The Second Cup Ltd. (“Second Cup” or the “Company”) announced today that it intends to implement a new operating structure in support of its new strategy. Subject to TSX and shareholder approval, the existing public company will change its name to Aegis Brands Inc. (“Aegis” or “Aegis Brands”), which will own and operate the existing Second Cup Coffee Co. specialty coffee business as part of a portfolio of brands. Steven Pelton, President and CEO of Second Cup, will assume the role of CEO of Aegis Brands.
“We created Aegis with the vision of building a portfolio of amazing brands that can grow and flourish with access to our resources and expertise. We are committed to letting each company under the Aegis Brands umbrella operate as an independent brand, and to working with them to provide shared expertise – and shared services – to help them thrive,” said Pelton.
The Company intends to contribute the existing Second Cup Coffee Co. business to a wholly-owned subsidiary in the new year. Although Second Cup is the only brand under the Aegis umbrella as of today, Pelton confirmed that the Company is actively seeking acquisitions with a focus on the sectors the Company knows best: foodservice, coffee and cannabis.
The word Aegis means “to sponsor”, “to support” or “to protect”, a reflection of the benefits that the parent company structure will offer to the brands that operate under it.
In addition to assuming the leadership of Aegis Brands, Pelton will also maintain his role as President of Second Cup. Second Cup Chief Financial Officer Ba Linh Le will become the Chief Financial Officer for the parent company.
The Company will seek shareholder approval to change its name to Aegis Brands at the Company’s next Annual General Meeting in May 2020. The name change will require approval by two-thirds of votes cast at the meeting, as well as TSX approval. The name change is not expected to have any impact on the existing Second Cup shares, other than to the name of the issuer (and likely a change of stock symbol). In the meantime, the Company’s press releases and other public disclosure will continue to refer to The Second Cup Ltd. as the issuer and the Company’s shares will continue to trade under the current “SCU” stock symbol.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking information that represents internal expectations, estimates or beliefs concerning, among other things, future activities or future operating results and various components thereof. The use of any of the words “anticipate”, “continue”, “expect”, “may”, “will”, “project”, “should”, “believe”, and similar expressions suggesting future outcomes or events are intended to identify forward-looking information. Forward-looking statements include the Company’s expectations with respect to the implementation of the Company’s proposed new operating structure, the change of the Company’s name, the pursuit of future acquisitions and the sectors of focus being foodservice, coffee and cannabis. Statements regarding such forward-looking information reflect management’s current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on management’s estimates and assumptions that are subject to inherent risks and uncertainties, which could cause Second Cup’s actual performance and financial results in future periods to differ materially from the forward-looking information contained in this press release, including the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedar.com. These assumptions include: the ability to receive required shareholder and stock exchange approvals and that the Company will be able to identify, complete and integrate appropriate acquisition. Risks and uncertainties include: ability to achieve anticipated benefits of the corporate reorganization; receipt of shareholder and stock exchange approvals; risks relating to identification and completion of acquisitions; risks relating to the new holding company structure following the reorganization, including the integration of the proposed acquisitions. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements.
All forward-looking information in this press release is qualified by these cautionary statements. Forward-looking information in this press release is presented only as of the date made. Except as required by law, Second Cup disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
SOURCE The Second Cup Ltd.
Core One Labs’ Subsidiary, Core Isogenics Inc., Teams up with Reiziger Pty. Ltd. to Showcase High Yielding Nutritional Cultivation Technology
Core One Labs Inc. (CSE: COOL), (OTCQX: CLABF), (Frankfurt: LD6, WKN: A14XHT) (“COOL” or the “Company”) announces that its wholly-owned subsidiary, Core Isogenics Inc., has begun a highly complex nutritional regimen to accelerate the growth of cannabis plants and increase flower yield and quality.
The Core Isogenics’ nursery and breeding rooms are now operational. Approximately 25% of the breeding rooms are now actively involved in a project with Reiziger® Holland to improve harvest yields. This is a significant milestone in the Company’s journey to seed-to-sale with increased profitability. The initial project focus will be a twelve-month study matching genetics to nutrients and creating feeding regimens specifically designed for maximum absorption and conversion of nutrients into cannabinoids. The Company has high expectations for this technology and the possible benefits for the CannaStrips™ brand.
The nursery facility is uniquely suited for this type of project with its ability to track the growing conditions in isolated rooms, as well as documenting the feeding schedule and soil condition in order to gather information to accurately assess the cultivation process. This documentation will allow the Company to consistently produce high quality products in every harvest. This consistency is vital to the Company’s cultivation model where the goal is a predictable outcome in every harvest.
CEO of Core One Labs Inc., Brad Eckenweiler, stated, “The introduction of Reiziger® and their cultivation technology into our operation is a major step in the growth of Core One Labs. The ability to have Shaun Reid and his team of master Dutch breeders and growers share their decades of experience is extremely valuable and will result in accelerating the Core Isogenics nursery years ahead of what would have been a long learning curve. Most certainly our indoor growing ability will be the primary beneficiary with higher yields and stronger cannabinoid profiles.” The Company will continue to update the market on the development of this exciting project.
SOURCE Core One Labs Inc.
IMCC Appoints Yaron Berger as CEO of IMC Holdings
IM Cannabis Corp. (the “Company” or “IMCC”) (CSE: IMCC), one of the world’s pioneering medical cannabis companies with operations across Europe, is pleased to announce the appointment of Yaron Berger as Chief Executive Officer of I.M.C. Holdings Ltd. (“IMC“), the Company’s wholly-owned operating subsidiary in Israel. Oren Shuster will remain the Chief Executive Officer of IM Cannabis Corp.
Mr. Berger brings more than 10 years of experience in various senior roles both in public and private sectors, leading large-scale operations. Most recently, Mr. Berger was the Chief Executive Officer of Telepharma Ltd. (“Telepharma,” doing business as epharma), a leading wholesaler, direct marketer of prescription drugs and chain of pharmacies in Israel. At Telepharma, among other accomplishments, Mr. Berger re-branded its digital platform and transformed the customer experience. As an early entrant into the medical cannabis sector, Mr. Berger also established Greenpharma under Telepharma, a full-service distributor, patient counselling service provider and online resource for medical cannabis patients in Israel. Prior to his experience in the pharmaceutical sector, Mr. Berger served as the Chief Operating Officer of the National Police Academy and spent over 20 years in the Israeli Air Force, most recently as a Lieutenant Colonel.
Oren Shuster, Chief Executive Officer of IMCC said “Yaron is uniquely qualified to lead our Israeli operations under the new medical cannabis regulatory regime, which requires a high level of engagement and education for the country’s pharmacists on the benefits of medical cannabis. Yaron was an early mover in identifying the opportunity in medical cannabis and we are very excited to benefit from his expertise in the pharmacy channel to maintain IMC’s status as a leading medical cannabis brand in Israel.”
“I am thrilled to be joining the IMC team, who I have known as a leader in the medical cannabis market in Israel over the past ten years,” said Mr. Berger. “The IMC brand is synonymous with quality and innovation. The new medical cannabis reform in Israel presents a significant opportunity for the Company and the IMC brand to further elevate its market position as the preferred medical cannabis brand for physicians, pharmacists and patients.”
SOURCE IM Cannabis Corp.
LCBO’s bottom line proves privatized alcohol sales a bad idea: OPSEU’s Thomas
The LCBO’s latest profits show the Crown corporation’s value to the people of Ontario, OPSEU President Warren (Smokey) Thomas said Friday.
In its 2018/2019 annual report released Thursday, the LCBO is reporting earnings of $2.37 billion on total revenue of $6.39 billion.
Thomas said those profits go to the provincial government and pay for vital public services like health, education and highways.
“This is why the Ford government should rethink allowing corner stores and grocery stores to sell more alcohol,” said Thomas. “Is saving folks a 10 minute drive in some cases worth jeopardizing their health care?”
OPSEU represents LCBO workers and Thomas says these frontline professionals deserve the credit for the corporation’s continued success.
“The reason the LCBO is the gold standard in selling alcohol responsibly is because of OPSEU members who make sure alcohol isn’t sold to minors or intoxicated people,” said Thomas.
“They also provide customer service that is second to none and they’re the ones who have made the LCBO a success story.”
As he read the LCBO report, OPSEU First Vice-President/Treasurer Eduardo (Eddy) Almeida reflected on the Ford government’s decision to take the sale of legalized cannabis away from the Crown Corporation.
“Think of what the LCBO’s profits would have been if Premier Ford hadn’t scrapped the plan of the former Liberal government?” said Almeida. “I’ve put together a lot of budgets and I know how tough an exercise it is.”
“It still makes me shake my head that a government that claimed it had catastrophic financial problems would turn down massive amounts of revenue and go on the misguided course that the Conservatives took. Really? Wow.”
Almeida says municipalities who voted to opt out of Doug Ford’s foolish cannabis privatization plan should stand firm and demand a responsible plan.
“The LCBO continues to prove it’s the best option to keep controlled substances out of the hands of minors,” said Almeida. “Municipalities and Ontarians in general should continue to demand a responsible plan and just say no to Doug’s. After all, a little competition wouldn’t be a bad thing would it?”
SOURCE Ontario Public Service Employees Union (OPSEU)
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