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CSE – HC
TORONTO, Sept. 15, 2017 /CNW/ - High Hampton Holdings Corp. (CSE:HC) ("High Hampton" or the "Company") is pleased to provide an update on its California operations. The Company has engaged Infrastructure Engineers, a multi-disciplinary municipal engineering firm located in Brea, California, to assemble and assist with the filing and processing of a conditional use permit (CUP) application for the Company's 100% owned, 10.8 acre property situated in the cannabis industrial park in Coachella, California. Cannabis farming is a "conditional use" allowed by the zoning ordinances of the city of Coachella.
The Infrastructure Engineers team has assembled a group of professionals to navigate the complex governmental approval process and will facilitate the completion of the project design, city permitting, contractor selection, and construction management for the Coachella cultivation facility. Infrastructure Engineers has met with the city of Coachella to obtain pre-development guidelines. Based on this initial review and in compliance with Coachella's zoning ordinances, the Company anticipates approximately 180,000 square feet of building area distributed over three 60 square foot facilities. Cannabis operation personnel, landscape, civil, electrical, and mechanical engineers will provide input to site plan layout and configuration.
The next phase of the development will include further city investigations, assembly of the pre-application, environmental impact report, and the receipt of city council approvals.
New Board Members
In connection with the closing of the previously announced acquisition of all of the issued and outstanding shares of Coachellagro Corp. (see press release dated August 30, 2017), the Company wishes to introduce its new board members: Richard Polanco, Daniel Petrov, David E. Argudo, and Christian Scovenna.
Senator Richard Polanco
Mr. Polanco was first elected in 1986 to the Los Angeles City Council, and subsequently served in the California State Assembly (District 55 in the 1980s, District 45 in the 1990s) for eight years. In 1994 Mr. Polanco was elected to the California State Senate (District 22, Los Angeles) and served as Senate Majority Leader from 1998 until his retirement in 2002. Since leaving office, Mr. Polanco has been an active lobbyist in Sacramento, advancing cannabis related legislation in the California state legislature.
Mr. Petrov acted in the capacity of Executive Vice President of Aurora Marijuana Inc. (Aurora Cannabis Inc.) from June 21, 2014 to May 31, 2016. Daniel was brought on to the Aurora team due to his extensive experience in medical cultivation, processing, and distribution. As Vice President, Daniel was responsible for maximizing Aurora's operating performance and achieving its financial goals by managing the strategic plan, ensuring a healthy working environment, overseeing revenue generation, and maintaining general operations.
David E. Argudo
Mr. Argudo is currently an elected official of the City of La Puenta in Los Angeles County, California. As a pioneer in developing local tax measures for medical cannabis, Mr. Argudo runs a consulting firm focused on developing cannabis policies for local municipalities. Mr. Argudo is a member of California Growers Association and Humboldt Institute for Interdisciplinary Marijuana Research (HIIMR).
Mr. Scovenna has over ten years of experience in capital markets, business development and investor relations. As Managing Director of Capital Markets for Cervello Capital, Mr. Scovenna led six portfolio companies within the group, raising capital, business development and internal IR for the group. He also spent four years with Frontier Merchant Capital Group as Director & Senior VP of Operations and most recently with Lions Edge Capital as Managing Partner. Mr. Scovenna is currently VP Business Development and Director of Enforcer Gold Corp., listed on the TSX-V.
The board of directors of the Company has granted a total of 2,150,000 options to directors, officers, employees and consultants pursuant to the Company's stock option plan. Each option is exercisable to purchase one common share of the Company at $0.50 per share for a period of two years from the date of issuance. The options vest immediately on the date of grant.
Shares for Debt
The Company has agreed to issue USD$120,000 of its fees payable to Infrastructure Engineers under the engagement contract in common shares of the Company at a deemed price of CAD$0.50 per share (the "Consultant Shares"), with the exchange rate to be the daily exchange rate posted by the Bank of Canada at 4:30 pm EST on September 8, 2017. The Consultant Shares shall be issued on or before September 22, 2017, and shall be subject to a four month and one day hold from the date of issue of the shares.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
For further information: For more information on Coachellagro and High Hampton, please contact: Brendan Purdy, Chief Executive Officer, Telephone: (416) 276-4581, Email: email@example.com