TORONTO, June 15, 2022 (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, is pleased to announce that shareholders overwhelmingly approved all proposed resolutions at its annual general and special meeting of shareholders (“AGM”) held virtually in Toronto, Ontario on June 10, 2022.
All director nominees, as listed in the Management Proxy Circular dated May 17, 2022, were elected as directors of the Company including George Scorsis, Gail Paech, Lu Cacioppo, Bruce Croxon and Jason Alexander. With a combined average shareholder approval rating of 99.18%, all elected directors will serve on the Company’s board of directors (the “Board”) until the next AGM or until their successors are elected or appointed. At this time, the Company would also like to thank G. Edmund King, Andrew Bulmer and S. Randall Smallbone for their tenure as board directors. Mr. King will retain an advisory position on the Board.
Additionally, the Company’s shareholders approved Entourage’s Omnibus Incentive Plan, which was amended from a “rolling” plan to a “fixed” 20% plan in accordance with the TSX Venture Exchange rules and policies, and re-appointed MNP LLP as Entourage’s auditor, to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
“This past year has been one of the most transformative in Entourage’s history as we stabilized our cultivation, production and business practices to align with the dynamic shifting cannabis landscape,” said George Scorsis, Executive Chair and CEO, Entourage. “As we move forward, we would like to thank our shareholders for their ongoing confidence in the strategic direction we have undertaken to drive sustainable, profitable growth. Further, we appreciate the contributions and support from our directors as we look to improve our debt position and streamline our capital structure to ensure a stable financial foundation for our long-term success.”
Update on Proposed Amendments to 8.5% Unsecured Convertible Debenture
The Company also provided an update on the previously announced proposed amendments to its 8.5% unsecured convertible debentures due September 25, 2022 (the “Debentures”), confirming it has entered into voting support agreements with certain holders of the Convertible Debentures including Hygrovest Limited, the largest holder of the Debentures, to vote in favour of certain proposed amendments to the trust indenture dated as of September 25, 2019 between TSX Trust Company and the Company governing the Debentures (the “Proposed Amendments”), and has received overwhelming support from other holders of the Debentures who have voted or delivered proxies in respect of the resolution approving the Proposed Amendments.
The Proposed Amendments are subject to approval by the TSX Venture Exchange and the approval of the holders of the Debentures (the “Debentureholders”), which will be sought at a meeting of the Debentureholders (the “Meeting”) to be held virtually on June 20, 2022. To be effective, the resolution approving the Proposed Amendments must be passed by at least 662/3% of the aggregate principal amount of the Debentures represented in person or by proxy at the Meeting.
Copies of applicable Company documents noted herein can be accessed on Entourage’s SEDAR page and a replay of the 2022 AGM meeting can be found on Entourage’s website here.
About Entourage Health Corp.
Entourage Health Corp. is the publicly traded parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.) 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, specializing in cannabis extraction; and a micropropagation, tissue culture and genetics centre-of-excellence in Guelph, Ontario. 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. Entourage’s elite adult-use product portfolio includes Color Cannabis, Saturday Cannabis and Royal City Cannabis Co.– sold across eight provincial distribution agencies. The Company also maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart. 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, expected to launch in 2022.
For more information, please visit us at www.entouragehealthcorp.com
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For further information, please contact:
For Investor Enquiries:
Valter Pinto or Scott Eckstein
KCSA Strategic Communications
1-212-896-1254
entourage@kcsa.com
For Media Enquiries:
Marianella delaBarrera
SVP, Communications & Corporate Affairs
416-897-6644
marianella@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 by the use of 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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