The Gummy Project Responds to OTC Markets Request on Recent Promotional Activity
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) - The Gummy Project (CSE: GUMY) (FSE: 0OS) (OTCQB: POTVF) ("GUMY" or the "Company"). On Tuesday, June 14, 2022, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and its common stock traded on the OTCQB Marketplace, specifically the distribution of promotional emails on June 8, 2022 and June 14, 2022, by an unaffiliated third-party that contained certain charting and technical analysis as well as recent business milestones which were previously publicly disclosed by the Company. The promotional materials did not have a material impact on the Company's common share price. After inquiry, the Company determined that the third party, which was not engaged by the Company or any of its officers, directors, controlling shareholders or any third-party service providers, distributed the promotional emails. The Company had no editorial oversight of the promotional material nor any opportunity to review in advance of the distribution; however, the Company has subsequently reviewed the specific details related to the Company that were included in such promotional emails and has confirmed the factual details included therein are not materially false and/or misleading. The Company cautions readers that the opinions made in the promotional materials are speculative in nature. For more complete and specific information regarding the Company, its prospects and the risks associated with those prospects, readers should review the Company's Listing Statement dated as of May 26, 2022 and other public filings on SEDAR, its website and other reliable sources. The Company encourages investors to contact their investment advisors prior to making any investment.
Further, the Company understands this promotional activity coincided with increased trading activity in the Company's common shares beginning on or about June 8, 2022 The Company does not believe the promotional activities were a factor in the recent increase in trading volume of the Company's common shares. Instead, the Company attributes the increased trading volume to currently heightened investor interest as a result of its recent press releases which disclosed that the Company has completed its initial production and secured sales partnerships with the "Bard on the Beach Shakespeare Festival" as well as Flair Airlines.
After an inquiry by management, none of the Company's executive officers, directors or, to the knowledge of the Company, any controlling shareholders or third-party service providers sold or purchased common shares of the Company within the past 90 days.
In the last twelve months, the Company has engaged Investing News Network (as previously disclosed in a press release dated February 16, 2022), Stockwatch, and World of Vegan (as previously disclosed in a press release dated March 17, 2022) for marketing services.
OTC Markets has further requested that the Company state whether it has issued any shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance. As disclosed in its public filings on SEDAR, the Company has from time to time issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance in accordance with the policies of the Canadian Securities Exchange. Please refer to the Company's Listing Statement (Form 2A) dated May 26, 2022, which is filed under the Company's profile on SEDAR, for a full list of such share issuances.
About The Gummy Project
We are a growing community of individuals and organizations who believe small contributions can add up to something big. We sell low sugar, plant based gummy products while raising money (and awareness) to support endangered keystone species. We are the only "better for you" candy company that is built to support our planet's most precious species and ecosystems, while educating our future generations on the steps we must take today, to ensure a viable tomorrow.
Charlie Lamb, President & CEO, Director
Telephone: 1(236) 317-2812 - Toll free 1(888) 556-9656
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition, and results of operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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