VANCOUVER, British Columbia, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (d/b/a Wheaton Income) (TSX.V:CBW) (OTCQB:CBWTF) ("Wheaton Income" or the "Company") wishes to make the following statements regarding recent market activity in its common stock traded on the OTCQB marketplace.
The Company became aware of certain promotional activity on its securities on January 22, 2018 upon receipt of correspondence from OTC Markets specifically related to certain promotional newsletter emails encouraging investors to purchase the Company's common stock. Until being informed by OTC Markets of the promotional material, the Company was unaware of the promotional activity and is unaware of the full nature of the promotional activity and the extent of the dissemination. After due inquiry, the Company does not believe that the promotion resulted in any increased trading activity in the Company stock.
Upon reviewing the content of the material, the statements and claims made were taken from the Company’s websites, power point presentations, quotes from historical press releases and information from the OTC Markets website which are factual and non-misleading, but the Company had no editorial control over the content of the material. However, there are statements made which encourage investors to purchase the common stock of the Company, which only express the view of the authors and the Company disclaims any potentially exaggerated or misleading statements contained in the materials.
The Company routinely responds to inquiries from shareholders, potential investors, and investment analysts, and generates its own Company marketing materials. However, to the Company’s knowledge, neither the Company, nor any of its officers, directors, or any controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) have directly been involved with the creation or distribution of promotional newsletter emails that make exaggerated or misleading claims related to the Company and its securities. The Company invites investors to receive Company communications and information including recent Company press releases at the Investors section of the Company's website: http://www.wheatonincome.com.
The Company immediately initiated an internal investigation into this matter and made inquiries of its executive officers, directors, controlling shareholders and third-party service providers. Neither the Company, nor its executive officers, directors nor, to the Company's knowledge, its controlling shareholders, were involved in any way with the creation or distribution of promotional materials including these email newsletters. Additionally, except as outlined below, neither the Company's executive officers, directors nor, to the knowledge of the Company, any controlling shareholders sold or purchased shares of common stock of the Company within the past 90 days. Further, the Company has not issued any shares or convertible instruments allowing conversion to equity securities at prices constituting an impermissible discount to the market price of the Company's shares at the time of the issuance. Details regarding the issuances of securities by the Company are available on SEDAR at www.sedar.com.
After due inquiry the Company believes the promotional material to have been distributed by IRTH Communications, LLC (“IRTH”), an independent third-party investor relations and consulting firm, without the consent or knowledge of the Company. The Company engaged IRTH on January 5, 2018 to provide certain investor relations, public relations and communication services for the Company, but such services expressly exclude any promotional activity. The Company has also engaged the following investor relations companies since January 1, 2017: Skanderbeg Capital Advisors Inc. and Winning Media LLC.
Within the past 90 days, certain directors and officers sold an aggregate of 2,485,500 shares in the context of the market and made all required securities filings in connection with such trades. Such transactions were made in accordance with the Company’s insider trading policy.
The Company is committed to compliance with the OTC Markets Group Policy on Stock Promotion and the OTCQB Standards and Canadian securities laws. The Company encourages those interested in the Company to rely solely on information included in press releases issued and distributed by the Company via approved newswire or Disclosure & News Services combined with its filings and disclosures made with the Canadian securities regulators as well as information provided through the OTC Markets and available on their websites: www.sedar.com and www.otcmarkets.com, respectively.
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Wheaton Income. (TSX.V:CBW)
Wheaton Income is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com or contact our investor relations team at: 800.980.1314 or IR@wheatonincome.com. Follow up on Twitter @WheatonIncome.
Sarah Bain, VP External Affairs
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.