VANCOUVER, Oct. 9, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is aware of several misleading and false "research reports" published by Citron Research Inc. ("Citron") and press releases and advertisements distributed by several US-based law firms seeking plaintiffs for potential securities litigation against the Company.
The Company wishes to respond to these claims and inform shareholders that its NASDAQ application is progressing but has not yet been accepted or approved, that the Company's sale of its US assets was not to a "related party" and was not a "related party transaction" as defined under applicable Canadian securities laws and that other assertions made by Citron are equally inaccurate and misleading.
To the Company's knowledge, only one US federal securities action has been commenced, although the Company has not yet been served. Moreover, the Company understands that US law would require consolidation of any further federal court litigation, and the flurry of press releases and advertisements does not mean there will be myriad lawsuits. The Company intends on vigorously defending these claims.
Citron is engaged in the practice of short-selling securities for its own financial gain. Citron has previously published false and misleading information in respect to the Company as a means to manipulate the Company's share price. Citron has also targeted other Canadian companies in the cannabis sector. The Company is prepared to pursue any legal remedies it deems necessary to protect its rights and its reputation and shall continue to respond strongly to false and defamatory statements such as those mentioned in these publications.
Sean Dollinger, President and CEO of Namaste comments: "We would like to thank our shareholders for their support. It is important for shareholders to understand the nature of these "research reports", press releases and advertisements and that we take these allegations seriously. We are committed to our shareholders and every decision made by management is what we believe to be in the best long-term interest for the Company."
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products. The Company's wholly owned subsidiary, Cannmart Inc. has received Canada's first medical cannabis sales license as a non-cultivator.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
Chief Executive Officer
Direct: +1 604-355-6100
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, including those concerning litigation, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Namaste Technologies Inc.
For further information: Sean Dollinger, Chief Executive Officer, Direct: +1 604-355-6100, Email: [email protected]