VANCOUVER, BC / ACCESSWIRE / May 11, 2020 / Omni Commerce Corp. (0MZA.F) ("Omni" or the "Company") announces that further to its news releases dated April 17, 2020 and April 27, 2020, it has completed an amalgamation transaction (the "Amalgamation") between 1230165 B.C. Ltd. ("0165"), a wholly-owned subsidiary of the Company, and 1204970 B.C. Ltd. ("4970"), a private British Columbia corporation which is a creditor of Dreamfields Brands Inc. ("Dreamfields"). The Amalgamation was completed by way of a three-cornered amalgamation, whereby 4970 and 0165 amalgamated and will continue as an amalgamated company named "1230165 B.C. Ltd." which will be a wholly-owned subsidiary of the Company. Omni intends to work with Dreamfields to assist them with pursuing alternate business plans, and to protect the amounts owed by Dreamfields to Omni.
The Company also announces the resignation of Alan Reynolds as director of the Company. Mr. Reynolds will continue to act as advisor to Omni. The Company would like to thank Mr. Reynolds for his contributions to the Board over the past years.
The Company also announces that further to its news release dated April 27, 2020, the parties have agreed to extend the deadline for entry into a definitive agreement with CBLT Inc. with respect to the proposed acquisition of an interest in the Northshore Gold Property to May 15, 2020. The deadline was extended to allow for the completion of due diligence.
Omni is headquartered in Vancouver, British Columbia and is a reporting issuer in British Columbia and Alberta.
ON BEHALF OF THE BOARD
OMNI COMMERCE CORP.
Per: "John Veltheer"
John Veltheer, CEO
For further information, please contact:
Phone: (604) 562-6915
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the Company's plans to work with Dreamfields and protect the amounts owed by Dreamfields to the Company. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements, the Company has applied several material assumptions, including without limitation, that Dreamfields is willing to work with the Company and that the amounts owed to the Company can be protected. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. These risks include the inability of the Company to protect the amount owed to it by Dreamfields, and other risks which are described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
SOURCE: Omni Commerce Corp.
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