VANCOUVER, BC, Jan. 1, 2022 /CNW/ - Pontus Protein Ltd. (TSXV:
HULK) (OTCQB: HLKKF) (FSE: 8YC) ("Pontus" or the
"Company") announces that it has entered into debt
settlement agreements (the "Debt Settlement Agreements")
with certain arm's length creditors of the Company to settle debts
in the aggregate amount of $66,197
(the "Debt").
Pursuant to the terms of the Debt Settlement Agreements, the
Company will issue an aggregate of 491,891 common shares in the
capital of the Company to the creditors at a deemed price of
$0.16 per common share in full and
final satisfaction of the Debt. The Debt Settlement Agreements and
the issuance of the shares in consideration of the Debt are subject
to approval of the Board of the Company and the TSX Venture
Exchange. All shares issued in connection with the Debt Settlement
Agreements shall be subject to a hold period of four months and one
day from the date of issuance.
About Pontus Protein Ltd.
Pontus Protein Ltd. is a Vancouver,
B.C. based agricultural technology company that will enable
millions to rethink their food choices while helping people do the
world a world of good. By offering sustainably grown plant based
food options that are nutritious and delicious, we're helping this
kind of diet become the norm.
Pontus is reinventing agriculture with their proprietary Closed
Environment Vertical Aquaponic System (CEVAS) – the farming of the
future. Pontus specializes in the indoor vertical farming of water
lentils that use 95% less water than traditional agriculture and no
pesticides or chemicals. Pontus is committed to solving the global
food crisis by providing access to sustainable indoor biosecure
pure plant based proteins. Pontus' water lentils can be harvested
every 24 hours, exceed organic certification, and can be grown in
any climate in a relatively small area. Our water lentil protein is
filled with antioxidants, minerals, vitamins and all the amino
acids, making a complete protein food source. Pontus aims to
revolutionize the plant based sector as the entire sector is
currently based on two main protein sources: soy and pea. Water
lentil protein is far superior to pea and soy protein. It contains
over 40% protein vs. 5-36% protein*, and Pontus aims to be the base
protein for plant based food products, leading to the movement
transitioning the world from meat based to plant based
proteins.
To learn more, please visit pontuswaterlentils.com.
On behalf of the Board of Directors
"Connor Yuen"
Connor Yuen, CEO
Pontus Protein Ltd.
Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect management's expectations regarding the
Company. Forward-looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future, including
but not limited to, the anticipated use of proceeds of the
Offering, Including those from the Second Tranche, by the Company
and Pontus' ability to revolutionize the plant based sector and
enable millions to rethink their food choices. Such statements are
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including risks related to factors
beyond the control of the Company. These risks include, but are not
limited to, the following: the unknown magnitude and duration of
the effects of the COVID-19 pandemic, the failure of Pontus to
receive TSX Venture Exchange approval for the closing of the
remainder of the Offering, Pontus' inability to close further
tranches of the Offering, the failure of Pontus to receive the
necessary approvals from the Canadian Food Inspection Agency for
its products and facilities, the inability to complete Pontus'
Surrey Facility, as well as other general business, economic, or
market related risks beyond the director control of the Company and
which may affect the Company's business, operations, or products.
No assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. The Company undertakes
no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change,
unless required by law. The reader is cautioned not to place undue
reliance on forward-looking information.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accept responsibility for the adequacy
or accuracy of this release.
SOURCE Pontus Protein Ltd.
