(TheNewswire)
VANCOUVER, BRITISH COLUMBIA – TheNewswire – December 2, 2020 – HarrysManufacturing Inc. (CSE:HARY )(CNSX:HARY.CN) ( OTC:WSRRF) (the “Company” or“Harrys”) , wishes to announce that itswholly owned subsidiary Harrys International Manufacturing Inc. hasreceived approval for its Tobacco License from Revenu Quebec (the“License”) for wholesale distribution and sales of tobaccocigarettes in the province of Quebec.
With the Quebec License approval, the Company iscommencing with preparations to launch its Harrys Canadian brandtobacco cigarettes in the Province of Quebec. Harrys exclusivemanufacturer anticipates it will be able to start manufacturing ordersfor the Company by mid January 2021, once all Harrys brand packagingand raw materials have arrived.
Kevin Kohanik, CEO stated; “We are very excited toget our Harrys Canadian brand cigarettes on the shelves in theprovince of Quebec first, where there has historically been higherthan average smoking rates compared to other provinces.”
Harrys continues to work with its exclusivemanufacturer to receive stamping regime registration approvals inaddition to Quebec, from the Canada Revenue Agency Excise Duties andTaxes Division for ordering the required Tobacco Stamps on productsdestined for provinces where the Company has received licenseapprovals to operate. The Excise Stamps are placed on Harrys tobaccocigarette products and indicate the federal excise duty has been paidand that the product was manufactured in accordance with applicablelaw. The Company will continue to provide corporate updates asfurther tobacco license and stamp registration approvals are obtained.
Grant of Stock Options
The Company has issued an aggregate of 500,000 stockoptions (the “ Options ”) in accordance with the Company’sstock option plan at an exercise price of $0.16 per share for afive-year term expiring December 2, 2025. The Options were granted tothe two independent directors of the Company. The Options vest as ofthe date of the grant. The Options and any Common Shares issued uponexercise will be subject to a four month and a day resale restrictionfrom the date of grant, in addition to such other applicablesecurities law hold periods.
About Harrys
Harrys is a wholesale distributor of affordable, 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
"Kevin Kohanik"
Director and CEO
For further information, pleasecontact:
Corporate Communications
Telephone: 778-378-9375
Email: IR@HarrysMFG.com
Neither theCanadian Securities Exchange nor its regulation services provideraccepts responsibility for the adequacy or accuracy of thisrelease.
FORWARD-LOOKING STATEMENTS:
Cautionary Note RegardingForward-Looking Statements: This release includes certain statementsand information that may constitute forward-looking information withinthe meaning of applicable Canadian securities laws. All statements inthis news release, other than statements of historical facts,including statements regarding future estimates, plans, objectives,timing, assumptions or expectations of future performance areforward-looking statements and contain forward-looking information.Generally, forward-looking statements and information can beidentified by the use of forward-looking terminology such as"intends" or "anticipates", or variations of suchwords and phrases or statements that certain actions, events orresults "may", "could", "should","would" or "occur". Forward-looking statements arebased on certain material assumptions and analysis made by the Companyand the opinions and estimates of management as of the date of thisnews release. These forward-looking statements are subject to knownand unknown 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 bysuch forward-looking statements or forward-looking information.Important factors that may cause actual results to vary include,without limitation: uncertainties affecting the Company’s ability toenter the Canadian tobacco market and the Company’s ability toobtain any requiredprovincial and federal licenses and registrations to operate in thetobacco industry. Althoughmanagement of the Company has attempted to identify important factorsthat could cause actual results to differ materially from thosecontained 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 appropriatefor other purposes. The Company does not undertake to update anyforward-looking statement, forward-looking information or financialout-look that are incorporated by reference herein, except inaccordance with applicable securities laws.
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