VANCOUVER, BC / ACCESSWIRE / March 2, 2018 / Friday Night Inc. (the Company or Friday Night) (CSE:TGIF) (1QF.F) (TGIFF) is pleased to advise that it has closed its previously announced acquisition of Spire Secure Logistics Inc. ("Spire"). 7,692,308 common shares were issued at a deemed price of $0.65 to the shareholders of Spire. These shares are subject to trading restrictions until July 2, 2018 and are further subject to a voluntary escrow that will see 12.5% of the total amount released every 3 months, starting with a release on closing and then on May 1, 2018. Brayden Sutton, CEO of Friday Night, held less than 10% of Spire, and took no part in the negotiations with Spire and the decision by the board to acquire Spire.
Spire Strengthens Team
The Company is also pleased to announce that Tim Humberstone, a former law enforcement leader and respected expert in Canada's regulated cannabis sector is joining Spire Secure Logistics, a company specializing in security, intelligence, and compliance. As Chief Strategy Officer, Tim will lead Spire's growth in Ontario and support clients across Canada with his depth and breadth of specialized knowledge and relationships.
"Anyone who knows Tim Humberstone knows that he is a consummate professional – and there is nobody who knows cannabis security and compliance better," said Spire's CEO Andy Richards.
"I've been courted by a lot of companies in the cannabis sector," said Mr. Humberstone. "It's no accident I chose to join the team at Spire Secure Logistics. Spire has been quietly establishing a presence across Canada, and I'm excited to take the lead in Ontario."
Mr. Humberstone led security and compliance at one of Canada's first Licensed Producers of medicinal cannabis. He worked closely with Health Canada and the Office of Medical Cannabis since the earliest days of the regulated cannabis sector. He served in the regulated roles of Senior/Responsible Person in Charge, created all security related policies and procedures, and was responsible for extensive applications and reporting.
During a prior 20-year career with the RCMP, Humberstone gained leadership experience including municipal and federal drug enforcement, the Organized Crime Agency, and Combined Forces Special Enforcement Units. He trained extensively in advanced policing and leadership roles, including expertise in federal and provincial policies. He has strong relationships with federal, provincial, and municipal law enforcement agencies.
About Spire Secure Logistics:
Spire is a security and intelligence company with expertise in law enforcement training, high-risk mining security, and the cannabis sector. With services including compliance, information technology, buildout design, security program implementation, and due diligence, Spire aims to be the global leader in designing security programs and solutions for the legal cannabis sector.
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp-based assets in Las Vegas Nevada. The company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Alexia Helgason, Corporate Communications
604-674-4756 (ext. 1)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. 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, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news 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. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
CSE: TGIF FWB: 1QF OTCQB: VPGDF
SOURCE: Friday Night Inc.