VANCOUVER, British Columbia, Dec. 16, 2019 (GLOBE NEWSWIRE) — Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) (“Organic Flower” or “OFIG” or the “Company”) today announced that it has set a record date (the “Record Date”) for the distribution (the “Distribution“) of common shares in the capital of AgraFlora Organics International Inc. (“AgraFlora Common Shares”). As previously announced, the Company sold its cannabis industry focused downstream and product formulation portfolio to AgraFlora earlier this year. As consideration for the sale of the portfolio, the Company was issued an aggregate of 348,109,251 AgraFlora Common Shares.
The Company is pleased to confirm the Record Date for the Distribution has been set for Monday, January 6, 2020. The distribution date is set for Wednesday, January 8, 2020, whereby an aggregate of 116,036,417 AgraFlora Common Shares will be distributed to the shareholders of the Company on the Record Date, on a pro-rata basis. The Company has designed the Distribution as a shares distribution in the form of a return of capital, and as a result it is not required to issue any tax slips related to the Distribution. Organic Flower Shareholders with questions regarding the tax treatment of the Distribution should consult with their own tax advisors.Due to the current general market conditions and in the best interest of all stakeholders at this time, the remaining amount of AgraFlora Common Shares will be held by the Company until the Company is in a position to determine the most favourable option, in the best interest of Organic Flower shareholders, for dealing with the remaining AgraFlora Common Shares.Only holders of Organic Flower common shares of record at the close of business on the Record Date will be entitled to the Distribution on January 8, 2020, on a pro-rata basis in accordance with their respective holdings. Holders of Organic Flower common shares before or after January 6, 2020, but not on such Record Date, will not be entitled to any part of the Distribution.ABOUT ORGANIC FLOWER INVESTMENTSOrganic Flower is an investment company, that specializes in investing into private and public companies engaged in a variety of industries, with a focus in the bio-medical, pharmaceutical, and naturopathic sectors, which may include medical or recreational cannabis. The Company’s investment activities will be primarily focused on enterprises in the legal cannabis space located in Canada. 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 investmentsON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS“Joel Dumaresq”
Joel Dumaresq
CEO, Director
+1 (604) 687-2038
info@sowcannabis.caLearn more about Organic Flower by visiting our website at: https://sowcannabis.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 news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, AgraFlora’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting AgraFlora in particular and the cannabis industry generally. Without limiting the generality of the foregoing, the forward-looking statements herein include, among other things, AgraFlora’s ability to develop the Delta Greenhouse Complex and the successful integration of Organic Flower’s unique domestic downstream asset portfolio under the AgraFlora banner.
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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