(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 3, 2022 – Harrys Manufacturing Inc. (“ Harrys ” or the “ Company ”)(CSE:HARY ) , ( OTC:WSRRF) announced that the Companyhas entered into a convertible loan agreement (the “ Note ”) with anarm’s length private lender in the aggregate principal amount of upto $100,000 (the “ PrincipalLoan Amount ”).
The Note bears interest at 12% per annum and maturessix (6) months from the date of issuance (the “ Maturity Date ”). At any time prior to the Maturity Date on at least 10 days priorwritten notice to the Company, the lender may, in its sole discretion,elect to convert all, but not less than all, of the Principal LoanAmount into a number of common shares of the Company equal to thequotient of the Principal Loan Amount and $0.08 (the “ Conversion ”). Anyinterest that accrues and is payable on amounts outstanding under theNote will be paid in cash and is not eligible for Conversion.
The Note and all securities issued in connection withthe Note will be subject to a statutory hold period of four (4) monthsand a day from the date of issuance in accordance with applicablesecurities law.
The Company intends to use the Principal Loan Amountfor general working capital purposes and to purchase raw materials,including, without limitation, packaging materials.
The securities being referred to in this news releasehave not been, nor will they be, registered under the United States(U.S.) Securities Act of 1933, as amended, and may not be offered orsold in the U.S. or to, or for the account or benefit of, U.S. personsabsent registration or an applicable exemption from the registrationrequirements. This news release does not constitute an offer to sellor the solicitation of an offer to buy nor shall there be any sale ofthe securities in any jurisdiction in which such offer, solicitationor sale would be unlawful.
President & CEO Ken Storeysaid , “We are grateful for the continuedsupport of our long-term stakeholders. Proceeds from thistransaction will be used for working capital and securing futuresupplies of board stock, which is a critical component of packaging.As you may know, pulp, paper and allied products are volatile at themoment, which means we need to secure product farther into the futureto help ensure continuity of supply. I’m confident we’ll need asignificant supply of packaging as we move forward.”
About Harrys
Harrys is a wholesale distributor of value priced, highquality, 100% natural tobacco cigarettes. Harrys utilizes varioustypes of tobacco blends to satisfy customer demands and preferencesfor products that meet Health Canada standards. Harrys’ managementteam brings over 50 years of combined experience in the domestic andinternational tobacco industry. For more information, please visit: www.harrysmfg.com
ON BEHALF OF THE BOARD
Ken Storey
President & CEO
For further information, pleasecontact:
Corporate Communications
Telephone: 604-349-3011
Email: IR@HarrysMFG.com
Information inthis news release concerning the Company’s products is intended forthe exclusive use of market investors and is not in any way intendedto promote tobacco products to consumers, which is prohibited byCanadian law.
Neither theCanadian Securities Exchange nor its regulation services provideraccepts responsibility for the adequacy or accuracy of this newsrelease.
FORWARD-LOOKING STATEMENTS:
Cautionary Note RegardingForward-Looking Statements: This release includes certain statementsand information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statementsin this news release, other than statements of historical facts,including statements regarding future estimates, plans, objectives,timing, assumptions or expectations of future performance, includingthe Company’s anticipated use of the Principal Loan Amount, theCompany’s expectations concerning market supply/volatility of pulp,paper and allied products, the Company’s expectations concerning itsfuture need for packaging supplies, and any expectations related tothe Conversion are forward-looking statements and containforward-looking information. Generally, forward-looking statements andinformation can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur".Forward-looking statements are based on certain material assumptions and analysis made by the Company and theopinions and estimates of management as of the date of this newsrelease. These forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause theactual results, level of activity, performance or achievements of theCompany to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Importantfactors that may cause actual results to vary include, withoutlimitation: uncertainties affecting the Company’s expected use ofthe Principal Loan Amount, the Company’s ability to enter theCanadian tobacco market, the Company’s ability to obtain anyrequired provincial and federal licenses and registrations to operatein the tobacco industry, and the Company’s ability to predict markettrends. Although management of the Company has attempted to identifyimportant factors that could cause actual results to differ materiallyfrom those contained in forward-looking statements or forward-lookinginformation, there may be other factors that cause results not to beas anticipated, estimated or intended. There can be no assurance thatsuch statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking statements and forward-looking information. Readersare cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that areincorporated by reference herein, except as required by applicablesecurities laws.
THIS NEWS RELEASE IS NOT FORDISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES.
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