(TheNewswire)
Vancouver, B.C. – TheNewswire – August 15, 2022 - Luff Enterprises Ltd., ( CSE:LUFF )(“ LUFF ” or the “ Company ”) is pleased to announce thecompletion of its previously announced acquisition of the NationalGreen Biomed group of companies (“ NG Biomed ”). Basedin British Columbia, NG Biomed is a licensed producer of cannabisproducts for both the recreational and medical consumer markets. Thisacquisition represents the next step in Luff’s online marketplacestrategy and will allow the Company to accelerate its launch of onlinesales in Canada and establish a new online wellness marketplace.
The acquisition of NG Biomed was effected by way of athree-cornered amalgamation in accordance with the provisions of theBusiness Corporations Act (British Columbia) whereby thesecurityholders and certain creditors of NG Biomed’s parent company,National Green Biomed Ltd. (“ NGB ”), were issued 161,025,195 common sharesof Luff. The Company will also pay cash consideration of up to$224,370 to certain shareholders of NGB that had a right of rescissionrelated to their investment in NGB. In conjunction with theacquisition, Luff also assumed $500,000 in debt and up to $200,000 inother net liabilities.
The Company is also pleased to announce that it hasappointed the Honourable Herb Dhaliwal, NGB’s Chairman, to Luff’sBoard of Directors. Mr. Dhaliwal is a former member of Parliament andMinister of National Revenue, Minister of Fisheries & Oceans andMinister of Natural Resources. He is the former Vice-Chair of BC HydroPower and Authority.
LUFF is a hemp and wellness company, focused onproviding premium quality, innovative products across the UnitedStates through its online store. Committed to plant-based science,LUFF produces and sources a suite of thoughtfully designed products tobenefit a wide range of user needs.
Currently, the Company focuses on identifying uniqueproducts and formulations leveraging cannabinoids to empower people torealize the full potential of everyday life. LUFF’s scientificallyformulated products are non-GMO, THC-free, 3rd party tested, and onlycrafted with hemp grown in the United States.
Philip Campbell, CEO and Director
Email: IR@luffbrands.com
Telephone: 250-419-7665
CAUTIONARY NOTE REGARDINGFORWARD-LOOKING INFORMATION:
Certain statements in this news release, includingstatements or information containing terminology such as“anticipate”, “believe”, “intend”, “expect”,“estimate”, “may”, “could”, “will”, and similarexpressions constitute “forward-looking statements” within themeaning of applicable Canadian securities legislation. All statements,other than statements of historical fact, that address activities,events, or developments that the Company or a third party expect oranticipate will or may occur in the future, including the Company’sfuture growth, results of operations, performance, and businessprospects and opportunities are forward-looking statements. Theseforward-looking statements reflect the Company’s current beliefs andare based on information currently available to the Company. Thesestatements require the Company to make assumptions it believes arereasonable and are subject to inherent risks and uncertainties. Actualresults and developments may differ materially from the anticipatedresults and developments discussed in the forward-looking statementsas certain of these risks and uncertainties are beyond the Company’scontrol. These risk factors are interdependent and the impact of anyone risk or uncertainty on a particular forward-looking statement isnot determinable. Examples of forward-looking statements in this newsrelease and the key assumptions and risk factors involved in suchstatements include, but are not limited to, expanding the Company’sbusiness into Canada. The successful execution of the Company’sexpansion initiatives is subject to a number of risks anduncertainties, including industry competition and future customerdemand for the Company’s products, among others.
Consequently, all of the forward-looking statementsmade in this news release are qualified by these cautionary statementsand other cautionary statements or factors contained herein, and therecan be no assurance that the actual results or developments will berealized or, even if substantially realized, that they will have theexpected effects on Luff. These forward-looking statements are made asof the date of this news release. Except as required by applicablesecurities legislation, the Company assumes no obligation to updatepublicly or revise any forward-looking statements to reflectsubsequent information, events, or circumstances.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE" ) HASNEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE.NEITHER THE CSE OR ITS market REGULATOR (AS THAT TERM IS DEFINED INTHE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY ORACCURACY OF THIS RELEASE.
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