VANCOUVER, Dec. 27, 2017 /CNW/ - Hempco Food and Fiber Inc. (TSX.V: HEMP) ("Hempco®") is pleased to announce that it has been approved for graduation to Tier 1 Issuer status from Tier 2 Issuer status by the TSX Venture Exchange (the "TSXV").
Tier 1 is the TSXV's premier tier and is reserved for the TSXV's most advanced issuers with the most significant financial resources. Tier 1 Issuers benefit from decreased filing requirements and improved service standards.
"Graduating to becoming a Tier 1 listed company on the TSXV is a reflection of the strong positive development we have gone through as a company," said Diane Jang, CEO. "While Tier 1 status comes with certain benefits, it is the strong positive signal graduation provides to current and potential shareholders that is the most important outcome. As we mature as an organization, capitalize on the hemp opportunity, enter into partnerships with significant companies, we pave the way for accelerated growth and the potential for further listing upgrades in the future. I am very pleased with this achievement and look forward to provide regular updates to shareholders as we grow."
With the graduation to a Tier 1 listing, the common shares of Hempco previously deposited into escrow pursuant to the rules of the TSXV will now be governed by the release provisions of Tier 1 Issuer escrow. As such, an aggregate of 14,098,438 common shares will be eligible for release from escrow immediately. Of these securities released from escrow, 14,000,000 belong to Charles and Angela Holmes. Further the news release dated September 18, 2017, Charles Holmes and Angela Holmes, each of whom is a principal shareholder, officer and director of Hempco entered into an option agreement (the "Option Agreement") granting to Aurora an option (the "Option") to acquire up to an aggregate of 10,754,942 Hempco Shares currently owned by them. Thus, most of the share released from escrow would need to be held to be tendered under of the Option Agreement if called upon.
About Hempco Food & Fiber Inc.
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of premier hemp seed foods. Hempco is committed to developing hemp foods, hemp fiber and hemp nutraceuticals, a "tri-crop" opportunity for producers and processors. Hempco is expanding its processing ability to meet global demands in a 56,000sq. ft. facility located at Nisku, Alberta. Hempco's common shares trade on the TSX Venture Exchange under the symbol "HEMP". Hempco has grown its business significantly and is generating value and profits for shareholders.
On behalf of the Board of Director,
HEMPCO FOOD AND FIBER INC.
Diane Jang, CEO
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accepts responsibility or the adequacy or accuracy of this release.
SOURCE Hempco Food and Fiber Inc.
For further information: For Hempco: John Ross, Chief Financial Officer, HEMPCO FOOD AND FIBER INC., T: +1 647-291-4234, [email protected]