REG - Yooma Wellness Inc. - Withdrawal, Receivership, Resignation of Adviser

Yooma WellnessAnnouncement

15/12/2023 07:00

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RNS Number : 9083W  Yooma Wellness Inc.  15 December 2023

 Yooma Wellness Inc.

('Yooma' or the 'Company' or the 'Group')

 

Withdraw from AQUIS

 

Trustee Appointed by Official Receiver for Company Bankruptcy

 

Resignation of Corporate Adviser

 

 

Yooma Wellness Inc. ("Yooma" or the "Company") (CSE: YOOM) (AQUIS: YOOM)
announces that its common shares will be withdrawn from the Aquis Growth
Market with effect from the close of business today, 15 December 2023.

 

The Company's common shares were halted and suspended from trading on the
Canadian Securities Exchange and the Aquis Growth Market on 9 May 2023. Under
the Canadian Securities Exchange an issuer that has been suspended for 90
calendar days will be delisted without any prior notice. The halt continues to
be effective.

 

The Company reported on 9 May 2023 that it expected to complete its annual
accounts on or about 15 July 2023. This deadline was not met, and the audited
accounts will not be published.

 

The Board of Directors of Yooma has decided to put the Company into voluntary
liquidation. Accordingly, Richter Inc., was appointed as trustee ("Trustee")
of the Company's bankrupt estate by the Canadian Official Receiver on 5
December 2023. The Trustee has assumed control of the Company and will work
with the Board of Directors during the administration period to maximise the
outcome for all stakeholders of the Company.

 

There will be no alternative exchange or platform to trade the Company's
common shares once withdrawal has taken place.

 

In light of the above, Peterhouse Capital Limited has informed the Company of
its intention to resign as Aquis Corporate Adviser to Yooma with immediate
effect.

 

 

The directors of the company accept responsibility for the contents of this
announcement.

 For further information, please contact:

 Yooma Wellness Inc.                        Tel: + 1 512 823 1678

 Jordan Greenberg                           jgreenberg@yooma.ca

 AQUIS Corporate Adviser:

 Peterhouse Capital Limited                 Tel: +44 (0) 20 7469 0930

 Guy Miller / Mark Anwyl                    Tel: +44 (0) 7990 139 093

 

 

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",
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 Company's ability to file its annual filings on the
timelines described above, and the subsequent revocation of the cease trade
order.

 

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; Yooma's ability to effectively integrate
existing and future acquisition targets into its platform; the effects of
competition in the industry; the requirement for increasingly innovative
product solutions and service offerings; trends in customer growth; the
availability of financing to support future growth and working capital
requirements, transactional activity and operations; sufficiency of current
working capital to support future operating and working capital requirements;
Yooma's ability to prepare and file its annual filings before the date
specified herein 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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