Dash Capital Corp. and Simply Solventless Concentrates Ltd. Announce Asset Purchase Agreement for the Acquisition of Fully Licenced Cultivation and Processing Facility from Sundial Growers Inc.
Calgary, Alberta--(Newsfile Corp. - September 3, 2021) - Dash Capital Corp. (TSXV: DCX.P) ("Dash") and Simply Solventless Concentrates Ltd. ("SSC" or the "Company") are pleased to announce that SSC has entered into an asset purchase agreement (the "Agreement") dated September 2, 2021 with Sundial Growers Inc. ("Sundial") to acquire its 33,000 square foot fully licenced cultivation and processing facility located in Rocky View County, Alberta (the "Rocky View Facility") (the "Transaction").
SSC's products are currently manufactured at the Rocky View Facility under a licence agreement ("Licence Agreement") with Sundial that was announced in a press release disseminated by Sundial on December 28, 2020. The Licence Agreement will terminate upon closing of the Transaction. Consideration for the Rocky View Facility is comprised of $1.5 million cash and a $3.5 million mortgage in favour of Sundial. It is anticipated that the Transaction will close in late Q4 2021 or Q1 2022 upon receipt of SSC's Health Canada licences.
SSC was founded on July 10, 2020, the cannabis holiday for consuming cannabis oils and concentrates. Since that day, SSC has focused on building a world class team of cannabis professionals and hashishins, executed the Licence Agreement, commenced operations, generated valuable intellectual property, completed two over-subscribed equity offerings, and entered into an amalgamation agreement with Dash in respect of a go-public transaction under the ticker symbol "HASH", as previously announced by SSC and Dash in the news release disseminated by Dash on August 9, 2021.
With first revenue achieved in May 2021, and a broad portfolio of product capability ranging from old school hash to live diamonds and sauce, SSC is poised to be a leader in solventless concentrates in Canada.
ABOUT SIMPLY SOLVENTLESS CONCENTRATES LTD.
SSC's mission is to provide pure, potent, terpene-rich solventless concentrates to discerning cannabis consumers through contract manufacturing agreements with Canadian licenced producers. For more information regarding SSC, please see www.simplysolventless.ca.
All information contained in this press release with respect to Dash and SSC was supplied by the respective party for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.
FOR FURTHER INFORMATION:
Dash Capital Corp.
Chief Executive Officer
Simply Solventless Concentrates Ltd.
President & Chief Executive Officer
Neither 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.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). In this news release, forward-looking statements relate to, among other things, the expected closing of the Transaction, the receipt of Health Canada licences, the generation of future revenues, the Company's establishment of market presence, and the Company's ability to lead the solventless concentrates market. 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 statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news 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, many of which are beyond the control of Dash and SSC, including expectations and assumptions concerning Dash and SSC, the receipt of corporate and regulatory approvals, SSC's expectations regarding commercialization of SSC products, market adoption of SSC's products, SSC's ability to produce products of high quality, expected demand for cannabis in the adult use recreational market, the development of brands and brand equity, SSC's expectations of product sales, future corporate development, expectations regarding future expenditures, including but not limited to both operational and capital expenditures, SSC's interpretation and future expectations of municipal, provincial, and federal regulations, SSC's access to further financing, SSC's impact assessment of COVID-19, and the satisfaction of closing conditions to the Transaction. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Dash and the Company are under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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