YSS Corp.™ (TSXV: SOLO) (WKN:A2PBMC) (formerly Solo Growth Corp.),
a cannabis retailer operating as
YSSTM with the
vision to become a premier retailer and the trusted destination for
cannabis in Canada, is pleased to update shareholders on several
key developments including the announcement by the Alberta Gaming,
Liquor and Cannabis Commission (“AGLC”) that the moratorium on
issuing new retail licenses has been lifted, a name change to
“
YSS Corp.” (or the “Company”), updated 2019 store
construction plans and approval of all resolutions at its Annual
General and Special Meeting of shareholders (the “Meeting”) held on
May 29, 2019. An updated corporate presentation is also
available on the Company’s new corporate website at www.ysscorp.ca.
AGLC to Resume Issuing Retail
Licenses
Yesterday, due to a steady increase in cannabis
supply, AGLC announced that the moratorium on issuing new retail
licenses and accepting new retail license applications was
lifted. To support an orderly process, AGLC plans to issue
five licenses per week, designed to ensure Alberta’s existing and
new retailers are able to receive adequate inventory on an ongoing
basis.
Alberta Portfolio and 2019 Construction
Update
YSS Corp. currently has one licensed-operational
store in Red Deer, six retail locations that have passed AGLC
inspection and are awaiting licensing, and one additional store
anticipated to be complete and ready for AGLC inspection in
June.
In light of the AGLC announcement, YSS Corp. has
accelerated capital plans and will immediately proceed with
construction on five additional locations in Calgary, Edmonton and
Grand Prairie. All locations selected for near-term capital
align with YSS Corp.’s retail strategy to focus resources on
locations with characteristics that support long-term
profitability.
The Company has a further six secured locations
with DPs and numerous prospective locations that will be
prioritized for future construction capital in the second half of
2019 and into 2020. The Company will continue to provide
updates on license grants and construction progress as developments
occur.
Change of Name
Shareholders approved the change of the
Company’s name to “YSS Corp.” (the “Name Change”) and a certificate
of amendment, effecting the Name Change, was filed on May 29, 2019.
The Company expects its common shares to commence trading on
the TSX Venture Exchange (“TSXV”) under the name “YSS Corp.” and
the stock symbol “YSS” in early June 2019, subject to the approval
of the TSXV. The Name Change is integral to improve alignment
with the Company’s retail brand which has also evolved to
YSSTM.
All Resolutions Approved by
Shareholders
In addition to the Name Change, shareholders
approved a special resolution at the Meeting authorizing up to a
six (6) to one (1) consolidation of the Company’s common shares
issued and outstanding, or such other ratio the Board in its sole
discretion may determine is appropriate. The Company will
provide details on timing for such consolidation as determined by
the Board.
In addition, an ordinary resolution was passed
at the Meeting to ratify and approve the Company’s stock option
plan for the ensuing year, as detailed in the Management
Information Circular dated May 2, 2019.
Updated Corporate
Presentation
The Company is also pleased to announce that it
has posted an updated corporate presentation on its newly launched
website at www.ysscorp.ca.
Additional Information
For additional information regarding YSS Corp.
please see the Company’s website at www.ysscorp.ca and filings
available under the Company’s profile on SEDAR at
www.sedar.com.
About YSS Corp.
Operating as YSSTM, the Company
is a cannabis retailer with the vision to become a premier retailer
and trusted destination for cannabis in Canada. Since its
launch in June of 2018, the Company has built a strategic portfolio
of locations while managing financial commitments. YSS Corp.
has a licensing agreement on one operating store in Red Deer,
Alberta, has built and received AGLC inspections on six additional
Alberta stores, and has another location in Edmonton, Alberta
nearing completion of construction. The Company has an
additional 11 locations under lease in Alberta, one location under
lease in Ontario and numerous prospective locations that represent
a strong portfolio for future organic growth. YSS management
brings excellence across capital markets, financial management and
a strong commitment to deliver shareholder value by leveraging
high-quality opportunities within this exciting new industry.
The YSS retail experience is built on our five fundamental
pillars: convenience, value, selection, team, and above all else,
trust.
Investor or Media
Contacts:
Theo Zunich President, Chief
Executive Officer and Director Phone: (403) 455-7656 YSS Corp.
Suite 1000, 350-7th Ave SW Calgary, AB T2P 3N9 investor@ysscorp.ca
OR Cindy Gray 5 Quarters Investor Relations, Inc. (403)
231-4372 or info@5qir.com |
Stephanie Bunch, CA Vice
President, Finance and Chief Financial Officer Phone: (403)
455-7656 |
Forward-Looking and Cautionary Statements
This news release may include forward-looking
statements including opinions, assumptions, estimates, the
Company’s assessment of future plans and operations, and, more
particularly, statements concerning: the Company’s retail cannabis
business strategy, including organic growth and strategic
activities; expectations relating to the approval by the TSXV of
the Name Change and timing thereto; the ability to build, own and
operate retail cannabis stores; the receipt of necessary permits
and licenses to open stores; the ability to capitalize on potential
opportunities that may arise and the ability to exercise thereon;
expectations regarding investments in technology and staff
training; the annual meeting of shareholders; and enhancing value
for shareholders. When used in this document, the words “will,”
“anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,”
“project,” “should,” and similar expressions are intended to be
among the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Company. Forward-looking statements are
subject to a wide range of risks and uncertainties and, although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ materially
from those in the forward-looking statements including, but not
limited to: regulatory and third party approvals not being obtained
in the manner or timing anticipated, including AGLC inspections and
licenses; the ability to implement corporate strategies; the state
of domestic capital markets; the ability to obtain financing;
changes in general market conditions; industry conditions and
events; the size of the recreational cannabis market; changing
customer habits; the availability of cannabis-retail products from
licensed producers; government regulations, including future
legislative and regulatory developments involving recreational
cannabis; competition from other industry participants; and other
factors more fully described from time to time in the reports and
filings made by the Company with securities regulatory authorities.
Please refer to the Company’s annual information form and
management’s discussion and analysis for the year ended December
31, 2018 and MD&A for additional risk factors relating to the
Company, which can be accessed under the Company’s profile on
www.sedar.com.
Except as required by applicable laws, the
Company does not undertake any obligation to publicly update or
revise any forward-looking statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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