OTTAWA, ONTARIO, March 01, 2019 (GLOBE NEWSWIRE) -- LiveWell Canada Inc. ("LiveWell" or the “Company"), (CSE: LVWL), today announced that it will change its fiscal year end from June 30th to December 31st, starting with December 31, 2018. Accordingly, LiveWell will proceed with an audit for its consolidated financial statements for the six-month transition period ended December 31, 2018 and expects to publish these financial statements on or about April 30, 2019.
The change is being made to match with the financial year of the pending merger with Vitality CBD Natural Health Products Inc. (“Vitality”) and the expected seasonality in the combined business going forward, particularly as it relates to the harvesting of industrial hemp. Accordingly, management believes that it will be more beneficial for shareholders to receive the Company’s financial results on a calendar year basis.
About LiveWell
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 the anticipated merger with Vitality, 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.
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