VANCOUVER, British Columbia, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Body and Mind Inc. (CSE:BAMM) (OTC PINK:BMMJ), (the “Company” or “BAM”) today announced that the Company and Friday Night Inc. (“TGIF”) have mutually agreed to terminate a letter of intent (“LOI”) dated December 20, 2017 whereby TGIF was to acquire BAM in an all-stock transaction. After careful review of the transaction and current market conditions, BAM and TGIF have determined the acquisition of BAM by TGIF under the terms of the LOI would not be in the best interests of shareholders, and as a result, the LOI has been terminated by both parties.
Friday Night Inc. CEO Brayden Sutton commented, “Recent market events out of our control turned the BAM acquisition into a moving target. To keep renegotiating terms and delaying the closing date is not fair to shareholders on either side, all the while both companies may be missing other opportunities.”
Body and Mind Inc. CEO Leonard Clough commented, “Market conditions and the revised consideration proposal to our shareholders played a role in the decision to mutually terminate the proposed amalgamation plan.”
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information regarding Body and Mind Inc. please contact:
Darren Tindale
604-376-3567
stonerockltd@gmail.com
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the inability of the Company to obtain shareholder and exchange approval, or to raise additional equity as well as the various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Body and Mind Inc. undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.
We seek safe harbour.