Toronto, ON. — May 4 2023 — Hill Street Beverage Company Inc. (TSXV: HILL) (OTCQB: HSEEF) (“Hill Street” or the “Company”), is pleased to announce the results of its Annual General and Special Meeting of Shareholders, held on May 2, 2023 (“AGM”).
Results of the AGM
All resolutions presented to the shareholders were voted overwhelming in favour by shareholders at the AGM.
Each of the director nominees proposed by management for election were elected to the Board of Directors being Craig Binkley, Jack Fraser, Kevin Ruddle, Lori Senecal and Frank Vizcarra.
At the meeting, shareholders also approved resolutions regarding the following matters:
- setting the number of directors for the ensuing year at five (5);
- re-appointment of MNP LLP, Chartered Professional Accountants, as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor’s compensation;
- re-approval of the Company’s Stock Option Plan for the ensuing year;
- approval of the Company’s amended Restricted Share Unit Plan;
- approval of the proposed name change of the Company from Hill Street Beverage Company Inc. to “Hill Incorporated”; and
- approval for the Board of Directors to proceed with the consolidation of the Company’s issued and outstanding common shares on the basis of up to 75 pre-consolidation common shares for each one post-consolidation common share.
The Board of Directors thanks all shareholders for their support of these changes.
Name Change
The change of the Company’s name to “Hill Incorporated” is still subject to the approval of the TSX Venture Exchange and the Company will issue a further press release once the timing of the proposed change is confirmed.
Share Consolidation
By a resolution of the Board of Directors of the Company passed on May 3, 2023, the directors have authorized the consolidation of the issued and outstanding common shares of the Company on a basis of 75 pre-consolidation common shares for each 1 post-consolidation common share (the “Share Consolidation“). The Company intends to implement the Share Consolidation as soon as practicable. The Share Consolidation is subject to the acceptance of the TSX Venture Exchange. It is currently expected that the Company’s stock symbol will remain unchanged following the Share Consolidation.
The Board of Directors is proceeding with the Share Consolidation on the basis that it is in the best interests of shareholders as it could lead to increased interest in the Company’s shares by a wider audience of potential investors and may result in an increase in the trading volume and liquidity of its shares.
About Hill Street Beverage Company Inc. (TSXV: HILL)
Hill Street is a progressive innovation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B sales of cannabis ingredients.
For more information on our business activities visit www.hillincorporated.com or to check out Hill Street’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com
If you wish to sign up for the Hill Street mailing list, click HERE.
For more information:
Matthew Jewell, Chief Executive Officer
matthew@hillstreetbevco.com
FORWARD-LOOKING STATEMENTS
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. 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. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.