VANCOUVER, British Columbia, Jan. 25, 2022 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd., (CSE: CRFT) (“CRFT” or collectively, the “Company”), today announced that it has filed a Notice of Intention ("NOI") to make a Proposal under the Bankruptcy & Insolvency Act (Canada) (the "BIA").
The filing of the NOI has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company pursues its restructuring efforts. This 30-day period may be renewed with the authorization of the Supreme Court of British Columbia for a period not exceeding six months from the date of filing the NOI.
Crowe MacKay & Company Ltd., a licensed trustee, has consented to act as trustee under the Proposal of the Company. Further information about the proceedings will be available on the trustee's website at https://www.crowemackayco.ca/.
The Company’s day-to-day operations will continue uninterrupted throughout the NOI process while the Company undertakes to restructure and put forward a proposal to its creditors. The objective of filing the NOI is to regain the Company's financial footing although there can be no guarantee that the Company will be successful in securing further financing or achieving its restructuring objectives. Failure by the Company to achieve its financing and restructuring goals will likely result in the Company becoming bankrupt.
The Company will provide further updates as to the next steps of the process when these have been determined.
About BC Craft Supply Co. Ltd.
BC Craft Supply Co. Ltd. is a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy. The Company offers a reimagined vision for craft markets through collaboration, expertise, and adaptation. Its operations include:
CRFT a curator and aggregator of craft cannabis, providing advocacy and access for premium small-batch growers to Canada’s cannabis market;
Medcann Health Products - a cultivation and processing facility in Chemainus BC;
Feelwell Brands, a successful cannabinoid brand house licensed in the state of California; and
AVA Pathways a pre-clinical biotech company focused on neuroplasticity and mental health applications using psilocybin and compounds derived from mushrooms.
BC Craft works with local artists cross-sector and remains fervently committed to keeping the art, technique, and purity of their pursuit.
Follow @BC_Craft on Twitter for the latest updates.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated outcomes from filing the NOI.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, CRFT assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
For further information:
Matthew Watters, CEO, and Director
Phone: (604) 687-2038.
BC Craft Supply Co. Ltd.
Suite 810 – 789 West Pender Street
Vancouver, British Columbia