In assessing the holdings within the Company, leadership has established a primary focus on revenue producing markets and product development to gain traction and establish its branded product portfolio to maximize results for shareholders. Under new leadership, this process has resulted in the write downs of several investments that were unlikely to generate returns for shareholders in the near term.
- The Company entered in settlement agreements with two of the vendors of its Jamaican property in respect to untrue representations and warranties by the cancellation of 7,750,112 shares. The Company continues to seek additional recovery of shares from other vendors.
- Recovered and cancelled 16,000,000 shares in relation to the divestment of Verve Beverage Company previously announced on 9 July 2019.
- After an assessment of the operations and assets of S&K Industries, LLC, it was determined that an impairment charge of $3,600,000 was appropriate.
- Circumstances arose suggesting the promissory note received from High Desert Group Inc. would not be recoverable when due on December 13, 2019. As such the Company recorded an impairment charge of $750,000. The Company will continue to pursue the recovery of the note and will record a reversal of the impairment in the event funds are recovered.
“We are very encouraged with our momentum on the Washington State launch of our flagship WKND! branded products, along with more states in development,” said Mr. Chris Backus, Weekend President and CEO. “It was necessary to fully assess the existing deals and become laser focused on the assets with the most upside for the Company and our shareholders, making these write downs necessary. It is important to note we have recovered millions of shares in the process.”
For further information, please contact:
Mr. Chris Backus, President & CEO, Director
Telephone: 1(236) 317-2812 – Toll free 1(888) 556-9656
About Weekend Unlimited Inc.
Weekend Unlimited is a lifestyle-based recreational cannabis company. The Company is developing premium products designed to deliver life’s highs, anytime, anywhere. With a presence in both the U.S. and Canada – and a unique entertainment and education division (Weekend Live!), Weekend Unlimited is well-positioned to launch and scale the brands that will define recreational cannabis. Learn more at www.weekendunlimited.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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