TORONTO, April 03, 2023 (GLOBE NEWSWIRE) -- Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE:4WE) ("Entourage" or the "Company"), a Canadian producer and distributor of award-winning cannabis products, announced today that, in accordance with the provisions of its omnibus equity incentive compensation plan (the “Omnibus Plan”), the Company has authorized the issuance of an aggregate of 1,600,000 deferred share units (“DSUs”) to non-management directors of the Company as compensation for their services. The DSUs will vest on March 31, 2024 and are granted in lieu of cash compensation for services rendered during the first quarter of 2023. The Company’s board of directors (the “Board”) has approved a cap on the number of DSUs payable to each director as part of their quarterly fee payment at 400,000 DSUs. By capping the number of DSUs issuable to directors, the Board is providing the Company with more flexibility to grant equity awards to management, creating greater incentives to drive improvements in shareholder value.
The purpose of the Omnibus Plan is to promote greater alignment of interests between the Company's shareholders and directors and management while reducing the cash expense of compensating its directors. Further details regarding the Omnibus Plan are available in the Company’s management information circular dated May 8, 2022, which is available on SEDAR.
The Company is also pleased to announce it has entered into shares-for-debt agreements with certain senior employees of the Company, under which the Company will, subject to the approval of the TSXV, issue up to an aggregate of 1,423,057 common shares of the Company at a deemed price of $0.03 per share in satisfaction of approximately $91,522.56, less required employer deductions and withholdings, owing to such senior employees. By entering into these agreements, the Company is preserving cash while also promoting share ownership within the leadership ranks of the business, further incentivizing management to deliver value back to the Company’s shareholders over the long term.
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For more information, please visit us at www.entouragehealthcorp.com
About Entourage Health Corp.
Entourage Health Corp. is the publicly traded parent Company of Entourage Brands Corp. and CannTx Life Sciences Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a state-of-the-art hybrid greenhouse and processing facility located on 158-acres in Strathroy, ON; a fully licensed 26,000 sq. ft. Aylmer, ON processing facility. With its Starseed Medicinal medical-centric brand, Entourage has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements Entourage’s direct sales to medical patients. With the launch of Syndicate, Entourage now hosts another unique medical marketplace that offers patients a collective of Canadian micro-cultivators’ products, along with Entourage’s family of brands. Entourage’s elite adult-use product portfolio includes Color Cannabis and Saturday Cannabis – sold across eight provincial distribution agencies. It is the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary’s Medicinals sold in both medical and adult-use channels. Under a collaboration with The Boston Beer Company subsidiary, Entourage is also the exclusive distributor of cannabis-infused beverages ‘TeaPot’ in Canada, which launched in summer 2022, starting in select provinces. In addition, Entourage also entered into an exclusive agreement with Irwin Naturals, a renowned nutraceutical and herbal supplement formulator of popular branded wellness products sold across North America. The new line of CBD soft gels is now available on Starseed’s medical platform.
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For Investor & Media Enquiries:
Catherine Flaman
Senior Director, Communications & Corporate Affairs
416-910-0279
Catherine.flaman@entouragecorp.com
Forward Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon Entourage's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified using forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions, and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of Entourage to implement its business strategies; the COVID-19 pandemic; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Entourage does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Entourage to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in Entourage’s disclosure documents filed with the applicable Canadian securities' regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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