The Flowr Corporation Announces First Quarter 2020 Earnings Date
June 17 2020 - 3:55PM
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) announces that the Company will release its first
quarter 2020 results after the close of the financial markets on
Thursday, June 25th, 2020, which will be followed by a conference
call and webcast to review these results on Thursday, June 25th at
5:30pm Eastern Time.
Conference call and webcast details are
as follows:
Toll Free: 1-833-227-5845Toll/International:
1-647-689-4072Passcode: 8781563Webcast: flowrcorp.com/investors
Conference call replay details are as
follows:
Toll Free: 1-800-585-8367Toll/International:
1-416-621-4642Passcode: 8781563Webcast: flowrcorp.com/investors
The replay of the conference call will be
available through midnight on Thursday, July 9th, 2020.
Financial Covenant Waiver Obtained from
Lenders
As disclosed in a press release dated May 29th,
2020, the Company became aware in late May that for the fiscal
quarter ending March 31, 2020 it was in breach of a current ratio
financial covenant and positive covenant requiring the Company to
have a certain percentage of total assets held by loan parties
under the Credit Agreement dated November 18, 2019, as amended to
the date hereof, with a syndicate of lenders, including ATB
Financial (the “Credit Agreement”). The Company, as at
today’s date, is in compliance with the current ratio testing under
the Credit Agreement and has received a formal waiver from its
lenders with respect to the aforementioned breach of covenants.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered
cannabis company with operations in Canada, Europe, and
Australia. Its Canadian operating campus, located in Kelowna,
BC, includes a purpose-built, GMP-designed indoor cultivation
facility; an outdoor and greenhouse cultivation site; and a
state-of-the-art R&D facility. From this campus, Flowr
produces recreational and medicinal products.
Internationally, Flowr intends to service the global medical
cannabis market through its subsidiary Holigen, which has a license
for cannabis cultivation in Portugal and operates GMP licensed
facilities in both Portugal and Australia.
Flowr aims to support improving outcomes through
responsible cannabis use and, as an established expert in cannabis
cultivation, strives to be the brand of choice for consumers and
patients seeking the highest-quality craftsmanship and product
consistency across a portfolio of differentiated cannabis
products.
For more information, please visit flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:Vinay
ToliaCEO and Director
CONTACT INFORMATION:
INVESTORS & MEDIA:Thierry ElmalehHead of
Capital Markets(877) 356-9726 ext. 1528thierry@flowr.ca
Forward-Looking Information and
Statements
This press release contains “forward-looking
information” within the meaning of Canadian Securities laws, which
may include but is not limited to: the release date for the
Company’s first quarter 2020 results, and related conference call
and webcast; Flowr servicing the global medical cannabis market and
operating GMP-designed manufacturing facilities in Portugal and
Australia; Flowr supporting improving outcomes through responsible
cannabis use and striving to be the brand of choice for consumers
and patients seeking highest-quality craftsmanship and product
consistency; and Flowr’s business, production and products. Often,
but not always, forward-looking information can be identified by
the use of words such as “plans”, “is expected”, “expects”,
“scheduled”, “intends”, “contemplates”, “anticipates”, “believes”,
“proposes” or variations (including negative and grammatical
variations) of such words and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved. Such information and
statements are based on the current expectations of Flowr’s
management and are based on assumptions and subject to risks and
uncertainties. Although Flowr’s management believes that the
assumptions underlying such information and statements are
reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Flowr, including risks relating to: Flowr
being unable to release its first quarter 2020 on the anticipated
date, or at all; Flowr being unable to host the related conference
call and webcast on the anticipated date, or at all; Flowr being
unable to service the global medical cannabis market and/or operate
GMP-designed manufacturing facilities in Portugal and Australia;
Flowr being unable to support improving outcomes through
responsible cannabis use and/or striving to be the brand of choice
for consumers and patients seeking highest-quality craftsmanship
and product consistency; the construction and development of the
Company’s cultivation and production facilities; general economic
and stock market conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in Canada
and elsewhere; the cannabis industry in Canada generally; the
ability of Flowr to implement its business strategies; Flowr’s
inability to produce or sell premium quality cannabis, risks and
uncertainties detailed from time to time in Flowr’s filings with
the Canadian Securities Administrators; the Company’s inability to
raise capital or have the liquidity to operate or advance its
strategic initiatives and many other factors beyond the control of
Flowr.
Although Flowr has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information or statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
or statement can be guaranteed. Except as required by applicable
securities laws, forward-looking information and statements speak
only as of the date on which they are made and Flowr undertakes no
obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise. When considering such forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in Flowr’s Annual
Information Form dated April 29, 2020 (the “AIF”) and filed with
the applicable securities regulatory authorities in Canada. The
risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.
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.
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