RMMI Corp. Announces Termination of Hemp Biomass Purchase Agreement and Cancellation of Shares
Calgary, Alberta--(Newsfile Corp. - September 4, 2020) - RMMI Corp. (CSE: RMMI) ("RMMI" or the "Company") announces that it has terminated its previously announced agreement to purchase 136,077 kg of hemp biomass from Clearwater CannGrow Ltd. (the "Hemp Biomass Purchase") and has cancelled 9,111,112 common shares in the capital of RMMI ("Common Shares") related to the Hemp Biomass Purchase. The Company is also announcing that Joey Bedard-Brunet has resigned as Chief Operating Officer (the "Resignation")
Following the Resignation, Mr. Bedard-Brunet holds no role as officer, director, employee or consultant of the Company.
RMMI remains committed to build a low cost, highly efficient hemp processing and CBD extraction business focused on serving a premier set of customers in Canada and abroad.
About RMMI Corp.
RMMI is an Alberta based company whose wholly owned subsidiary, Rocky Mountain Marijuana Inc., is licensed under the Cannabis Act (Canada) to cultivate, produce, process and sell cannabis in various forms. RMMI's vision is to build a low cost, highly efficient, hemp processing and CBD extraction business focused on serving a premier set of customers in Canada and abroad.
Peter Cheung, Interim Chief Executive Officer and Chief Financial Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Trading in the securities of RMMI should be considered highly speculative.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63311