TORONTO, ON, May 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Tree of Knowledge International Corp. (CSE: TOKI) (the "Company" or “TOKI”) is pleased to announce the completion of an order of 23,000 thermometers to a healthcare distributor in Chicago, IL, facilitated by TOKI management. This order marks the Company’s first medical equipment supply transaction into the United States.
Michael Caridi, the Company’s chairman, states, “TOKI is proud to be on the forefront of this fight against COVID-19. We will continue to leverage our network to provide the US and Canada the critical PPE supply necessary during these trying times.”
The Company’s US division, Tree of Knowledge, Inc., has made a pivot during these uncertain times to leverage its medical contacts and international relationships to procure medical equipment and personal protective equipment (PPE) to governments, municipalities, and healthcare distributors in Canada and the US. Tree of Knowledge understands the difficulty in supplying medical equipment and is hopeful this successful US transaction offers the Company the ability and trust to supply many more municipalities, governments, and healthcare distributors in the US and Canada.
Notwithstanding the Company’s recent PPE transactions, the US division continues to concurrently build the Company’s ongoing CBD products business.
The Company is also pleased to announce its intention to commence a normal course issuer bid (“NCIB”), under which the Company may purchase up to 12,535,300 of the Company’s common shares, representing approximately 5% of its issued and outstanding common shares. The Company is commencing the NCIB because it believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company’s business and future prospects. TOKI believes that, at such times, the repurchase of its Shares for cancellation represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
The Company intends to appoint Leede Jones Gable Inc. as its broker to conduct the NCIB on its behalf. The NCIB is expected to commence on May 25, 2020 and terminate on May 25, 2021, or an earlier date in the event that the number of Shares sought in the NCIB has been repurchased or if the Company feels that it is appropriate. All Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange. All purchases made under the NCIB will be at the prevailing CSE market price for the Shares at the time of purchase. Shares acquired by the Company under the NCIB are being purchased for cancellation.
For further information please visit: www.tokicorp.com
Or contact: Tree of Knowledge International Corp. Public relations: Ashley Villarruel (647) 607-9044) ashley@tokicorp.com
About Tree of Knowledge
TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs – all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.
Forward-Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.