SAN MATEO, Calif., June 25, 2021 (GLOBE NEWSWIRE) -- Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”) has filed an Early Warning Report (the “Report”) as required by National Instrument 62-103 on behalf of Matt Schmidt regarding his holdings in the Company in connection with an acquisition of Class B Common Shares (“Class B Subordinate Voting Shares”) issued pursuant to Restricted Stock Units awarded to Mr. Schmidt (the “Issuance”).
The Issuance was structured, in part, to preserve the Company’s status as a “foreign private issuer” under Rule 3b-4 of the Securities Exchange Act of 1934, as amended.
Prior to the Issuance, Mr. Schmidt owned 15,100,000 Class B Subordinate Voting Shares, representing 100% of the issued and outstanding Class B Subordinate Voting Shares. Such shares are convertible on a 200 to 1 basis into 75,500 Common Shares of the Company (the “Common Shares”). Mr. Schmidt also owns 100 Common Shares.
After giving effect to the Issuance, Mr. Schmidt owns 25,100,000 Class B Subordinate Voting Shares and 100 Common Shares. Mr. Schmidt owns 100% of the issued and outstanding Class B Subordinate Voting Shares.
Mr. Schmidt’s effective economic and voting interests in the Company are equivalent to the 125,700 Common Shares which his Class B Subordinate Voting Shares are convertible into on a 200 to 1 basis (and including his current Common Share holdings), representing a 0.26% interest in the overall voting shares of the Issuer.
Further, Mr. Schmidt has previously entered into an agreement with the Company such that in the case of any shareholder action that would entitle holders of Class B Subordinate Voting Shares to vote as a separate class or series, and the requisite majority of holders of Common Shares have approved such action, Mr. Schmidt will: (a) vote all of his Class B Subordinate Voting Shares in favor of such shareholder action and (b) execute and deliver all resolutions, consents and other instruments, related to his Class B Subordinate Voting Share holdings, in favor of such shareholder action.
Mr. Schmidt acquired the securities for purposes described above and may, depending on market and other conditions, increase, decrease or change his beneficial ownership over the Class B Subordinate Voting Shares, Common Shares, or other securities of the Company through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
A copy of the Early Warning Report filed under applicable securities laws is available under the Company’s profile on SEDAR (www.sedar.com).
About PLUS
PLUS is a cannabis and hemp food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA.
For further information contact:
Jake Heimark
CEO & Co-founder
ir@plusproducts.com
Investors:
Cole Stewart
Investor Relations
Cole@plusproducts.com
Tel +1 213.282.6987
Media:
Mattio Communications
Public Relations
plus@mattio.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (each, a “forward-looking statement”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur.
These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. 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. These risks include, but are not limited to, the success of the Company’s investments, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of the Company’s products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, the ability of the Company to implement initiatives and the possibility for changes in laws, rules, and regulations in the industry.