TORONTO, April 24, 2020 (GLOBE NEWSWIRE) -- Lift & Co. Corp. (TSXV:LIFT) (OTCQB:LFCOF) ("Lift & Co." or the "Company") announced today its new strategic plan focused on streamlined operations and significant cost reductions in response to the depressed economic conditions in Canada and the U.S. due to COVID-19 pandemic.
Following Lift & Co.’s well-received announcement on April 7, 2020 of its strategic partnership with leading global event management company MCI USA regarding Lift & Co.’s preeminent cannabis B2C and B2B events business, the Company is pursuing a similar asset-light strategy for its CannSell, Lift.co and Cohesion lines of business. Transactions involving these lines of business may include joint ventures or service relationships with various strategic partners operating in the applicable industry.
The Company cautions that there is no certainty that this new asset-light strategic plan will be successful given the current outlook for the cannabis industry and the global economic headwinds caused by the COVID-19 pandemic, which have significantly impacted the Company’s operations and its ability to support and grow its lines of business.
The Company is also announcing that key members of management necessary to execute this strategy will receive options to acquire an aggregate of 2,205,523 Common Shares of the Company under the Company’s Employee Stock Option Plan in lieu of receiving cash salary during the period required to execute this strategy. The options will be exercisable at an exercise price of $0.02 per common share (the last closing price for the Common Shares of the TSX Venture Exchange) for a period of 10 years from the date of issuance.
The Company is also announcing today that Daniel Finkelstein has submitted his resignation as a Director. As a representative of Gotham Green Partners ("GGP"), a significant shareholder of Lift & Co., Mr. Finkelstein was a Director of the predecessor private company of Lift & Co. and a Director of the Company since its listing on the TSX Venture on September 17, 2018. Lift & Co.’s Chair, Stu Miller, said, "We thank Daniel for his service to Lift & Co. and wish him success in his future endeavors. GGP has been an appreciated and committed investor to the Company and with its support, Lift & Co. has grown from a start-up organization into an established and leading marketing and data company for the cannabis industry."
About Lift & Co.
Lift & Co. (TSXV: LIFT) is a publicly traded technology company modernizing the cannabis industry.
Forward-looking statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
For further information:
Matei Olaru
Chief Executive Officer
matei@lift.co
Investor Relations:
Thesis Capital
Prit Singh
905-510-7636
psingh@thesiscapital.ca