Eve & Co Announces German Supply Agreement
TORONTO, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV: EVE; OTCQB: EEVVF) is pleased to announce that its wholly-owned subsidiary Natural MedCo Ltd. has entered into a binding non-exclusive supply agreement for the sale of dried cannabis to an established German importer and distributor of
The supply agreement is for an initial term of three years and is automatically renewable for two subsequent two-year terms unless otherwise terminated by the parties at the end of the initial or renewal term. The German distributor has agreed to purchase a minimum of 2,250 kilograms of dried cannabis over the initial two year period and can increase the amount ordered on the acceptance by Eve & Co. The parties expect the first shipments to commence in Q1 2019.
“This agreement is an important milestone for us in our expansion into international markets. We are very pleased to be working with an established and reputable firm to access the German market where pricing continues to be at a substantial premium to local markets. We are excited to continue to develop opportunities for Natural MedCo and the EVE brand across multiple global markets,"
said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
The purchase and sale of dried cannabis under the supply agreement are subject to various conditions precedent, including receipt of all requisite regulatory approvals, including applicable Canadian and Germany export and import authorizations.
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a licenced 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve & Co has commenced construction of an additional 780,000 sq. ft. proposed expansion, bringing Eve & Co’s total anticipated greenhouse capacity to 1,000,000 sq. ft.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s 780,000 sq. ft. expansion and funding therefor, future, strategy, plans, objectives, goals and targets, ability to execute on its export sales, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s filing statement dated June 18, 2018 and available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
For further information, please contact:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Chief Financial Officer
Eve & Co Incorporated
Telephone: (647) 473-4947