TORONTO, March 17, 2020 (GLOBE NEWSWIRE) -- Lift & Co. Corp. ("Lift & Co." or the "Company") (TSXV: LIFT) (OTCQB: LFCOF), announced today that it has temporarily laid off members of its workforce and paused operations of non-profitable business segments due to extenuating circumstances outside of the Company’s control.
Specifically, due to the COVID-19 pandemic and the effects the pandemic is having on event businesses around the world, the Company has made difficult and strategic decisions intended to preserve cash and long-term shareholder value. The Company remains committed to continuing its profitable Lift & Co. Expo and CannSell lines of business which will be operationally unaffected by these changes.
“We are incredibly saddened by these necessary and difficult actions. Our team members have been tirelessly dedicated to driving shareholder value and building Cohesion and this pandemic and its impact on our operations is a shock to us all,” said Matei Olaru, CEO of Lift & Co. “We are doing everything possible to preserve jobs long term at Lift & Co as we commit to preserving shareholder value and profitably servicing our valued clients during these uncertain times.”
As the COVID-19 pandemic continues to grow and impact commerce globally, Lift & Co. is focusing on ensuring the safety and well-being of its employees and viability of the Company. The Company intends to rehire those affected by the temporary layoffs if and when the COVID-19 pandemic is resolved.
About Lift & Co.
Lift & Co. (TSXV: LIFT) is a publicly traded technology company modernizing the cannabis industry.
Forward-looking statements
This news release and each of the documents referred to herein contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of management and are based on assumptions and subject to risks and uncertainties. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company.
Although Lift & Co. has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release, and subject to change after such date. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For further information:
Lift & Co.:
Kasia Malz
Chief Financial Officer
416-953-6657
kasia@lift.co
Investor Relations:
Thesis Capital
Prit Singh
905-510-7636
psingh@thesiscapital.ca