VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(WLDCF) (the “Company” or "ICC" or “International Cannabis”) reports that it has applied to voluntarily delist the Company’s Common Shares (“Shares”) from the Canadian Securities Exchange (the “CSE” or the “Exchange”).
The Company has recently been evaluating various options and alternatives to allow for the expansion of its business activities, and has considered all measures necessary to preserve its operations, which includes assessing cost cutting measures to preserve its working capital position.
In the course of its review process, the Company has determined that certain funding opportunities at valuations that better reflect the underlying asset value of the Company are only available should the Company become a non-listed reporting issuer.
Written consent for the delisting has been obtained by the Company from a majority of the minority shareholders of the common shares, excluding those common shares held by officers or directors. The delisting will be subject to final approval by the CSE.
Subsequent to delisting, the Company will continue to be a reporting issuer in certain jurisdictions in Canada and will remain subject to continuous disclosure requirements. ICC’s current shareholders will remain shareholders of the Company.
The Company intends to pursue alternative liquidity for shareholders throughout 2020, at its discretion, including but not limited to a reverse take over (“RTO”), a direct listing, asset sale, joint venture and/or trade sale.
ABOUT INTERNATIONAL CANNABIS
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
+1 (604) 687-2038
Learn more about ICC by visiting our website at: https://intlcannabiscorp.com/
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.