VANCOUVER, BC, Sept. 10, 2021 /CNW/ - Kiaro Holdings Corp.
(TSXV: KO) ("Kiaro" or the "Company"), a national
omni-channel cannabis retailer and wholesale distributor, is
pleased to announce the results of voting at its Annual General and
Special Meeting of Shareholders held Thursday, September 9, 2021. Shareholders voted
overwhelmingly in favour of all items put forward by the board of
directors of the Company (the "Board") and Management.
68,017,475 common shares of the Company representing approximately
34.21% of the Company's issued and outstanding common shares as at
the record date were voted, with approximately 99% of such shares
voting in favour of the matters before the meeting.
Shareholders voted to approve the Creation of a New Control
Person, paving the way for the completion of the acquisition of
2734524 Ontario Inc. (dba Hemisphere Cannabis Co,
"Hemisphere") from Aegis Brands Inc. ("Aegis"). On
July 12, 2021, Kiaro announced the
signing of a Share Purchase Agreement with Aegis to acquire all the
issued and outstanding shares of its subsidiary, Hemisphere (the
"Transaction"). Hemisphere currently holds 7 Retail Store
Authorizations in Ontario with 2
more locations subject to potential development. Completion of the
Transaction will more than double Kiaro's retail footprint and give
it a significant presence in the Ontario retail cannabis market. Closing of the
Transaction remains subject to certain closing conditions,
including the receipt of all regulatory and other applicable
approvals. Kiaro expects all conditions to be fulfilled and
for the to close later this month.
Shareholders voted in favour of setting the number of Directors
at 6 and elected the following individuals as directors of the
Company: Daniel Petrov, Herrick Lau,
Janet Hoffar, Shawn Graham, Colin
Davis and Mark Crocker.
Daniel Petrov, CEO, states "Kiaro
is pleased with the favorable outcome at the Company's Annual
General and Special Meeting of shareholders. This year, the team at
Kiaro has executed on its planned growth through acquisitions. With
the support of our strategic partner, Aegis Brands, and the Board
of Directors, I look forward to continuing on our path towards
$50M in revenue in the next fiscal
year."
At the Annual General and Special Meeting, Shareholders also
voted in favor of the appointment of MNP LLP as the Company's
auditor for the ensuring year, the adoption of its stock option
plan, and the issuance of certain bonus shares in the capital of
the Company to certain directors and officers, details of which are
more fully set forth in the Company's management information
circular dated August 9, 2021 (the
"Information Circular").
The Information Circular was mailed to the Shareholders of the
Company and is available under the Company's corporate profile on
SEDAR (www.sedar.com).
Kiaro Holdings Corp.
Based in Vancouver, British
Columbia, Kiaro is an independent, omni-channel cannabis
retailer and distributor. Through existing storefronts across
British Columbia, Saskatchewan, Ontario and upon and assuming completion of
the Transaction, Kiaro will have 18 stores in operation by the end
of its current fiscal year. This is in addition to a wholesale
distribution division servicing Saskatchewan, ecommerce sites in Canada, the US and Australia, as well as plans for continued
national expansion. Kiaro is driven to introduce new and
experienced consumers to a lifelong exploration of cannabis. With
more than 50 years of collective retail-focused experience, Kiaro's
leadership team has a proven track record of growing retail brands
across North America and plans to
open multiple retail locations nationwide over the coming
years.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: completion of the Transaction and
regulatory and other applicable approvals, proposed retail
expansion plans and management's ability to execute on same,
overall growth of the Canadian cannabis market and retail
opportunities, the integration and financial projections of
combined retail portfolio, the award of new operating permits and
licenses in various jurisdictions, and the timing and amount of any
dispositions of the Company's common shares. Forward-looking
statements should not be read as guarantees of future performance
or results, and will not necessarily be accurate indications of
whether, or the times at or by which, such future performance will
be achieved. No assurance can be given that any events anticipated
by the forward-looking information will transpire or occur.
Forward-looking information is based on information available at
the time and/or management's good-faith belief with respect to
future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond Kiaro's control. These risks, uncertainties and
assumptions include, but are not limited to, those described in the
Kiaro Filing Statement dated September 29,
2020, a copy of which is available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
Furthermore, any forward looking information with respect to future
expansion plans is subject to the qualification that management of
Kiaro may decide, and the assumptions that any construction or
conversion would not be cost prohibitive, required permits will be
obtained and the labour, materials and equipment necessary to
complete such construction or conversion will be available.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Kiaro does not intend, nor undertake any obligation, to
update or revise any forward-looking information contained in this
news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
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 Kiaro Holdings Corp.