TORONTO, Aug. 09, 2019 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (“Wayland”) and Cryptologic Corp. (CSE: CRY) (“Cryptologic”) are pleased to announce that Wayland has now received the previously announced $5 million bridge loan from Cryptologic, which has been advanced in connection with the proposed sale of Wayland’s Canadian business to Cryptologic.
“This bridge loan will allow Wayland to continue the build out of Wayland’s state-of-the-art EU-GMP certified facility in Langton, Ontario and to satisfy certain of the company’s existing liabilities. We intend to maintain a focus on financial and operational discipline in connection with our ongoing build-out of the Langton facility, and we thank our stakeholders for working with us through this phase in our development,” said Paul Pathak, Chair of the Board.
The bridge loan is subordinate to Wayland’s existing secured convertible debentures, and Cryptologic will hold second-lien security over the assets to be purchased by Cryptologic in the proposed transaction.
About Wayland Group
Wayland is a vertically integrated cultivator and processor of cannabis. The Company was founded in 2013 and is based in Oakville, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and, Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally, including in Argentina and Colombia, in its effort to enhance lives through cannabis.
About Cryptologic Corp.
Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting of its crypto mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.
Forward Looking Information
This news release includes forward-looking information and statements, which may generally be identified by the use of the words “will”, “intends”, “proposed” and variations or similar expressions and which include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include those relating to the terms of the proposed transaction with Cryptologic, the build-out of Wayland’s Langton facility, the exercise by Wayland of financial and operational discipline. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such assumptions, risks, uncertainties and other factors include, but are not limited to, that Wayland will be able to deploy the funds received pursuant to the bridge loan in the manner, to the effect and on the timelines anticipated and that Wayland’s financial, operational and capital requirements can be met in the manner and on the timelines anticipated or at all. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release
For more information about Wayland, please visit our website at www.waylandgroup.com
Contact Information:
Investor Relations
IR@waylandgroup.com
Media Inquiries: media@waylandgroup.com
Corporate Headquarters (Canada)
Wayland Group Corp. (Toronto)
2381 Bristol Circle
Door D, Suite 102
Oakville, Ontario
Canada L6H 5S9
289-288-6274
European Headquarters (Germany)
Wayland (Deutschland) GmbH
c/o Wayland
Max Joseph Str. 7
80333 Munich