“Joel Dumaresq”Joel Dumaresq CEO
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Learn more about Organic Flower by visiting our website at: https://sowinvestments.ca/THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.Notice Regarding Forward Looking Information:This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Organic Flower. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release.Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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