The Company is engaged in an ongoing operational restructuring aimed at addressing depressed market conditions in the CBD wellness industry, the Company’s increasing liquidity constraints and lack of working capital. The initial phases of this restructuring involved the wind-down of the Company’s operations in
In connection with its restructuring efforts, the Company announced today that it has reached a settlement (the “Settlement”) with the vendors (“Vendors”) of
Under the terms of the Settlement, the Company has agreed to cooperate with the Vendors in the enforcement of their security interest, with the result that ownership of Vertex will return to the Vendors, and to assign to the Vendors approximately
The Company also announced today that its wholly-owned indirect subsidiary
With the wind-down of the Company’s operations in
About Yooma
Yooma's is engaged in the marketing and sale of wellness products including hemp seed oil and hemp-derived and cannabinoid (CBD) ingredients. The company leverages strategically curated sales channels and ecommerce networks to deliver a diverse mix of wellness products through operating subsidiaries in the
Issuer Contact:
Email: jgreenberg@yooma.ca
Phone: 1-512-823-1678
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to future financial or operating performance and other statements of Yooma that express management’s expectations or estimates of future performance or activities, other than statements of historical fact, constitute forward-looking information or forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “will”, “intend”, “future”, “plan”, “potential”, “result in”, “continuing”, “ongoing”, “increasing”, “may”, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action, including statements about the consummation of the Settlement and the alternatives that are being considered and may be pursued in connection with the Company’s ongoing reorganization.
There are many risks and uncertainties that may affect forward-looking statements including, among others, regulatory risk in each jurisdiction in which Yooma does or intends to operate; the uncertainties, effects of and responses to the COVID-19 pandemic; reliance on licenses; competition; dependence on senior management and key personnel; general business risk and liability; regulation of the CBD industry; changes in laws, regulations and guidelines; compliance with laws; limited operating history; unfavourable publicity or consumer perception; product liability, risks related to intellectual property; product recalls; difficulties with forecasts; management of growth; litigation; the requirement for increasingly innovative product solutions and service offerings; trends in customer growth; the availability and sufficiency of financing to support existing and future capital requirements; the availability of potential transaction partners to acquire some or all of the Company’s assets; changes in the value of the Company’s assets; the Company’s ability to continue to operate as a going concern; and other matters which are beyond the control of Yooma. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Yooma cannot be certain that actual results will be consistent with such forward-looking information. Yooma cautions you not to place undue reliance upon any such forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of Yooma.
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