Coquitlam, British Columbia–(Newsfile Corp. – November 5, 2021) – Captiva Verde Wellness Corp. (CSE: PWR) (OTC Pink: CPIVF) (“Captiva”) announces that it has terminated its acquisition agreement with Solargram Farms and will file early next week a Statement of Defence and Counterclaim in response to the claim filed by Solargram Farms in New Brunswick, Canada.
A copy of the Statement of Defence and Counterclaim may be obtained from the Office of the Clerk of the New Brunswick Court of Queen’s Bench (Trial Division) in the Moncton Judicial District. The Moncton Judicial District (the district where this claim is pending) may require in person attendance in the Clerk’s office to obtain a copy.
There have been several instances where Solargram has failed to comply with material provisions of our agreement. Accordingly, we did not feel it was in the best interest of Captiva and its shareholders to complete the transaction and exercised our rights to terminate the agreement. Captiva owns the land and all of the buildings that hosts the current operations of Solargram. In addition to terminating the acquisition agreement, Captiva has also given notice to Solargram that we have terminated Solargram’s tenancy in all of our facilities, buildings and farmland. Captiva will be examining and pursuing ways to recover our investment in addition to the counterclaim filed.
On Behalf of the Board of Directors
Chief Executive Officer and Director
Cell: (949) 903-5906
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the
Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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