VANCOUVER, British Columbia, Jan. 25, 2022 (GLOBE NEWSWIRE) — BC Craft Supply Co. Ltd., (CST: CRFT) (“CRFTor collectively, the “Society”), announced today that it has filed a Notice of Intent (“NO I“) to make a proposal under the Bankruptcy and Insolvency Act (Canada) (the “BIA“).
The filing of the Notice of Proposal has the effect of imposing an automatic 30-day stay of proceedings which will protect the Company and its assets from claims by creditors while the Company continues its restructuring efforts. This 30-day period may be renewed with leave of the Supreme Court of British Columbia for a period not exceeding six months from the date of filing of the notice of intention.
Crowe MacKay & Company Ltd., a licensed trustee, has consented to act as trustee in connection with the company’s proposal. Further information on the procedure will be available on the trustee’s website at https://www.crowemackayco.ca/.
The day-to-day operations of the Company will continue uninterrupted throughout the NOI process as the Company undertakes to restructure and present a proposal to its creditors. The purpose of filing the Notice of Intent is to restore the Company’s financial position, although there can be no guarantee that the Company will be successful in obtaining additional financing or achieving its restructuring objectives. Failure of the Company to achieve its financing and restructuring objectives will likely result in the bankruptcy of the Company.
The Company will provide further updates on the next steps in the process when they have been determined.
About BC Craft Supply Co. Ltd.
BC Craft Supply Co.Ltd. is a diverse wellness company advancing cannabinoid and psychedelic innovation and psychotherapy. The company offers a reinvented vision of craft markets through collaboration, expertise and adaptation. Its operations include:
- CRFT a craft cannabis curator and aggregator, providing advocacy and access for high-end small batch growers to the Canadian cannabis market;
- Medcann Health Products – a cultivation and processing facility at Chemainus BC;
- Feelwell Brands, a successful licensed cannabinoid brand house in the state of California; and
- AVA pathways a preclinical biotechnology company focused on neuroplasticity and mental health applications using psilocybin and mushroom-derived compounds.
BC Craft works with local artists from all walks of life and remains ardently committed to preserving the artistry, technique and purity of their quest.
To follow @BC_Craft on Twitter for the latest updates.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION:
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects “, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “may”, “will”, “could” or “will” be expected to occur or be achieved ) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements include, but are not limited to, the expected results of the filing of the notice of intent.
Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to, general business, economic, competitive, political and social uncertainties. 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 such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, CRFT undertakes no obligation to update forward-looking statements of beliefs, opinions, projections or other factors if they change, except as required by law.
For more information:
Matthew Watters, CEO and Director
Phone: (604) 687-2038.
Email: [email protected]
BC Craft Supply Co.Ltd.
Suite 810 – 789 Pender Street West
Vancouver, British Columbia