VANCOUVER, British Columbia, Dec. 4, 2019 /CNW/ -- Sunniva Inc. ("Sunniva", the "Company", "we", "our" or "us") (CSE: SNN) (OTCQB: SNNVF), has become aware that it has been named in a lawsuit (the "Lawsuit"), along with its wholly-owned subsidiary, 1167025 B.C. Ltd., commenced in connection with loans made by Matrix Venture Capital Management Inc. (the "Plaintiff") to Sunniva on August 28, 2019 and October 11, 2019, respectively, in the aggregate amount of USD$7,000,000 (the "Loans"). The remedies sought by the Plaintiff include a mortgage over Sunniva's Okanagan Falls property to secure payments of the amounts of the Loans owed by Sunniva to the Plaintiff.
A notice of civil claim was filed in the Supreme Court of British Columbia on November 26, 2019 in respect of the Lawsuit. The Company has not yet been served with the notice of civil claim.
Sunniva and 1167025 B.C. Ltd. intend to vigorously defend this action.
"The allegations in the notice of claim contain factual inaccuracies and the Company believes the claim is without merit," said Dr. Anthony Holler, CEO of Sunniva Inc.
1167025 B.C. Ltd. owns the Sunniva Canada Campus, which includes construction assets for a planned 759,000 square-foot greenhouse located on an approximately 114-acre property in Okanagan Falls, British Columbia. For more information about the Company please visit: www.sunniva.com.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
About Sunniva Inc.
Sunniva, through its subsidiaries, is building a vertically integrated cannabis company operating in two of the world's largest legal cannabis markets – California and Canada. In Canada, Sunniva's wholly owned subsidiary Natural Health Services Ltd. operates medical cannabis clinics that provide educational and clinical services to patients. In California, Sunniva is constructing a 325,000 square-foot, purpose-built cGMP designed greenhouse for cannabis cultivation and operates a fully licensed cannabis extraction facility, in-house marketing and licensed cannabis distribution businesses
Cautionary Note Regarding Forward-Looking Information or Statements
This press release contains forward-looking information or statements. All statements that are or information which is not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, , expectations or beliefs of future performance, statements regarding Sunniva's operations and growth opportunities, and Sunniva's and 1167025 B.C. Ltd.'s intent to vigorously defend the Lawsuit are "forward-looking information or statements". Forward-looking information or statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva's continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.