TORONTO, Feb. 8, 2019 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) today provided the following letter to its shareholders.
Dear fellow shareholders,
I want to thank all our shareholders for your continued support for our company over the past week. I know a lot of you have questions about the future of Namaste.
In situations like this there is often a great deal of rumour and speculation circling around. I want you to know the company will provide updates whenever possible. I'd urge you to focus on communications that you receive from the company and ignore the rumours even though I know they can get loud.
I'd also ask you to focus on what really matters:
This is a fantastic company with great people, products and prospects.
We have a strong, talented management team in place, and we all believe the future of Namaste is bright. I'm incredibly humbled and excited by the opportunity I have as Interim CEO to lead this company forward, but it's truly not about me; Namaste is bigger than any one individual.
We have great people across the company and a solid business. With that in mind, and looking at our performance to date, we're in a great position. Consider the following facts:
Our team has not stopped innovating:
We have powerful Artificial Intelligence capabilities that are being deeply integrated into our customer experience – and we're continuing development.
We're developing Uppy version 2.0 based on feedback from our customers.
NamasteMD has been completely re-architected and will be released in the coming weeks. This will improve performance, user experience and enable rapid deployment in new markets.
We're near completion of our ERP replacement project. This will drive supply chain optimization, improved operational efficiency and better reporting capabilities.
We have a license to distribute medical cannabis in Canada and strong supply agreements. The selection on Cannmart continues to grow, and we are working on improving the buying experience.
Our business development team led by our Chief Strategy Officer has a healthy pipeline of partnerships which will continue to strengthen the position of the company.
We have a strong cash position that enables us to execute on our strategy and continue to innovate.
In short, the management team's focus continues to be on executing our strategic plan, growing the business and creating shareholder value for you, Namaste's owners. That is our mandate, and we are moving full-steam ahead.
Thank you for your ongoing patience and support, and we'll continue updating everyone as things progress.
Meni Morim, Interim CEO
About Namaste Technologies Inc.
Namaste Technologies powers the ultimate online customer experience for medicinal cannabis and related products. Beginning with NamasteMD.com, the Company's integrated telemedicine application, we connect medical clients with health care practitioners to more readily issue and renew cannabis prescriptions online. Featuring the first Canadian Medical Sales-Only Licence, the Company's own Cannmart.com is your 'everything cannabis store' offering clients a large variety of strains to fill their prescription needs. Namaste's unique artificial intelligence (AI) engine incorporated in its platforms and related Uppy App, completes our ecosystem by identifying the right product and pairing to address specific medical cannabis requirements. Namaste also provides vaporizers and accessories across several platforms operating in more than 20 countries. Namaste's global technology addresses local needs in a burgeoning cannabis industry requiring smart solutions. For more information about Namaste, please visit www.Namastetechnologies.com
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION - This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release, includes, but is not limited to, statements with respect to the Company's strategy of leveraging its technologies and acquiring new innovative technologies and the expected benefits thereof.
The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the market price of the Common Shares and risk's relating to the Company's ability to execute its business strategy and the benefits realizable therefrom.
Additional risk factors can also be found in the Company's current MD&A and annual information form, both of which have been filed under the Company's SEDAR profile at www.sedar.com.
Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Namaste Technologies Inc.
For further information: Incite Capital Markets: Darren Seed / Eric Negraeff, Ph: 604.493.2004; Meni Morim, Interim CEO, Email: [email protected]