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Cannabis Wheaton Income Corp. Announces Prior Engagement of Investor Relations Firms(February 14, 2018)
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (TSX.V:CBW) (the "Company") announces that it previously retained each of IRTH Communications, LLC ("IRTH"), Skanderbeg Capital Advisors Inc. ("Skanderbeg") and Winning Media LLC ("Winning Media") to provide investor relations services to the Company.
IRTH was retained by the Company in October, 2017 to provide investor relations and communication services to the Company. IRTH, based in Santa Monica, California, is a leading provider of investor relations, financial communications, and strategic consulting services. IRTH provides a full suite of investor relations services utilizing modern technologies coupled with long lasting relationships and relationship building processes to help develop and maintain interest from an issuer's shareholder base.
IRTH was retained by the Company for an initial term of 12 months expiring in October, 2018, with an automatic 12 month renewal unless the Company gives notice of its intention to terminate the agreement on the expiration of the initial term. IRTH is paid a monthly fee of USD$7,500 plus an annual set up fee of USD$100,000. An additional USD$100,000 set up fee will be payable if the Company renews the agreement.
The Company and IRTH act at arm's length. To the knowledge of the Company, IRTH has no present interest, directly or indirectly, in the Company or its securities.
As previously announced by the Company, Skanderbeg was retained by the Company in May, 2017. Skanderbeg is a boutique merchant bank and capital advisor firm with expertise in capital raising, marketing, market awareness and investor relations. Pursuant to the terms of the engagement, Skanderbeg assists the Company with communications, public relations strategies and building relationships within the financial community.
Skanderbeg was retained by the Company for a term of 12 months, expiring in May, 2018, in consideration for the payment of a cash fee of CAD$100,000. In addition, the Company has issued Skanderbeg an aggregate of 200,000 options to purchase an equal number of common shares of the Company at exercise prices ranging from CAD$1.00 to CAD$2.23 per share. The options are exercisable for a period of 10 years from the date of grant and, in accordance with the policies of the TSX Venture Exchange, 25% of the options will vest each quarter from the date of grant.
The Company and Skanderbeg act at arm's length. To the knowledge of the Company, other than the options noted above, Skanderbeg currently owns or controls approximately 33,150 common shares of the Company and has no other present interest, directly or indirectly, in the Company or its securities.
Winning Media was retained by the Company in September, 2017 to provide digital marketing consulting services to the Company. Winning Media, based in Houston, Texas, provides specialized marketing and branding design services.
Winning Media was retained by the Company on a month to month basis on a non-fixed fee basis. The Company’s engagement stipulated an initial marketing project at a cost of CAD$10,000. All additional projects will be determined on an individual basis and invoices are to be rendered to the Company on a project-by-project basis.
The Company and Winning Media act at arm's length. To the knowledge of the Company, Winning Media has no present interest, directly or indirectly, in the Company or its securities.
Aside from the option issuances noted above, all fees for investor relations services provided by these firms have been, and will continue to be, paid from the Company's cash on hand. Each of these agreements remains subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Cannabis Wheaton Income Corp. (TSX.V: CBW)
Cannabis Wheaton Income Corp. is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com or contact our investor relations team at: 800.980.1314 or [email protected]. Follow up on Twitter @WheatonIncome.
Media Contact:Sarah Bain, VP External Affairs
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: regulatory or political change, the ability to generate revenue through the streaming agreements, the ability to obtain the approval of the TSX Venture Exchange for the investor relations agreements described herein, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licences, including licences to cultivate and sell cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, competition and other risks affecting the Company in particular and the cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward -looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither 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.