STRATHROY, ON, March 25, 2022 /CNW/ - Eve & Co
Incorporated ("Eve & Co" or the "Company") (TSXV:
EVE) (OTCQX: EEVVF) announces today that the Company and its
subsidiaries, Natural MedCo Ltd. ("NMC") and Eve & Co
International Holdings Ltd. ("Eve International" and
together with Eve & Co and NMC, the "Eve Group")
received an order for creditor protection (the "Initial
Order") from the Ontario Superior Court of Justice (Commercial
List) (the "Court") under the Companies' Creditors
Arrangement Act (the "CCAA").
The Initial Order includes, among other things: (i) a stay of
proceedings in favour of the Eve Group; (ii) approval of a
debtor-in-possession loan from Deans Knight Capital Management
Ltd., on behalf of its clients (the "DIP Loan"); and (iii)
the appointment of BDO Canada Limited as monitor of the Eve Group
(in such capacity, the "Monitor"). A copy of the
Initial Order and other information will be available on the
Monitor's website at:
https://www.bdo.ca/en-ca/extranets/eve-co-incorporated-and-natural-medco-ltd/
The granting of the Initial Order allows the Eve Group to draw
the first advance under the DIP Loan, in the amount of $1,200,000. These funds will be used to finance
working capital requirements until the comeback hearing on
April 1, 2022 (the "Comeback
Hearing").
At the Comeback Hearing, the Eve Group will seek, among other
things, the Court's approval of a sale and investment solicitation
process ("SISP"). The Eve Group intends to conduct the SISP
with the goal of facilitating a transaction that sees the Eve Group
emerge from CCAA protection as a going concern.
The Eve Group intends to operate in the ordinary course
throughout the CCAA proceedings and while conducting the SISP.
Management of the Eve Group will remain responsible for the
day-to-day operations of the Eve Group, under the general oversight
of the Monitor. The Eve Group's day-to-day obligations to employees
and key suppliers of goods and services, from and after the filing
date, will continue to be met.
About Eve & Co
Eve & Co, through its wholly-owned subsidiary NMC, holds
cultivation and processing licences under the Cannabis
Act (Canada) for the
production and sale of various cannabis products, including dried
cannabis, cannabis plants and extraction of cannabis oil, and has
received its European Union certificate of Good Manufacturing
Practice. NMC was Canada's first
female-founded licensed producer of medicinal marijuana and
received its cultivation licence from Health Canada in 2016. Eve
& Co is led by a team of agricultural experts and has a
licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
The Company's website can be visited
at www.evecannabis.ca.
Notice regarding forward looking statements:
Certain statements in this press release constitute
forward-looking information. All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the Company's expected use of
proceeds, opportunities for growth, future, strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words "believe", "expect", "aim",
"intend", "plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict, including those
described in the Company's management's discussion and analysis for
the three and nine months ended September
30, 2021 and 2020 which is available on the Company's SEDAR
profile. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. The forward-looking information and forward-looking
statements included in this news release are made as of the date of
this news release. The Company does not undertake an obligation to
publicly update such forward-looking information or forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities law.
SOURCE Eve & Co Incorporated