OTTAWA, ONTARIO, Feb. 13, 2019 (GLOBE NEWSWIRE) -- LiveWell Canada Inc. ("LiveWell" or the “Company"), (CSE: LVWL), and Vitality CBD Natural Health Products Inc., today announced a production update at its Eureka, Montana facility. Vitality made significant progress on its production capacity during the month of January, culminating in production of more than 200 kilograms of CBD equivalent in the first week of February 2019.
“We’re very pleased with the ramp up in production during the last month,” said Robert Leaker, President and CEO of Vitality. “Demand for CBD extract continues to grow. I expect that we will increase our production of CBD isolate to 50kg/day imminently at Eureka, with a goal of producing 200kg/day before the end of the first half of 2019.”
As announced on December 3, 2018, LiveWell signed a binding letter of agreement to merge with Vitality CBD Natural Health Products Inc. (the "Merger"), one of the largest industrial hemp cultivation and extraction operations in North America, with approximately 20,000 acres harvested in 2018.
“Vitality continues to demonstrate its ability to meet its stated objectives, delivering value for its customers,” said David Rendimonti, President and CEO of LiveWell. “Post-merger, the new enterprise will leverage the production and processing capacity of Vitality combined with the leadership and product innovation of LiveWell. In the meantime, both executive teams remain focused on driving top-line growth while ensuring the highest quality product output.”
LiveWell and Vitality expect to continue updating the market from time to time on meaningful progress in production capacity.
LiveWell is an innovative Canadian health and wellness company focused on the advanced research of CBD and other cannabinoids. Utilizing state-of-the-art manufacturing facilities, LiveWell aims to cost-effectively extract and refine large quantities of hemp-derived CBD, better enabling it to develop, market and distribute wholesale and consumer products.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as “plan”, “continue”, “expect”, “schedule”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements (including negative variations) that certain events or conditions “may” or “will” occur. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company. Further, the Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company’s Management Discussion & Analysis dated October 26, 2018.
In respect of the forward-looking statements and information concerning Vitality’s expected daily CBD isolate production, and the anticipated timing for completing the definitive agreement, the Company has provided such statements and information in reliance on certain assumptions that it believes are reasonable at this time. Further, there can be no assurance that the Merger will occur, or that it will occur on the terms and conditions contemplated in the binding letter of agreement. The Merger is subject to shareholder and regulatory approvals.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE LiveWell Canada Inc.
For more information, visit livewellcorp.com