Hill Street Announces DTC Eligibility

Toronto, ON – TheNewswire – March 22, 2023 – Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, confirms that its OTCQB-listed common shares under the symbol “HSEEF” are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC“) in the United States.

The DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered “DTC eligible.” This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements. Being DTC eligible is expected to greatly simplify the process of trading and transferring the Company’s common shares on the OTCQB.

The OTCQB is a market for established companies, both from the U.S. and other countries, that meet high financial standards, and provide timely news and disclosure to investors.

“As a direct result of Hill Street’s DTC eligibility, the Company’s stock is now accessible to all US investors and institutions.  DTC eligibility also allows trading of the Company’s stock in the capital markets to be strengthened. Hill Street has a significant and constantly expanding investor following out of the US and enhancing our exposure for investment is exciting”, stated Matthew Jewell, CFO of Hill Street.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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 plant-derived 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:

Matthew Jewell, Chief Financial 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.

Hill Street Announces Record Revenues and Gross Profit as Strong Growth Continues

Toronto, ON – TheNewswire – March 1, 2023 – Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill Street” or the “Company”), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally, is pleased to announce the following updates from the three-month period ended December 31, 2022 (“Q2 FY 2023”) financial statements.  

 

Continued DehydraTECH™ Expansions Lead to Record Quarterly Licensing Revenue & Growth

The Company continued to add states to its geographic footprint for DehydraTECH™ licensing as well as form factors to its portfolio of DehydraTECH™-powered consumer products during the three-month period ended December 31, 2022.  

As a result, the Company is pleased to announce that it grew DehydraTECH™ licensing revenues by 93% in Q2 versus the prior quarter and 263% for the fiscal year to date.  

The following chart shows the DehydraTECH™ licensing revenues over the past 6 quarters:

In 000’s Dec 31, 2022 Sept. 30,  2022 June 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021
Licensing Revenue 328 170 138 77 59 130

The Transformed Vin(Zero) Business Model Leads to Record High Quarterly Revenue and Gross Profit

In Q2 FY 2023, Hill Street achieved record quarterly revenues overall and also for its Vin(Zero) alcohol-free beverage business.  The Vin(Zero) results were primarily driven by the Company’s new streamlined Vin(Zero) business model that created a new and different cadence to that business, as we have previously announced.   The Company now executes larger orders that are spread months apart to optimize the timing and efficiency of our supply chain.  The new business model significantly improves key financial metrics such as order to cash and reduced working capital in inventory, but the Vin(Zero) business must now be looked at across longer time frames to truly understand its patterns.   

The following chart shows the Vin(Zero) alcohol-free business results over the past 6 quarters:

In 000’s Dec 31, 2022 Sept. 30, 2022 June 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021
Gross Revenue 1,487 188 1,198 778 476 527
Chargebacks (249) (27) (217) (108) (68) (56)
Net Revenue 1,238 161 981 670 408 471
CoGS (738) (113) (747) (406) (252) (270)
Gross Profit 500 48 234 264 156 201
GP % 34% 26% 20% 34% 33% 39%

 

Release of Q2 FY2023 Financial Statements and MD&A

For the three-month period ended December 31, 2022, the Company has released its Financial Statements, and a comprehensive Company update by way of its Management Discussion and Analysis, which can now be found on the Company’s profile at www.sedar.com.

 

Craig Binkley, CEO comments: “This was by far the best quarterly result in the Company’s history, for both business units. We are very pleased that our December 31, 2022 results for the Vin(Zero) business validate that the fundamental adjustments we made to our business model over the past several months were well considered and on target.  By refocusing our efforts towards our two on-trend, strong-margin and streamlined business segments – Vin(Zero) beverage sales and DehydraTECH™ licensing – we are well positioned as we head into the spring.”

Hill Street Mailing List Launched

With the Company expecting increasing shareholder communication over the coming months, Hill Street is pleased to also announce that it has initiated an exclusive mailing list for all supporters wishing to receive direct and timely communication about Company updates.  If you wish to sign up for this mailing list, click HERE.

*All financial information is provided in Canadian dollars, is unaudited and subject to change.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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 plant-derived 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 or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

For more information:

Matthew Jewell, Chief Financial 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.

Hill Street Announces US Listing on the OTCQB Under the Symbol “HSEEF”

Toronto, ON – TheNewswire – February 21, 2023 – Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, announces today that it has qualified to trade on the OTCQB Venture Market. The Company also intends to seek The Depositary Trust Company (“DTC”) eligibility.

Hill Street stock will begin trading on the OTCQB, effective immediately, under the ticker symbol “HSEEF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

The OTCQB is a market for established companies, both from the U.S. and other countries, that meet high financial standards and provide timely news, and disclosure to investors.

“The team here at Hill Street is proud to qualify for a listing on the OTCQB marketplace, as it represents a significant milestone in the development of our Company. This listing signals to the markets that we are committed to creating the most value for Hill Street and its shareholders,” said Matthew Jewell, Chief Financial Officer, Hill Street. “This OTCQB listing increases our exposure and accessibility to the US markets, providing further liquidity for our shareholders, and enabling the growing base of supporters in the US, where DehydraTECH™ powers many progressive brands of cannabis edibles, to finally be able to invest in Hill Street”.

Hill Street was sponsored for the OTCQB by McMillan LLP, a qualified third-party firm responsible for providing guidance on OTCQB requirements and recommending membership.

Hill Street Mailing List Launched

With the Company expecting increasing shareholder communication over the coming months, Hill Street is pleased to also announce that it has initiated an exclusive mailing list for all supporters wishing to receive direct and timely communication about Company updates.  If you wish to sign up for this mailing list, click HERE.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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 plant-derived 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:

Matthew Jewell, Chief Financial 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.

Hill Street Announces Closing of Fully Subscribed $700,000 Private Placement of Units

Toronto, Ontario–(Newsfile Corp. – December 23, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (OTC Pink: HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, announces that as of December 22, 2022, it has closed its previously announced non-brokered private placement for gross proceeds of $700,000 (the “Offering“).

The Company has issued 17,500,000 units (the “Units“) at a price of $0.04 per Unit. Each Unit consists of one Common Share and one common share purchase warrant (the “Warrants“) of the Company. Each Warrant is exercisable to acquire one common share of the Company (a “Common Share“) for a period of 24 months following the closing date of the Offering at an exercise price of $0.05 per Common Share, subject to adjustment in certain events and acceleration by the Company in the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than or equal to CDN$0.08 for a period of ten consecutive days, provided that the accelerated time of expiry shall not be less than 60 days from the date that the Company gives notice exercising such right.

Craig Binkley, CEO stated, “We are pleased to have both new and existing investors participate in this financing, which allows the Company to further our important growth initiatives on both the Company’s alcohol-free beverage and DehydraTECH licensing businesses. I am encouraged that insiders represent over 30% of the placement, which demonstrates our insiders’ continued commitment to advancing Hill Street as a progressive global bioscience implementation company.

As previously announced, the net proceeds of the Offering will be used by the Company to fund marketing, sales and growth initiatives of the Company’s DehydraTECH licensing and alcohol-free beverage business lines (17% of net proceeds), for working capital and other general corporate purposes, and for investor relations activities (1% of net proceeds). The proceeds will not be used to make any payments to non-arm’s length parties.

Insiders of the Company subscribed for approximately $232,000 worth of Units in the Offering, representing 32% of the Offering. Participation by the insiders in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the consideration paid by such related parties does not exceed 25% of the market capitalization of the Company. A material change report will be filed in connection with the participation of insiders in the Offering.

All securities issued in Offering are subject to a statutory four-month and one-day hold period under applicable Canadian securities laws.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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. We are currently developing the platform for our 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:

Matthew Jewell, Chief Financial 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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149384

CORRECTION FROM SOURCE: Hill Street Press Release Announcing Fully Subscribed $700,000 Private Placement of Units

Toronto, Ontario–(Newsfile Corp. – December 19, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (OTC Pink: HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, issues the following corrected press release to the press release dated December 14, 2022 announcing its intention to complete a non-brokered private placement for gross proceeds of up to $700,000.

The correction is being made to add certain information about the acceleration terms of the Warrants to be issued in the Offering, and certain percentage breakdowns of its intended use of the proceeds, as required by the TSX Venture Exchange.

The complete corrected press release is below:

Hill Street today announces that it intends to complete a non-brokered private placement for gross proceeds of up to $700,000 (the “Offering“), subject to oversubscription at the option of the Company. The Offering is subject to TSX Venture Exchange approval. All dollar figures are quoted in Canadian dollars.

The Offering consists of a non-brokered private placement of up to 17,500,000 units (the “Units“) at a price of $0.04 per Unit. Each Unit will consist of one Common Share and one common share purchase warrant (the “Warrants“) of the Company. Each Warrant will be exercisable to acquire one common share of the Company (a “Common Share“) for a period of 24 months following the closing date of the Offering at an exercise price of $0.05 per Common Share, subject to adjustment in certain events and acceleration by the Company in the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than or equal to CDN$0.08 for a period of ten consecutive days, provided that the accelerated time of expiry shall not be less than 60 days from the date that the Company gives notice exercising such right.

The Company intends to use the net proceeds of the Offering to fund marketing, sales and growth initiatives of the Company’s DehydraTECH licensing and alcohol-free beverage business lines (17% of net proceeds), for working capital and other general corporate purposes, and for investor relations activities (1% of net proceeds). The proceeds will not be used to make any payments to non-arm’s length parties. The Offering is already fully subscribed and closing of the Offering is expected to occur on or about December 21, 2022, subject to the final approval of the TSX Venture Exchange.

Insiders of the Company have subscribed for approximately $232,000 worth of Units in the Offering, representing 32% of the Offering. Participation by the insiders in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the consideration paid by such related parties does not exceed 25% of the market capitalization of the Company. A material change report will be filed in connection with the participation of insiders in the Offering.

All securities issued in Offering will be subject to a statutory four-month and one-day hold period under applicable Canadian securities laws.

Matthew Jewell, the Company’s Chief Financial Officer stated: “We are very pleased with the interest we have received in this Offering. The fact that we have received subscriptions for $700K in financing at a 100% premium to the last closing price for our stock shows investor and insider confidence in the Company’s new management team and transformed growth strategy. With this financing, Hill Street is well-positioned to advance the global growth agendas of both of its on-trend business lines with a solid balance sheet.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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. We are currently developing the platform for our 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:

Matthew Jewell, Chief Financial 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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148701

Hill Street Announces Fully Subscribed $700,000 Private Placement of Units

Toronto, Ontario–(Newsfile Corp. – December 14, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (OTC Pink: HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, announces today that it intends to complete a non-brokered private placement for gross proceeds of up to $700,000 (the “Offering“), subject to oversubscription at the option of the Company. The Offering is subject to TSX Venture Exchange approval. All dollar figures are quoted in Canadian dollars.

The Offering consists of a non-brokered private placement of up to 17,500,000 units (the “Units“) at a price of $0.04 per Unit. Each Unit will consist of one Common Share and one common share purchase warrant (the “Warrants“) of the Company. Each Warrant will be exercisable to acquire one common share of the Company (a “Common Share“) for a period of 24 months following the closing date of the Offering at an exercise price of $0.05 per Common Share, subject to adjustment in certain events and acceleration by the Company in the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is greater than or equal to CDN$0.08 for a period of ten consecutive days.

The Company intends to use the net proceeds of the Offering to fund marketing, sales and growth initiatives of the Company’s DehydraTECH licensing and alcohol-free beverage business lines, for working capital and other general corporate purposes, and for investor relations activities not exceeding 10% of the proceeds. The proceeds will not be used to make any payments to non-arm’s length parties. The Offering is already fully subscribed and closing of the Offering is expected to occur on or about December 21, 2022, subject to the final approval of the TSX Venture Exchange.

Insiders of the Company have subscribed for $225,000 worth of Units in the Offering, representing 32% of the Offering. Participation by the insiders in the Offering is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the consideration paid by such related parties does not exceed 25% of the market capitalization of the Company. A material change report will be filed in connection with the participation of insiders in the Offering.

All securities issued in Offering will be subject to a statutory four-month and one-day hold period under applicable Canadian securities laws.

Matthew Jewell, the Company’s Chief Financial Officer stated: “We are very pleased with the interest we have received in this Offering. The fact that we have received subscriptions for $700K in financing at a 100% premium to the last closing price for our stock shows investor and insider confidence in the Company’s new management team and transformed growth strategy. With this financing, Hill Street is well-positioned to advance the global growth agendas of both of its on-trend business lines with a solid balance sheet.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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. We are currently developing the platform for our 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:

Matthew Jewell, Chief Financial 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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148009

Hill Street Releases Q1 FY 2023 Results

Toronto, Ontario–(Newsfile Corp. – November 30, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (OTC Pink: HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, is pleased to announce the following updates from the recently completed Q1 of FY 2023. All dollar figures are quoted in Canadian dollars.

New Product Launches Hit the Market for DehydraTECH™ Licensees

The Company continued to expand its geographic footprint and its portfolio of DehydraTECH™-powered consumer product form factors during the three-month period ended September 30, 2022.

1906 Drops expanded to Michigan, Pennsylvania, and Ohio, and several of the newer DehydraTECH™ licensees, which Hill Street’s commercialization partner Dehydr8 has been working with to develop their commercial manufacturing operations, executed their initial product launches in market. These include:

  • Lume Cannabis Co. launched their first DehydraTECH™-powered products under their brand in Michigan dispensaries.
  • Folium Farms prepared for the launch of their Karma brand utilizing DehydraTECH™ in Oregon, which subsequently occurred in early October 2022.

DehydraTECH™ licensing revenues grew by 34% in Q1 versus the same quarter one year ago and the Company expects the financial impact of these new licensee launches to build over the coming quarters.

The Transformed Vin(Zero) Business Model Continues to Drive First Half Strength

As previously announced, the Company’s new streamlined Vin(Zero) alcohol-free beverage business model creates a new and different cadence to the business. We now focus on executing larger orders on a semi-annual basis to greatly increase operational efficiency, versus fragmented monthly or quarterly ordering. Consequently, this business must now be looked at across longer time frames to truly understand its momentum.

Record revenues reported in Q4 FY2022 of over $1MM (vs. average net revenue trends of approximately $475K per quarter) continued to support the Vin(Zero) go-to-market distribution system and retail sales during Q1 FY2023. The result of this new pattern and the large Q4, is significantly lower revenues for this quarter.

However, as of today, Hill Street has already received and sold the Vin(Zero) inventory that it ordered during this past summer and expects Vin(Zero) revenues of over $900,000 in Q2 FY 2023. With these Q2 expected revenues, we anticipate seeing double-digit revenue growth for the full six-month period ended December 31, 2022 compared to the same six-month period in calendar 2021.

*Note: The FY2023 Q2 Vin(Zero) revenue expectations are subject to revision, and anticipated to be finalized and included with the Company’s FY2023 Q2 financials release by March 1, 2023. The Company’s actual FY2023 Q2 Vin(Zero) business financial results could differ materially from these selected preliminary results. Any preliminary unaudited financial projections provided herein have not been prepared in accordance with IFRS.

Release of Q1 FY2023 Financial Statements and MD&A

For the three-month period ended September 30, 2022, the Company has released its Financial Statements, and a comprehensive Company update by way of its Management Discussion and Analysis, which can now be found on the Company’s profile at www.sedar.com.

Craig Binkley, CEO, comments: “Our Q1 results were in line with our expectations, as previously communicated to our shareholders. We are also very pleased that our expected December 31, 2022 results for the Vin(Zero) business validate that the fundamental adjustments we made earlier this year were well considered and on target. By refocusing our efforts towards our two strong-margined and streamlined business segments – Vin(Zero) beverage sales and DehydraTECH™ licensingwe are well positioned to show strong growth as we head into calendar 2023.”

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation 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. We are currently developing the platform for our 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 or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

For more information:

Craig Binkley, Chief Executive Officer
craig@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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146184

Hill Street Announces Warrant Extension and Repricing

Toronto, Ontario–(Newsfile Corp. – November 18, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (“Hill Street” or the “Company”) announces today that it has extended the expiry date and reduced the exercise price of 11,250,900 warrants (the “Amended Warrants“) of the Company which were originally set to expire today, after having received the approval of the TSX Venture Exchange to such amendments. All dollar figures are quoted in Canadian dollars.

The new expiry date of the Amended Warrants is March 17, 2023 and the reduced exercise price is $0.05. The Amended Warrants include an accelerated expiry provision such that the exercise period of each of the Amended Warrants is reduced to 30 days if for any 10 consecutive trading days, the closing price of the Company’s common shares is equal or greater than $0.0625, with the 30-day expiry period commencing on the day the Company disseminates a press release announcing the commencement of the accelerated expiry period.

Insiders of the Company hold 7,470,000 of the 17,109,000 total warrants (“Total Warrants“) in this series. In accordance with TSX-V policies, only 10%, or 1,709,100, of the Total Warrants are subject to these amendments on a pro-rata basis among such insiders. A portion of the Amended Warrants are held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Amended Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Amended Warrants does not exceeds 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.

While the Company is prioritizing the push to achieve positive quarterly cash flow without additional fundraising through its revenue generating and cost containment measures, it believes that the repricing and extension of the Amended Warrants is reasonable and ‎necessary in the context of the overall market, as it increases the likelihood that any additional cash needs of the Company could be financed through the exercise of the Amended Warrants.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street Beverage Company Inc. is a progressive non-alcoholic beverage and cannabis solutions company. We are pioneering the space where craft consumer products meet bioscience by combining our deep CPG expertise and 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 or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

For more information:

Matthew Jewell, Chief Financial 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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144802

Hill Street Reports Strong FY 2022 Year End and Q4 Results and Applies to Amend Warrant Terms

Highlights for the Year:

  • Delivered outstanding consolidated net revenue growth of +46% YoY for the full year, and exceptional +134% YoY growth in Q4
  • Achieved full year gross profit increase of +37% YOY despite supply chain cost increases and inventory write-offs from now-withdrawn (V)ia Regal cannabis beverage business
  • Re-engineered our Vin(Zero) commercial business model to improve the key financials of the business and began executing on a global distribution expansion strategy
  • Activated and expanded our DehydraTECH licensing business, growing the U.S. DehydraTECH licensee ecosystem from two to seven and doubling the number of US states in operation in our DehydraTECH licensing footprint
  • Re-evaluated our overall cannabis strategy for Canada after a full year in-market, subsequently withdrawing the (V)ia Regal cannabis beverage initiative from the Canadian market
  • Added key members to the management team to drive the growth agenda

Toronto, Ontario–(Newsfile Corp. – October 31, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (“Hill Street” or the “Company”) reported its audited fiscal 2022 results for the twelve-month and three-month periods ended June 30, 2022. A complete set of audited financial statements and Management’s Discussion and Analysis has been filed at www.sedar.com. The Company also announces today that it will apply to the TSX Venture Exchange to amend the expiry date and reprice the exercise price of warrants that are set to expire on November 18, 2022. All dollar figures are quoted in Canadian dollars.

RESULTS OF OPERATIONS

The following table summarizes certain financial information of the Company for the years ended June 30, 2022, June 30, 2021 and June 30, 2020.

Results for the Year Ended
June 30, 2022 June 30, 2021 June 30, 2020
Gross Revenue $3,660,008 $2,753,481 $2,613,923
Chargebacks, finance fees, and listing fees ($447,685 ) ($558,567 ) ($883,068 )
Net Revenue $3,212,323 $2,194,914 $1,730,855
Direct Costs ($1,675,231 ) ($1,071,284 ) ($1,004,806 )
Gross Profit $1,537,092 $1,123,630 $726,049
Operating Expenses (excl. One-time & Non Cash) ($2,929,107 ) ($2,829,462 ) ($2,453,643 )
One-time Expenses ($180,006 ) ($167,548 ) ($1,242,075 )
Non Cash Expenses ($911,140 ) ($1,075,035 ) ($676,940 )
Loss before other Income (Expense) ($2,483,161 ) ($2,948,415 ) ($3,646,609 )
Other income (Expenses)
Foreign exchange gain (loss) $901 ($5,393 ) ($7,975 )
Gain on favourable interest rate $6,541 $17,939
Gain on settlement of liability $2,288 $137,480 $43,217
Gain (loss) on fair value of Consideration $69,308 ($259,216 )
Loss on impairment of assets held for sale ($54,055 )
Loss on impairment of intangibles ($5,629 ) ($8,000 )
Write-off of inventory ($115,906 ) ($17,258 ) ($80,445 )
Other income $8,319 $30 $194
Income (Loss) and comprehensive income (loss) for the period ($2,577,935 ) ($3,086,231 ) ($3,681,679 )
Basic and diluted loss per common share ($0.01 ) ($0.02 ) ($0.04 )
Weighted average number of common shares outstanding 214,618,160 141,775,866 104,401,665

BUSINESS HIGHLIGHTS FOR THE FULL FISCAL YEAR 2022

Hill Street’s fiscal year 2022 was by far the most successful fiscal year in the history of Hill Street in terms of both operational and financial results.

“This year was a step-change in our business, highlighted by an outstanding record fourth quarter,” said Craig Binkley, CEO of the Company. “With both our Vin(Zero) alcohol-free wine and DehydraTECH™ licensing businesses, we took bold steps in expanding their footprints and addressable markets during the year. We continue to show dynamic growth and improved financials as evidence of the potential of this next-generation business model.”

Several key highlights of the year:

  • Major adjustments were made across all the key areas of the Vin(Zero) business, including production planning, shipping and logistics, warehousing, sales and retail distribution. The changes had a significant positive impact on Q4 sales and are expected to drive key positive financial impacts over time.
  • New distribution programs for Vin(Zero) outside of Canada, beginning the push towards global aspirations for this business, including a new distribution and promotional program in the U.S. with New York-based alcohol-free retailer Boisson; and new distribution in Australia.
  • Expanded DehydraTECH™ intellectual property licensing relationships, increasing the DehydraTECH™ licensing footprint from four states at the beginning of the fiscal year to eight states at fiscal year-end, representing a population of over 90 million people[1] (+305% vs. the 29.5MM with which we started the fiscal year) and an addressable market of $19.2B USD[2] in estimated 2022 total cannabis sales.
  • Continued to support the cannabis-infused beverage business in Canada throughout the year, but ultimately decided to withdraw that initiative and focus on the Company’s two strong growth businesses.

FINANCIAL HIGHLIGHTS FOR FULL YEAR FISCAL 2022

Delivered outstanding consolidated net revenue growth of +46% YoY for the full year

Stellar revenue growth for the year was driven by strong growth and business model adjustments on the Vin(Zero) business as well as more than doubling of revenues on the DehydraTECH™ licensing business.

Net Loss Narrowed Substantially in Fiscal 2022

An improvement in earnings was driven primarily by a +37% increase in gross profit, achieved despite significant supply chain cost increases and costs related to the now-withdrawn (V)ia Regal cannabis beverage business. Our preliminary unaudited FY2022 financial results showed expected gross profit for the fiscal year to increase 47% YoY excluding the impact of the (V)ia Regal business, but year-end accounting adjustments resulted in a lower gross profit increase. The strong business growth was accomplished while maintaining relatively flat operating expenses, resulting in a +16% improvement in net earnings.

Q4 HIGHLIGHTS

Q4 Net Revenues More than Doubled to a Record $1.2MM

The strength of the business and the adjustments in the business model drove the Vin(Zero) revenues and total consolidated revenues for the fourth quarter. We also continued to see growth on DehydraTECH(TM) licensing revenues.

We now have an operating footprint of DehydraTECHTM licensees in the U.S. covering ten states with a total population of 115MM[3] and an addressable market of approximately $21.5B USD in estimated 2022 cannabis sales[4]. That footprint covers states generating almost two-thirds of the addressable market of $33B USD in projected total U.S. cannabis sales for 20228, up from our coverage of less than one-quarter of total U.S. cannabis sales at the beginning of FY 2022.

Appointment of New CFO Completes a Transformational Year of Adding Key Members to the Management Team to Drive the Growth Agenda

Matthew Jewell was appointed as permanent Chief Financial Officer on October 12, 2022, joining Pearl Chan, who joined the Company on September 27, 2021 as its first Chief Legal Officer, and Craig Binkley, who accepted the full-time CEO position on January 6, 2022. The full Hill Street team is now poised to lead the company through its next phase of growth and development.

Application to the TSX Venture Exchange for Warrant Repricing and Expiry Extension

The Company also announces that it will file an application today to the TSX Venture Exchange to extend the expiry date and to amend the exercise price of 11,250,900 warrants (“Warrants“) of the Company issued in connection with a non-brokered private placement of the Company that closed on or around November 18, 2020.

The Company intends to extend the expiry date of the Warrants to March 17, 2023 and to amend the exercise price of the Warrants to $0.05. The Warrants, as amended, would include an accelerated expiry provision such that the exercise period of each of the Warrants would be reduced to 30 days if for any 10 consecutive trading days, the closing price of the Company’s common shares is equal or greater than $0.0625, with the 30-day expiry period commencing on the day the Company disseminates a press release announcing the commencement of the accelerated expiry period. Approval of such Warrant amendments is subject to the approval of the TSX Venture Exchange.

A portion of the Warrants are held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.

While the Company is prioritizing the push to achieve positive quarterly cash flow without additional fundraising through its revenue generating and cost containment measures, it believes that the repricing of the Warrants is reasonable and ‎necessary in the context of the overall market, as it increases the likelihood that any additional cash needs of the Company could be financed through the exercise of the Warrants.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street Beverage Company Inc. is a progressive non-alcoholic beverage and cannabis solutions company. We are pioneering the space where craft consumer products meet bioscience by combining our deep CPG expertise and 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 or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

For more information:

Craig Binkley, Chief Executive Officer
craig@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.

Not for dissemination in the United States.


[1] US Census Bureau, https://www.census.gov/quickfacts/fact/table/US/PST045221
[2] MJBiz Factbook 2022
[3] US Census Bureau, https://www.census.gov/quickfacts/fact/table/US/PST045221
[4] MJBiz Factbook 2022

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142441

Hill Street Appoints Matthew Jewell as Chief Financial Officer

Toronto, Ontario–(Newsfile Corp. – October 12, 2022) – Hill Street Beverage Company Inc. (TSXV: HILL) (“Hill Street“, or the “Company“) announces that effective today, it has appointed Mr. Matthew Jewell as its permanent Chief Financial Officer, succeeding Ms. Hinta Chambers, who had stepped into the role of interim CFO following her August 2022 resignation as permanent CFO of the Company.

Mr. Jewell joins Hill Street from Next Green Wave Holdings Inc. (“Next Green Wave“), an integrated premium craft cannabis producer and CPG company in California that was publicly traded on the CSE until its acquisition by Planet 13 Holdings Inc. in March 2022. Mr. Jewell was the first full-time employee at Next Green Wave and led the company as its Canada-based CFO, from its inception until its eventual sale in a transaction valued at almost $100M.

In addition to his highly relevant cross-border background in both cannabis and CPG, Matt brings more than a decade of experience in emerging industries, providing strategic recommendations to the executive team and board of directors and guiding financial reporting, financial planning, HR, legal and operations.

Matt spent several years early in his accounting career as an auditor at KPMG and graduated from the University of Victoria with a Bachelor of Commerce.

“I am delighted to welcome Matt as our new CFO to work closely with myself and the rest of the Hill Street team,” said Craig Binkley, Chief Executive Officer. “With Matt’s extensive experience in establishing financial systems and reporting, cash management and capital market strategies, as well as his strong track record of scaling emerging business operations, I am confident he is the right choice for Hill Street as we continue to execute on our transformational strategy and deliver record financial performance. I also want to thank Hinta for her significant contributions to Hill Street in building its financial foundation and for helping us to ensure a smooth transition of the CFO duties.”

Jack Fraser, Chairman of the Board of Directors, comments, “The Board is extremely pleased that we are adding another successful, experienced individual to our Hill Street management team. Matt’s experience in managing all of the key financial aspects of a publicly-traded company will be very valuable as Hill Street continues to drive its global growth agenda.”

Mr. Jewell said, “I am thrilled to join the Hill Street family today. With its experienced and passionate leadership team driving execution of a clear strategy for development of its DehydraTECHTM licensing business, along with the expansion opportunities that the Company has in the burgeoning alcohol-free beverage category, I think that the Company has an exciting future and that the potential for growth and value creation for shareholders is tremendous.”

In connection with Mr. Jewell’s appointment, the Board has approved a grant of 1MM restricted share units (the “RSUs“) in the Company, subject to certain vesting conditions. The RSU grant is subject to the Company’s RSU Plan and each vested RSU entitles the holder to acquire one common share of the Company.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street Beverage Company Inc. is a progressive non-alcoholic beverage and cannabis solutions company. We are pioneering the space where craft consumer products meet bioscience by combining our deep CPG expertise and 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 or to check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com.

For more information:

Craig Binkley, Chief Executive Officer
craig@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.

Not for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140275