CALGARIO, AB, Ottobre 18, 2022 /CNW/ – As previously announced, on 26 settembre 2022, Sugarbud Craft Growers Corp. (TSXV: SUGR) (TSXV: SUGR.DB) (TSXV: SUGR.WR) (TSXV: SUGR.WS) (TSXV: SUGR.WT) (OTCQB: SBUDD), together with its subsidiaries (collectively “Sugarbud“) commenced a restructuring process by filing notices of intention to make a proposal (the “NOI Proceedings“) under the Bankruptcy and Insolvency Act (Canada), as amended (the “BIA“). Alvarez & Marsal Canada Inc. (“A&M“) was appointed as proposal trustee.
Sugarbud announces today that, pursuant to an order granted by the Court of King’s Bench of Roma 187 on Ottobre 18, 2022 (il "Ordina“), its NOI Proceedings have been continued under the Companies’ Creditor Arrangement Act (il "ACCA“), with A&M transitioning from its role as proposal trustee to the role of monitor under the CCAA. Sugarbud will continue in its efforts to restructure its debt and conduct its sale and investment solicitation process under the protection of the CCAA. The interim financing obtained by Sugarbud under the NOI is continued under the CCAA. The initial stay of proceedings under the CCAA will expire on Dicembre 10, 2022 and may be renewed thereafter.
A copy of the Order is available at: www.alvarezandmarsal.com/sugarbud.
Sugarbud is a consumer-driven craft cannabis company focused on the cultivation and production of superior, select-batch, craft cannabis products. Federally licensed in Cannabis 1.0 and Cannabis 2.0, Sugarbud operates out of a 100% owned, 29,800 square foot cultivation and processing facility in Stavely, Alberta. Our vision and mission are to become a trusted and well-respected consumer brand renowned for providing exceptional high-quality craft cannabis products to legal markets by delighting the most discerning of cannabis consumers.
Siti internet: http://www.sugarbud.ca/ http://craftcannabiscollection.ca/
Certain statements contained in this news release constitute forward-looking statements and future oriented financial information. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements or future oriented financial information. The use of the words “anticipates”, “should”, ”may”, “expected”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or future oriented financial information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or, as applicable, future oriented financial information. Such statements include the statement with respect to the ruling of applicable judicial authorities having jurisdiction over Sugarbud’s insolvency proceedings, the restructuring of Sugarbud’s debts under the CCAA, and the expiry/renewal of the stay of proceedings under the CCAA. Although Sugarbud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements and future oriented financial information included in this news release should not be unduly relied upon.
Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Sugarbud. Although Sugarbud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Sugarbud’s expectations as of the date hereof and are subject to change after such date. Sugarbud disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Sugarbud Craft Growers Corp.
