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Hill Street Announces Resignation of Director

admin on February 11, 2021

Toronto, Ontario–(Newsfile Corp. – February 11, 2021) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“)- The Company announces that further to its press release dated February 9, 2021, Terry Donnelly, has resigned as a director of the Company.

For further information:

Jack Fraser, Chairman of the Board
jack@hillstreetbevco.com

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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.

Hill Street Welcomes Raymond Bisaillon to the Board of Directors

admin on February 11, 2021

Toronto, Ontario–(Newsfile Corp. – February 11, 2021) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“) is pleased to announce that it has appointed Raymond Bisaillon to the board of directors of the Company.

Jack Fraser, Chairman of the Board stated, “We are very excited to welcome Raymond to the Board of Directors of Hill Street, as his past success & fresh approach to this rapidly expanding sector compliments the talents of the company’s already rich assets.”

His appointment comes at a time when Hill Street is poised to leverage the recent acquisition of the exclusive rights to Lexaria’s ground-breaking DehydraTECHTM patent portfolio on a global basis. Mr. Bisaillon commented that “I am of the strong belief that DehydraTech is the safest, healthiest and most simple method to infuse the numerous attributes of the Cannabis plant into the bloodstream and am thrilled to partner with Hill Street Beverage Company in expediting the commercialization of this valuable patented technology. I am excited to help guide Hill Street Beverage Company through the next phase of its growth to become a unique shareholder friendly, health conscious, profitable Company.”

Raymond Bisaillon

Mr. Bisaillon is a calculated, thoughtful, philanthropic entrepreneur and private investor who has had a successful passion for investing since an early age. In his quest to follow in the footsteps of legendary investors, he has taken calculated risks in excellent businesses that possess a unique competitive advantage.

As a proud graduate of Laurentian University, Raymond was fortunate to have been selected to represent the country of Canada as a member of AISEC in Sao Paulo, Rio de Janeiro, Vitoria and Salvador Brazil in 1997. In 1998, he was a Canadian Student Ambassador in the Sichuan Province of China to encourage International Trade Relations.

Upon graduation in 1999, Raymond worked as a Certified Financial Planner (CFP) and Canadian Investment Manager (CIM) with Industrial Alliance Insurance and then in 2002 as a Senior Financial Advisor with CIBC Imperial Service. In 2012, he launched Bisaillon Asset Management Inc, a full-service Financial Planning Firm in Sudbury ON.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2021. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

For further information:
Jack Fraser, Chairman of the Board, Hill Street Beverage Company Inc.,
jack@hillstreetbevco.com

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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”, “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.

Hill Street Appoints Co-Chief Executive Officers

admin on February 9, 2021

Toronto, Ontario–(Newsfile Corp. – February 9, 2021) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“) announces that it will be restructuring its senior management team and will be appointing current board members, Lori Senecal and Craig Binkley, as interim co-Chief Executive Officers of the Company. The Company anticipates that Mr. Donnelly, will remain with the Company as a board member until its next AGM.

Jack Fraser, Chairman of the Board stated, “On behalf of Hill Street, I would like to thank Terry for his service to the Company. His expertise and dedication have benefitted the Company in countless ways and we wish him the utmost success in his future endeavours.” Adding, that, “We are very excited to welcome Craig and Lori to their expanded roles as Co-CEOs of Hill Street. The extensive knowledge and expertise that Craig and Lori bring at this stage to Hill Street’s operating team will help guide the Company into the next exciting phase of its development. Craig and Lori have both have been instrumental over the past years as board members and working directly with the management on strategic projects, and their involvement in the daily management of the organization with help continue to drive our strategic plans. Both Craig and Lori will continue as Interim Co-CEOs of Hill Street until we complete our review for a permanent CEO.”

Craig Binkley

Craig Binkley is a successful global business leader and experienced CEO who has built upon his success running global organizations to become a sought-after Advisor and Board Member to clients ranging from Fortune 500 to small business entrepreneurs.

Craig has been on the Board of Hill Street since 2017 and was a member of the team that completed Hill Street’s going public transaction in 2018.

Craig brings a wealth of global operating experience in both alcoholic and non-alcoholic beverages, as well as other consumer packaged goods and B2B business categories that are highly relevant for the Hill Street lines of business. He has been actively involved in the global cannabis industry since 2017, focused on helping to accelerate the positive impact of cannabis, hemp and CBD as a thought leader and speaker at global events, as a board member for cannabis-related companies, and by building consumer brands and commercial go-to-market operations across a range of consumer categories within the cannabis sector.

Before entering the professional services arena, Craig was a global leader at The Coca-Cola Company as Worldwide Director of Marketing for Diet Coke & Coca-Cola light, as well as the Minute Maid brand of juices and drinks. He also served as CMO of Coca-Cola Mexico, the second largest Division in the world.

In his professional services work, Craig is currently Managing Partner at Fidelum Partners. Prior to that he was CEO of Northstar – a global, multi-award-winning, market research agency, and EVP of Strategy for the MDC Partners network of renowned marketing and communications agencies. He joined MDC through its acquisition of Zyman Group, a successful global strategy consulting firm where Craig was a founding partner and Chief Consulting Officer.

Craig graduated from Davidson College in North Carolina and completed postgraduate work at Harvard Business School’s Program for Management Development

Lori Senecal

For more than two decades Lori Senecal has been an innovative and award-winning leader in the Strategic Marketing and Communications Industry. She has been recognized for her role in creating dynamic, talent focused cultures and inventive business models that have driven superior growth for world-class companies. In her roles as Global CEO she has counseled multinationals across a broad spectrum of industries and helped executive teams mobilize around courageous visions to reinvent entire categories and industries, to unlock business value.

She was the Global CEO of the world-renowned Marketing and Communications powerhouse Crispin Porter Bogusky. During her tenure, the agency created bold firsts and garnered world-class results for clients such as Domino’s, American Airlines, Hotels.com, and Hershey’s by capitalizing on expertise in technology, design and innovation. During that time, Advertising Age recognized CP+B as “Creativity Innovator of the Year”.

As Global CEO of Kirshenbaum Bond Senecal, Lori grew the company from a 250-person domestic operation to one of over 900 people worldwide. The company was recognized by Advertising Age as an “A-List Standout Agency” three consecutive years, and by Crain’s as a “Best Place to Work in NYC”.

Lori has been named to AdWeek’s Power 100 List which recognizes top leaders in media, marketing and technology. She has also been named one of Fast Company’s “Most Creative People in Business”. She was profiled in the New York Times “Corner Office”, a feature that celebrates CEO’s who are culture makers and industry drivers.

Lori has been a keynote speaker onFast Company’s “Most Creative People Tour” in LA, as well as at the “3% Conference” in NYC. She was both a Jury Member and a Main Stage Speaker at the Cannes Festival of Creativity.

Lori began her career at McLaren McCann in Toronto and was soon tapped by McCann Worldwide to join the leadership team in NY, where she rose to the office of President. As a graduate of McGill University with a Bachelor of Commerce, she is fluent in English and French.

Lori has been on the Board of Hill Street since 2018 and brings a wealth of global strategy and marketing experience from her leadership roles on world class beverage brands such as Molson Canadian, Molson Export, Rolling Rock, Bass Ale, Dos Equis, Absolut, and Coca-Cola.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2021. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

For further information:

Jack Fraser, Chairman of the Board, Hill Street Beverage Company Inc.,
jackfraser@treelineadvisors.co

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”, “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 Appoints New Chairman of the Board

admin on January 29, 2021

Toronto, Ontario–(Newsfile Corp. – January 29, 2021) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“) today announces that the Board of Directors has appointed Jack Fraser to the role of Chairman, separating the role of CEO and Chairman into two independent functions, adhering to best practices and improving its corporate governance.

Terry Donnelly, Chief Executive Officer of the Company stated “the appointment of Jack Fraser to the role of Chairman of the Board is indicative of our firm and resolute belief in adhering to the best practices in corporate governance as we reach the point of bringing our cannabis products to market. Jack’s tremendous input to navigating our company through incredibly difficult waters during the pandemic, and his personal contributions to the success of closing our transformational deal with Lexaria, showed our board, and me personally, that we had an incredible talent who was willing to step up and provide that next level of guidance, coaching and leadership that our Company needs to capitalize on the opportunities in front of us for our shareholders. His experience will be invaluable as we accelerate into the next chapter of our growth in both B2C and B2B cannabis products.”

Jack Fraser, MBA, MSc, BComm – Professional History

Jack Fraser is a serial growth venture operator and financer with more than 30 years of experience in digital media and e-commerce. Since Dec 2019, Jack has been a Partner with BDC Capital’s Late-Stage Growth Coinvest Fund. He has served as a board director of numerous private, public, and public-private partnership groups and as an operating partner for various private equity groups. Jack currently serves on various company boards that focus on digital commerce, FinTech and SaaS. Jack has a long history of working with hyper-growth mid-stage companies developing and expanding internal capabilities for international market expansion, product evolution and launch, and establishing regional operations. Jack began his career in corporate banking with RBC and BMO and then moved into business operations with several high-growth companies in Canada, the U.S. and the U.K. Jack supported the development of some of Canada’s most recognized digital retail brands and has held various executive roles, including COO & CFO, and most recently as the head of finance with SSENSE, a Quebec-based global luxury fashion e-commerce retailer. Jack holds a joint MBA from the Kellogg School of Management at Northwestern University and Schulich School of Business at York University.

Proposed Private Placement

The Company also announces its intention to complete a non-brokered private placement of units (“Units“) of the Company at a price of $0.08 per Unit. Each Unit is comprised of one (1) common share and one (1) warrant of the Company. Each Warrant will entitle the holder to purchase one (1) common share of the Company at a purchase price of $0.11 per share for a period of three (3) years from the date of Closing. The size of the offering has not been finalized at this time, however, the Company has secured initial commitments totaling approximately $2,500,000. The Company anticipates closing the private placement in one or more tranches, with the first tranche anticipated to close in early February 2021. Closing of the private placement is subject to the approval of the TSX Venture Exchange.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2021. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

For further information:

Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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”, “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 distribution in the United States.

Hill Street Announces Closing of Asset Acquisition of Lexaria Canpharm

admin on December 10, 2020

Toronto, Ontario–(Newsfile Corp. – December 10, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) today announces that further to its press release dated November 18, 2020, it has closed the acquisition of the primary assets of Lexaria Canpharm ULC, the cannabis-related division of Lexaria Bioscience Corp. (“Lexaria”). Thisacquisition provides Hill Street with the exclusive rights in perpetuity to use Lexaria’s ground-breaking DehydraTECHTM patent portfolio on a global basis to make any type of non-pharmaceutical product containing 0.3% or greater THC and other psychoactive cannabinoids. In addition, the agreement expands Hill Street’s license with Lexaria Hemp Corp. to make products containing CBD on a global basis for ten years.

Hill Street intends to begin commercializing the intellectual property earned from Lexaria immediately through both licensing and B2B sales of Cannabis 2.0 ingredients, as well as using the proprietary and breakthrough DehydraTECHTM process in its own brands marketed under the Hill Avenue Cannabis name.

“We believe this acquisition positions us to become both the taste and experience leader in Cannabis 2.0 products,” said Terry Donnelly, Chairman & CEO of Hill Street. “Our goal is to create products that consumers will love, and that provide all of the benefits and promise of the cannabis plant. This breakthrough technology gives us the ability to produce truly delicious and delightful experiences for consumers in any form of beverage or edible with rapid onset and more predictable duration.”

“Hill Street has already proven they can shake up categories that are dominated by big mainstream brands, as they have in the alcohol-free beverage segment. We can’t wait to see what they planned both in the near and long term for cannabis consumers with the full power of DehydraTECHTM supporting them,” said Chris Bunka, Chairman & CEO of Lexaria.

Terms of the acquisition

  • Total consideration of $3.85 million, including $350K in cash upon closing and a VTB Note of $2.0 million.
  • On Closing Hill Street issued Lexaria Bioscience $500,000 worth of common shares of Hill Street at a price of $0.0829 per share, which is equal to the 10-day volume weighted average closing price of the Common Shares on the TSX Venture Exchange on the date the transaction was announced. Hill Street will Issue Lexaria a further $1,000,000 worth of common shares on the eight and sixteen month anniversaries of closing, at the greater of (A) the 10-day volume weighted average closing price of the Common Shares on the TSX Venture Exchange on such payment date; and (B) $0.085 per share, being the closing price of the Hill Street Shares on the date the transaction was announced.
  • The VTB Note shall accrue interest at the rate of 10% per annum, has no fixed maturity date and is repayable based on a percentage of quarterly sales earned by Hill Street from cannabis infused product sold by Hill Street or its licences utilizing the acquired technology.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2020. Check out Hill Street’s award-winning line-up and order products to be delivered straight to your home at www.hillstreetbeverages.com.

Cannabis-infused Adult Beverages

In October 2020, Hill Street announced the launch of its Hill Avenue Cannabis (V)ia Beverages brand, to be manufactured in a partnership with Molecule Inc., a licensed producer of cannabis beverages. The Company anticipates that these beverages will be available through licensed cannabis retailers in Ontario in December 2020, with a planned roll out to major markets nationally in 2021. The Company continues to explore the development of additional Cannabis 2.0 products which would be accretive to its business.

About Lexaria Bioscience Corp.

Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH increases bio-absorption by up to 5-10x, reduces time of onset from 1 – 2 hours to minutes, and masks unwanted tastes for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine, and other molecules. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com.

For further information:

Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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”, “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 the Canadian Securities Exchange nor their respective Regulation Services Providers (as that term is defined in policies of the TSX Venture Exchange and other policies) accepts responsibility for the adequacy or accuracy of this release.

Not for dissemination in the United States of America.

Hill Street Reprices Expiring Warrants

admin on December 4, 2020

Toronto, Ontario–(Newsfile Corp. – December 4, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“), announces that further to its press release dated December 3, 2020, the TSX Venture Exchange has approved the repricing of 19,405,804 warrants of the Company that were originally issued on July 27, 2018, to $0.10. These warrants are set to expire on December 31, 2020.

For anybody wishing to exercise these Warrants, please contact the Chief Executive Officer, Terry Donnelly at the particulars below.

For further information:

Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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 Proposes to Reduce Exercise Price of Expiring Warrants

admin on December 3, 2020

Toronto, Ontario–(Newsfile Corp. – December 3, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“), announces that further to its press releases dated July 21, 2020 and July 31, 2020, the Company proposes to amend the exercise price of 19,405,804 warrants of the Company that were originally issued on July 27, 2018, to $0.10. These warrants are set to expire on December 31, 2020.

The Company had initially proposed a lower amended price, but that proposal was not approved by the TSX Venture Exchange (“Exchange“), however, the Exchange indicated that a $0.10 exercise price, may be more acceptable. Accordingly, the proposed amendment remains subject to Exchange approval.

For further information:
Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter: https://twitter.com/hillstreetbevco

and on Facebook: http://facebook.com/hillstreetbevco

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”, “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 Reports FY21 First Quarter Results and Provides Update on Operations

admin on December 1, 2020

Toronto, Ontario–(Newsfile Corp. – December 1, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) reported its first quarter results for period ended Sept 30, 2020. A complete set of financial statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.

FY21 First Quarter Financial Highlights

  • Net income improvement of $1.050 million, up 69% y/y;
  • Gross revenue of $0.384 million, down 25% y/y, owing to impact of the pandemic on the company’s supply chain;
  • Expense reduction of 55% y/y, due to the company’s focus on containing costs and reducing overhead;
  • Net loss of $.485 million, vs $1.545 million in the prior year.

“The first quarter of FY21 presented both great challenges and great progress for our Company,” said Terry Donnelly, Chairman & CEO of Hill Street. “Hill Street executed very well in the face of the very significant issues we were facing in our supply chain, including an inability to acquire inventory due to pandemic related challenges with various suppliers we rely on, as well as significant delays in licensing the premises and commissioning of the manufacturing equipment of our cannabis copackers. These significant challenges were met head on by our team, who made difficult but prudent decisions to conserve cash, focus on the sales channels and products that deliver the highest margins, and keep making progress toward the launch of new cannabis product portfolio. During the quarter and subsequent to it, we were able to complete very complex, challenging, and transformative deals with both Molecule and Lexaria, and complete a private placement for approximately $850K which will position our Company very well for growth in 2021 and beyond.”

“Hill Street’s alcohol-free brands are now the gold standard in the Canadian Retail landscape, gaining both market share and accolades from our consumers. The challenges in our supply chain were clearly felt during this quarter, but we believe we have turned a corner with our suppliers, and that we are well positioned for the future,” stated June Nicholson, Chief Operating Officer of Hill Street. “Our focus in 2021 will be to significantly grow our online presence in the large US market for alcohol free beverages, and to build our reputation as the taste and experience leader in beverages and other cannabis 2.0 products, based on our patented technology recently acquired from Lexaria Canpharm.”

Hill Street’s CFO, Hinta Chambers stated, “We have continued to maintain our strong focus on conserving cash, reducing expenses where possible, and investing only in product segments and markets that will deliver the highest returns. Our recently announced acquisition of the assets of Lexaria Canpharm will provide us with significantly differentiated products that we believe will deliver both healthy margins and value for consumers, and help to solidify our company as a leader in the nascent Cannabis 2.0 market both in Canada and internationally.”

RESULTS OF OPERATIONS

The following table summarizes certain financial information of the Company for the three months ended September 30th, 2020 and the three months ended September 30th, 2019.

Results for the Year Ended
Quarter Ended Sept 30, 2020Quarter Ended Sept 30, 2019
Gross Revenue$384,450$513,766
Chargebacks and listing fees$(109,738)$(184,327)
Net Revenue$274,712$329,439
Direct Costs$128,706$152,036
Gross profit$146,006$177,403
  
Ordinary Operating Expenses$450,720$1,002,158
Other One-time Expenses$4,500$545,850
Non-Cash Expenses$166,621$154,982
  
Gain (Loss) before other Income$(475,835)$
(1,525,587)
  
Other income (Expenses)  
Foreign exchange (loss) gain1,517$(2,324)
Write-off of inventory$(1,535)$0
Write-off of intangibles$0$(8,000)
Charges relating to public company listing$0$0
Other Income$0$0
Income (Loss) and comprehensive Income (loss) for the period$(475,853)$(1,545,911)
Basic and diluted income (loss) per common share$(0.01)$(0.02)
Weighted average number of common shares outstanding112,085,46396,845,070

 
The Company presently has two business segments, the marketing and distribution of Hill Street branded alcohol-free beer and wine via online and retail in Canada and the USA, and the pending launch of cannabis beverages under the Hill Avenue Cannabis brand through licensed copackers. Hill Street sells its products online and through roughly 8,000 points of distribution in grocery and drug stores in Canada.

Acquisition of Assets from Lexaria Canpharm

Subsequent to the quarter, Hill Street signed a definitive agreement with Lexaria Bioscience to acquire the primary assets of Lexaria Canpharm, the sole licensee of the patents associated with the breakthrough DehydraTECH drug deliveryprocess for use in products containing greater than 0.3% THC, commonly known otherwise as Cannabis 2.0 products. Lexaria’s process has over 60 patents either issued or pending. The process provides for rapid onset and offset of the effects of cannabis, as well as provides the potential to create shelf stable products made from cannabis extracts. The Company is currently awaiting approval from The Toronto Stock Exchange to close the transaction. Hill Street has begun development of a facility in Mississauga where cannabis ingredients and consumer products will be manufactured. The Company expects the facility to be operational in 2021, pending Health Canada approval.

Private Placement

Subsequent to the quarter, the Company completed a private placement for gross proceeds of $850,950, which included participation from Kevin Ruddle, a director of the Company, for $350,000, Hinta Chambers, the Chief Financial Officer of the Company for $17,500, and Reuban Nadesan, Director of Strategy and Partnerships of the Company, for $6,000.

Cannabis-infused Adult Beverages

In October 2020, the Company announced the launch of its (V)ia SPRIZA Cannabis Infused Beverages brand, to be manufactured in a partnership with Molecule Inc., a licensed producer of cannabis beverages. The Company anticipates that these beverages will be available through licensed cannabis retailers in Ontario in December 2020, with a planned roll out to major markets nationally in 2021. The Company continues to explore the development of additional Cannabis 2.0 products which would be accretive to its business.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2020. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

For further information:

Terry Donnelly
Chairman and CEO
Hill Street Beverage Company Inc.
terry@hillstreetbevco.com
(416) 543-4904

Follow Hill Street on Twitter: https://twitter.com/hillstreetbevco
and on Facebook: http://facebook.com/hillstreetbevco


(V)ia SPRIZA sample packaging

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5205/69270_453362c924bf9bc7_004full.jpg

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”, “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

Hill Street Announces Definitive Agreement to Acquire Assets of Lexaria Canpharm, and Closing of Private Placement

admin on November 18, 2020

Companies to continue both operational and research partnership for ten years

Toronto, Ontario–(Newsfile Corp. – November 18, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) today announces it has signed a definitive agreement to acquire the primary assets of Lexaria Canpharm, the cannabis-related division of Lexaria Bioscience Inc. (CSE: LXX). Thisacquisition provides Hill Street with the exclusive rights in perpetuity to use Lexaria’s ground-breaking DehydraTECHTM patent portfolio on a global basis to make any type of products containing THC and other psychoactive cannabinoids. In addition, the agreement expands Hill Street’s license with Lexaria HempCo to make products containing CBD on a global basis for ten years.

Terms of the acquisition

  • Total consideration of $3.85 million, including $350K in cash upon closing and future payments of $2.0 million.
  • Hill Street will issue Lexaria Bioscience a total of $1.5MM worth of Common Shares in the capital of the Company in three equal installments with the first tranche issuable on closing. The first tranche will be issued at a price of $0.0829 per share, which is equal to the 10-day volume weighted average closing price of the Common Shares on the TSX Venture Exchange on the date hereof. All successive issuances shall be issued at the greater of (A) the 10-day volume weighted average closing price of the Common Shares on the TSX Venture Exchange on such payment date; and (B) $0.0829;

With over sixty patents for DehydraTECHTM either issued or pending, this transaction positions Hill Street to expand its strategy of producing ingredients for Cannabis 2.0 products, allowing the Company to take advantage of growing demand for “quick onset and duration” recreational cannabis edibles and topicals. This transaction will allow Hill Street to expand its addressable market to every country in the world where cannabis is either medicinally or recreationally legal. Lexaria’s Intellectual Property converts perishable cannabis products such as oils and extracts into shelf stable powders. Hill Street will manufacture these powders for sale to licensed cannabis processors at its own facility as well as sub-license the technology to licensed manufacturers globally. Shelf stable cannabis powders are the ideal ingredients upon which to build world class Cannabis 2.0 brands, including beverages, edibles, and topicals. The DehydraTECHTM processes are well researched, market validated, and well protected through multiple patents, and will continue to improve as Lexaria continues its research.

Completion of the transaction is subject to the approval of the TSX Venture Exchange.

“With this transaction, we are building on an already strong partnership with Lexaria. We are gaining full ownership of the joint manufacturing partnership we created last year, and positioning Hill Street to become an early leader in the global market for cannabis 2.0 ingredients and products. Our cannabis processing facility is designed specifically to produce shelf stable ingredients using DehydraTECHTM for the Cannabis 2.0 market,” said Terry Donnelly, Chairman & CEO of Hill Street. “With a significant portion of the consideration in shares and future payments, this transaction demonstrates Lexaria’s faith in Hill Street to unlock the value of their innovations for their shareholders based on our success.”

“Hill Street’s team is executing a new and exciting strategy in the cannabis sector, designed to take advantage of the Cannabis 2.0 market and enhanced consumer expectations,” stated Chris Bunka, Chairman & CEO of Lexaria Bioscience. “Their deep expertise in consumer goods will allow consumers to experience Lexaria’s innovations through the highest performance products available in the Cannabis 2.0 sector. Lexaria’s focus remains on creating the greatest innovations possible in drug delivery in the diverse sectors of nicotine, cannabinoids, and antivirals for both the therapeutic and pharmaceutical industries. Innovations in drug delivery in the pharmaceutical industry represents a massive global opportunity for Lexaria, and this transaction with Hill Street assists our ability to focus, while providing our shareholders with a significant carried interest in a fast growing startup well positioned for success in the cannabis 2.0 market.”

Ongoing Relationship with Lexaria Bioscience

Hill Street will continue to partner with Lexaria Biosciences in certain markets for Cannabis 2.0 products using Lexaria’s patented DehydraTECHTMprocess by providing a license back to Lexaria to produce therapeutic and medicinal products containing THC. Upon full payment of the consideration for the transaction, Hill Street will earn royalties from the sales of Lexaria’s products using the Canpharm licenses. Further, Hill Street will continue to have access to Lexaria’s leading edge research capabilities into the use of DehydraTECHTM with cannabinoid products. The DehydraTECHTM processes provide for rapid onset and offset of the effects of cannabinoids and allows manufacturers to create shelf stable products from cannabis extracts. Hill Street has begun development of a facility in Mississauga where the cannabis ingredients will be manufactured. The Company expects the facility to be operational in 2021, pending Health Canada and other regulatory approvals.

Completion of Private Placement

The Company also announces that it has completed its previously announced non-brokered private placement of units (“Units“), for aggregate gross proceeds of $850,950. Each Unit was issued at a price of $0.05 and is comprised of one common share, and one whole warrant (“Warrant“), with each warrant entitling the holder to acquire one Common Share at an exercise price of $0.13 for a period of two years from the date of closing, subject to acceleration. In connection with the private placement the Company paid finders fees of $2,000 to Jamie Salter, $2,025 to Victor Godinho, both arm’s length parties to the Company.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2020. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

Cannabis-infused Adult Beverages

In October 2020, Hill Street announced the launch of its (V)ia SPRIZA Cannabis Infused Beverages brand, to be manufactured in a partnership with Molecule Inc., a licensed producer of cannabis beverages. The Company anticipates that these beverages will be available through licensed cannabis retailers in Ontario in December 2020, with a planned roll out to major markets nationally in 2021. The Company continues to explore the development of additional Cannabis 2.0 products which would be accretive to its business.

For further information:
Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco

and on Facebook http://facebook.com/hillstreetbevco

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”, “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.

Not for dissemination in the United States of America.

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 Wins Major New Retail Account and Gears for Growth by Strengthening Operationally

admin on November 5, 2020

Toronto, Ontario–(Newsfile Corp. – November 5, 2020) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) today announced it has secured listings for its alcohol-free beer with a major national retailer for the province of Quebec. This represents a strategic undertaking to have full representation of the Company’s full suite of brands available to consumers in the province with the most alcohol-free consumption. The Company also announces the appointment of Bryan Brissette to Controller of the Company, and Parviz Yousefian to the role of Quality Assurance Leader for its cannabis infused products line.

“Securing new retail listings during a very challenging economic climate poses a unique set of challenges as consumers’ purchasing habits are significantly different during the pandemic,” said June Nicholson, Chief Operating Officer of Hill Street. “That’s why this win is even sweeter for us, as it would seem our brands’ reputation as the category leader for alcohol free wine and beer precedes us, as consumers are requesting our products at their favourite local grocery stores. We will begin to see the financial impact of this new win in 2021 as distribution in Quebec begins to increase and the brands continue to be more widely available at even more major national grocery retailers.”

The Company is also pleased to announce the appointment of Bryan Brissette as Controller. Most recently, Bryan was a financial manager for Molson Coors, and prior to that, Constellation Brands. He brings a tremendous amount of industry knowledge in beverages to the Hill Street team. In addition, Parviz Yousefian has been appointed as Head of Quality Assurance for the Company, with a focus on the new cannabis infused product portfolio, including the joint manufacturing partnership with Lexaria. Parviz’s prior experiences include quality assurance and food safety in the food industry and professorships at Seneca College, Centennial College, and Academy of Applied Pharmaceutical Sciences, where he created and ran food and cannabis edibles education programs, certifications and curriculum that have resulted in hundreds of graduates across the entire food and cannabis industry. Parviz’s expertise will ensure Hill Street’s Cannabis 2.0 products meet the highest standards for safety, quality, and taste.

The Company also announces they their intention to complete a non-brokered private placement of units (“Units“), at a price of $0.05 per Unit, with each Unit being comprised of one common share, and one whole warrant (“Warrant“), with each warrant entitling the holder to acquire one common share at an exercise price of $0.13 for a period of two years from the date of closing, subject to acceleration. The issuance price of $0.05 was previously reserved with the TSX Venture Exchange, on or about September 30, 2020. Closing of the non-brokered private placement is scheduled for November 30, 2020, or such other date as the Company may determine.

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

Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, Vin(Zero) and Vintense wines, and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell cannabis-infused adult beverages and other cannabis products with expected distribution at licensed outlets in 2020. Check out Hill Street’s award-winning line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com.

The Company presently has one business segment, the marketing and distribution of alcohol-free beer and wine in Canada and, to a much lesser extent, the United States. Hill Street sells its products online and through roughly 8,000 points of distribution in grocery and drug stores in Canada.

Joint Manufacturing Partnership with Lexaria Bioscience.

Hill Street has a Joint Manufacturing Partnership with Lexaria Biosciences to produce ingredients for Cannabis 2.0 products using Lexaria’s patented DehydraTECH process. Lexaria’s process has over 60 patents either issued or pending. The process provides for rapid onset and offset of the effects of cannabis, as well as provides the potential to create shelf stable products made from cannabis extracts. Hill Street has begun development of a facility in Mississauga where the cannabis ingredients will be manufactured. The Company expects the facility to be operational in 2021.

Cannabis-infused Adult Beverages

In October 2020, the Company announced the launch of its (V)ia SPRIZA Cannabis Infused Beverages brand, to be manufactured in a partnership with Molecule Inc., a licensed producer of cannabis beverages. The Company anticipates that these beverages will be available through licensed cannabis retailers in Ontario in December 2020, with a planned roll out to major markets nationally in 2021. The Company continues to explore the development of additional Cannabis 2.0 products which would be accretive to its business.

For further information:
Terry Donnelly, Chairman and CEO, Hill Street Beverage Company Inc.,
terry@hillstreetbevco.com, (416) 543-4904;

Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco

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”, “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.