TORONTO, June 18, 2020 /CNW/ - Hope Well Capital
Corp. (TSXV: HOPE.P) ("Hope
Well") announced that Hope
Well and Loc8 Corp. ("Loc8") mutually agreed to
terminate a letter of intent (the "LOI") entered into on
February 6, 2020, as amended on
March 11, 2020. The LOI was for
a proposed qualifying transaction of Hope
Well where Hope Well would
acquire all of the issued and outstanding securities of Loc8, with
such acquisition constituting a reverse take-over of Hope Well.
The primary reason for the termination is the delay of the
completion of the audit of Loc8's financial statements.
Loc8's operation is based in India
which is affected by the COVID 19 pandemic, and as a result there
is significant uncertainty on when the Loc8 audit can be completed
in the near future.
Hope Well will seek out other
potential targets for its qualifying transaction. Trading in
the common shares of Hope Well has
been halted since May 10, 2019.
Trading will remain halted until, among other things, Hope Well completes a qualifying transaction in
accordance with the policies of the TSX Venture Exchange.
Hope Well also announced the
addition of Ms. Judith Hong Wilkin
as a director effective August 6,
2019. Ms. Wilkin also took over the corporate secretary's
roll from Mr. Bill Hong Ye on
May 19, 2020.
About Hope Well
Hope Well is a CPC governed by
the policies of the TSXV. Hope
Well's principal business is the identification and
evaluation of assets or businesses with a view to complete a
Qualifying Transaction. Investors are cautioned that trading in the
securities of a CPC should be considered highly speculative.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within
the meaning of applicable securities laws relating to management's
plan to seek out other potential targets and the resulting of
trading. Any such forward-looking statements may be
identified by words such as "expects", "anticipates", "believes",
"projects", "plans" and similar expressions. Readers are
cautioned not to place undue reliance on forward-looking
statements. Actual results and developments may differ materially
from those contemplated by these statements depending on, among
other things, risks and uncertainties, including those described in
Hope Well's final prospectus dated
March 24, 2017 filed with the British
Columbia Securities Commission, the Alberta Securities Commission
and the Ontario Securities Commission and available on
www.sedar.com. The statements in this news release are made
as of the date of this release. Hope
Well undertakes no obligation to update any such
forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
SOURCE Hope Well Capital Corp.