VANCOUVER, British Columbia, Nov. 7, 2019 /CNW/ -- MYM Nutraceuticals Inc. (CSE: MYM) (CSE: MYM.CN) (OTCBB: MYMMF) ("MYM" or the "Company") has signed a non-binding letter of intent with Crop Infrastructure Corp. ("Crop") to acquire all of the issued and outstanding shares in the capital of Crop, a company which owns cannabis and hemp assets in Washington, Nevada, California, and Oklahoma. MYM has the intention of developing and implementing an extensive restructuring plan for Crop.
MYM is the first and only Canadian company that offers integrated strategic, financial, management, operational and marketing services to cannabis entities that have valuable assets but require management support and capital to navigate today's challenging landscape. The acquisition of Crop is the first of what is expected to be a series of opportunistic acquisitions and/or investments.
"The capital markets in the cannabis industry have become complex and demanding," said Howard Steinberg, CEO of MYM. "We are looking to acquire companies with valuable core assets that are poised to benefit from the restructuring expertise our team can bring, in terms of both capital and management support. We look forward to working closely with the Crop team as we develop a financial and operational plan to enable its assets to flourish in the future."
Michael Ruscetta, CEO of Trichome Financial, commented "MYM's strategy aligns very well with the core capabilities of its management team as well as our view of current market dynamics and opportunities in the cannabis sector."
"We enthusiastically support the MYM transaction to acquire Crop," said Jesse Kaplan, Principal of Plaza Capital. "We have confidence in their deeply talented team and ability to restructure Crop's distressed assets to make them profitable. We look forward to working with them on this and potentially future restructuring projects."
"MYM's team has proven to be extremely knowledgeable and reliable in helping Crop realign our strategy," said Michael Yorke, CEO of Crop. "They are extremely talented and well capitalized. We believe that this transaction is in the best interest of our shareholders."
Under the terms of the proposed transaction, MYM would acquire all of the outstanding common shares of Crop on an exchange ratio of 10.5 Crop shares for 1 MYM common share. The transaction is conditional on, among other things, definitive documentation and court and Crop shareholder approval.
About CROP Infrastructure Corp.
CROP is publicly listed on the CSE and trades under the symbol "CROP", in the US on the OTC under the symbol "CRXPF", and on the Frankfurt exchange under the symbol "2FR". CROP has developed a portfolio of asset investments including two in Washington State, medical and recreational in California, a 1,012-acre Nevada Cannabis farm and a 500-acre Hemp CBD farm.
About MYM Nutraceuticals Inc.
MYM is uniquely postioned to opportunistically acquire and/or invest in companies within the cannabis and hemp industries that are in need of capital and management support. Our senior management team is made up of experts engaged in a wide array of disciplines – upper level management of public companies, finance, law, master growing, plant pathology, agricultural economics, pharmaceutical, engineering, global marketing, product development and branding, distribution and seed genetics. MYM is a shareholder in two production projects in Quebec and is actively looking to acquire complementary businesses and assets in the cannabis sector. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Howard Steinberg, CEO
MYM Nutraceuticals Inc.
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims and does not undertake any intention or obligation to revise or update such statements, except as required by applicable law. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis dated October 28,, 2019 (the "MD&A") and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
Forward-looking statements may include, without limitation, statements relating to, but not limited to, the Company's ability to complete the acquisition of Crop or any other acquisition and to develop and implement a restructuring plan for Crop. Forward-looking statements are necessarily based upon several 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; ability of MYM to complete the acquisition of Crop and give effect to its business plan; and the uncertainties surrounding the cannabis industry in North America and internationally. There can be no assurance that any of the 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 forward-looking statements.
Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
SOURCE MYM Nutraceuticals Inc.