VANCOUVER, BC, July 31, 2020 /CNW/ - Invictus MD
Strategies Corp. (NEX: GENE.H) (the "Company") announced
that it has received both creditor and Court approval of the
investment agreement for the sale of its wholly-owned subsidiary,
Acreage Pharms Ltd. ("Acreage"), to Acreage Developments
Corp. (the "Investor"), a privately-owned company that is
unrelated to the Company and its directors and officers.
At a creditors' meeting held July 21,
2020, the creditors unanimously approved the transaction
with the Investor and a plan of compromise and arrangement (the
"Plan"). The Court subsequently approved the transaction and
the Plan, as part of the CCAA proceedings currently underway
involving the Company and its subsidiaries. As part of the
transaction and Plan, all existing shares of Acreage will be
cancelled and new shares issued to the Investor. As a consequence,
the Investor will be the sole shareholder of Acreage, and it is not
anticipated that the sale will result in any recovery for creditors
or the common shareholders of the Company. Recoveries will be
limited to the creditors of Acreage.
The Company continues to seek buyers for its remaining assets.
There can be no assurance that any transaction involving the
remaining assets of the Company will eventuate.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward Looking Information
This release includes certain statements and information that
may constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, including
statements regarding future estimates, plans, objectives, timing,
assumptions or expectations of future performance, including the
potential completion of the sale of Acreage to the Purchaser, the
possibility of transactions involving the other assets of the
Company and the lack of any anticipated recovery for common
shareholders or unsecured creditors, are forward-looking statements
and contains forward-looking information. Generally,
forward-looking statements and information can be identified by the
use of forward-looking terminology such as "intends" or
"anticipates", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would" or "occur". These forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward looking statements or
forward-looking information. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Readers
are cautioned that reliance on such information may not be
appropriate for their purposes.
SOURCE Invictus MD Strategies