Eve & Co Announces Second German Supply Agreement; Provides Update on First German Supply Agreement
May 29 2019 - 4:30PM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV:
EVE; OTCQB: EEVVF) is pleased to announce that its wholly-owned
subsidiary Natural MedCo Ltd. has entered into a second binding
non-exclusive supply agreement for the sale of dried cannabis to a
German importer and distributor.
The supply agreement is for an initial term of
three years and is automatically renewable for two subsequent
two-year terms unless otherwise terminated by the parties at the
end of the initial or renewal term. The German distributor
has agreed to purchase 500 kilograms of dried cannabis per month
for the first two months and a minimum of 1,000 kilograms and a
maximum of 5,000 kilograms per month for the next 22 months. The
Company expects to commence shipments subsequent to the anticipated
Q2 2019 completion of its 780,000 square foot greenhouse expansion,
and the anticipated subsequent approval thereof by Health
Canada.
“This is a very significant supply agreement for
Eve & Co. as it provides another inroad to the German market.
The timing fits well with our anticipated expansion
facilities coming online and the related ramp up of production,"
said Melinda Rombouts, President and Chief Executive Officer of Eve
& Co.
The purchase and sale of dried cannabis under
the supply agreement are subject to various conditions precedent,
including receipt of all requisite regulatory approvals, including
applicable Canadian and Germany export and import
authorizations.
Eve & Co is also pleased to announce that
the German importer and distributor with respect to Eve & Co’s
initial German supply agreement, as announced on January 30, 2019,
has now received the necessary import permit from the German
government. Eve & Co is now in the process of seeking the
necessary export permit from Health Canada and anticipates that is
will commence shipping product pursuant to this supply agreement by
Q3 2019.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licenses under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a licenced 220,000 sq. ft. scalable greenhouse
production facility located in Middlesex County, Ontario with 32
acres of adjacent land for future expansion. Eve & Co is
constructing an additional 780,000 sq. ft. expansion, bringing Eve
& Co’s total anticipated greenhouse capacity to 1,000,000 sq.
ft.
The Company’s website can be visited at
www.evecannabis.ca.
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 release.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s
expansion and construction plans and the expected timing of
completion, opportunities for growth, future, strategy, plans,
objectives, goals and targets, ability to execute on its export
sales and any statements preceded by, followed by or that include
the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”,
“will”, “may”, “would”, “anticipate”, “estimate”, “forecast”,
“predict”, “project”, “seek”, “should” or similar expressions or
the negative thereof, are forward-looking statements. These
statements are not historical facts but instead represent only the
Company’s expectations, estimates and projections regarding future
events. These statements are not guarantees of future performance
and involve assumptions, risks and uncertainties that are difficult
to predict, including those described in the Company’s management’s
discussion and analysis for the two and fourteen months ended
December 31, 2018 which is available on the Company’s SEDAR
profile. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. The forward-looking information and forward-looking
statements included in this news release are made as of the date of
this news release the Company does not undertake an obligation to
publicly update such forward-looking information or forward-looking
information to reflect new information, subsequent events or
otherwise unless required by applicable securities law.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (647) 473-4947 |
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