CALGARY, Aug. 28, 2018 /CNW/ - Aldershot
Resources Ltd. d.b.a. Solo Growth Corp.™ (the "Company" or "Solo
Growth") (TSX-V: ALZ) is pleased to provide an operational and
corporate update in respect of its strategy to become a leading
retailer of regulated recreational cannabis. Solo Growth
intends to leverage its operational expertise and extensive
knowledge of the controlled substance retail market to build a
premiere retail cannabis business in Canada, including over 60 retail cannabis
locations across Alberta over the
next three years and a calculated expansion into Ontario.
Operational & Corporate Highlights
- Secured more than 50 retail locations in over 30 communities
across Alberta
- Received eight development permits in seven communities across
Alberta
- Commenced construction of three retail stores
- Engaged Avison Young on an
exclusive basis to assist Solo Growth in identifying and securing
at least 100 retail locations in Ontario
- Approved a 2018 budget of approximately $3.0 million to open five retail cannabis stores
by year-end 2018
"We are very pleased with the progress and milestones achieved
to date. We are ahead of expectations with regards to securing
retail locations in Alberta," said
Pali Bedi, President and CEO of Solo Growth. "With the
leadership team's successful track record of profitably expanding a
retail footprint in a highly regulated market segment, Solo Growth
is well positioned to establish itself as a trusted, credible and
premiere cannabis retailer offering adult-recreational customers a
unique in-store experience centered around product knowledge,
customer service and product selection."
Operations Update
Alberta
Solo Growth has secured more than 50 retail locations in over 30
communities across Alberta. The Company has applied for
Alberta Gaming, Liquor and Cannabis Commission ("AGLC") licenses
for all secured locations. To date, eight development permits
have been granted in seven communities (Calgary, Fairview, Lloydminster, Spruce
Grove, Stony Plain,
Vegreville and Vermillion) and
construction has commenced on three retail outlets (Lloydminster, Vegreville and Vermillion). The first three
retail locations are targeted to open upon implementation of Bill
C-45 on or about October 17, 2018,
subject to final licensing approvals. The Company will work
diligently with AGLC during the build out process to ensure full
compliance with all policies and regulations. After the delivery of
first inventory, the stores will open for business.
Solo Growth has well established relationships with contractors
and trades in Alberta and is
expected to be in a position to open two additional stores by year
end with building plans underway on the remaining development
permitted locations. Building on the 2018 and 2019 funded
capital program and the progress made securing retail locations,
the Company believes it is on track to meet its growth target of
25-30 locations by the end of 2019.
Ontario
In Ontario, Solo Growth has
entered into an exclusive agreement with Avison Young, a commercial real estate services
firm, to identify premier, high-traffic storefront locations across
the province. Ontario represents
Canada's largest provincial market
and Solo Growth is excited at the prospect of bringing its
experience and expertise to communities in Ontario to provide a unique adult-recreational
cannabis retail experience to both new and experienced consumers.
The Company's initial objective is to secure more than 100
locations across the province and will work diligently to have
store-fronts ready to open on or about April
1, 2019, concurrent with Ontario's timing to allow privately-run retail
stores.
"We are excited by the prospect of capitalizing on the
significant identified opportunities in both Alberta and Ontario," said Pali Bedi, President and CEO of
Solo Growth. "Being in a position to break ground on our
inaugural Alberta locations while
establishing a presence in Ontario
demonstrates our team's competitive advantage in commercial real
estate and regulated industries."
Corporate Update
Approval of 2018 Capital Budget
As part of Solo Growth's expansion plans in Western Canada, the Board of Directors has
approved a 2018 budget of approximately $3.0
million with approximately 60% directed to the build-out of
five new physical store-fronts by December
31, 2018 and 30% towards initial inventory purchases.
In addition, the Company will finalize the generation of all
branded marketing and investor materials, including both the retail
and corporate websites.
Annual General & Special Meeting of Shareholders –
September 5, 2018
The upcoming meeting of shareholders of the Company will be held
on September 5, 2018 at 1:00 p.m. at the offices of McCarthy Tétrault
LLP, the Company's legal counsel, located at Suite 4000, 421 - 7th
Avenue S.W., Calgary, Alberta.
At the meeting, shareholders will be asked to approve, among
other things, the name change to "Solo Growth
Corp.TM". A management information circular and
related meeting materials are available on the Company's website at
www.aldershotresources.com/ and on SEDAR at www.sedar.com.
About Solo Growth Corp.TM
The Company is executing on a new retail-focused cannabis
business strategy as "Solo Growth Corp."™. With its proven
operational expertise and unique knowledge of the controlled
substance retail market, Solo Growth intends to grow a premiere
retail cannabis business in Canada
with a goal to open over 60 retail cannabis locations across
Alberta over the next three years
and expansion into Ontario in
2019.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates, the Company's
assessment of future plans and operations, and, more particularly,
statements concerning Solo Growth's proposed business plan and
retail cannabis operations in Canada, including: its ability to secure
retail locations in Alberta and
Ontario; its ability build, own
and operate retail cannabis stores; the receipt of necessary
permits and licenses to open stores; the engagement of Avison Young to identify opportunities in
Ontario; the 2018 capital budget;
the Change of Business; the shareholder meeting; and the change of
name of the Company. When used in this document, the words "will,"
"anticipate," "believe," "estimate," "expect," "intent," "may,"
"project," "should," and similar expressions are intended to be
among the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Company which include, but are not
limited to, the timing of the receipt of the required regulatory
and third-party approvals, including the receipt of retail cannabis
licenses in Alberta, and the
future operations the Company. Forward-looking statements are
subject to a wide range of risks and uncertainties, and although
the Company believes that the expectations represented by such
forward-looking statements are reasonable, there can be no
assurance that such expectations will be realized. Any number of
important factors could cause actual results to differ materially
from those in the forward-looking statements including, but not
limited to, permits, licences and regulatory and third party
approvals not being obtained in the manner or timing anticipated by
the Company, construction delays, changes to cannabis laws, the
timing of the legalization of recreational cannabis, the
availability of cannabis-retail products from licensed producers,
the ability to implement corporate strategies, the state of
domestic capital markets, the ability to obtain financing, changes
in general market conditions and other factors more fully described
from time to time in the reports and filings made by the Company
with securities regulatory authorities. Except as required by
applicable laws, the Company does not undertake any obligation to
publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Aldershot Resources Ltd.