TORONTO, Dec. 24, 2018 (GLOBE NEWSWIRE) -- Lineage Grow Company Ltd. (the "Company" or "Lineage") (CSE:BUDD) announced it had granted 3,000,000 incentive stock options to certain eligible persons of the Company on December 6, 2018. Each stock option has an exercise price of $0.165 and is exercisable into one common share of the Company. The options vested immediately and are exercisable over a period of five years. The stock options were granted subject to the terms and conditions of the Company's Stock Option Plan.
On December 6, 2018, the board of directors authorized and approved two bonuses. One bonus was for a total of $100,000 to Peter Bilodeau, the Chief Executive Officer subject to certain milestones being met and the bonus amount applied to the exercise of options held by the CEO. The other bonus was for $10,000 to Keith Li, Chief Financial Officer of the Company. The bonuses were awarded for these officers' work in the acquisition of Terpene Station assets, in the proposed acquisitions for Walnut Oaks LLC d/b/a Agris Farms and Lucrum Enterprises, Inc. c/b/a LUX and their work in the proposed reverse-take over transaction with FLRish, Inc. d/b/a Harborside (the "Harborside RTO").
The Company also announced the Company had cancelled the Company’s special meeting of shareholders that was previously scheduled for December 27, 2018 to approve the Harborside RTO and related matters. The Company will reschedule the special meeting early in the new year.
About Lineage Grow Company Ltd.
Lineage Grow Company Ltd. is a reporting issuer that is listed on the Canadian Securities Exchange ("CSE"). Lineage is currently focused on operating two retail licensed stores located in two prominent cities in Oregon (Portland and Eugene), and on assembling licensed operators with good growth potential and superior management, either through direct acquisition or through joint ventures, with an aim towards building a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets. Lineage has entered into a purchase agreement with Walnut Oaks LLC d/b/a Agris Farms and a binding letter of intent to acquire Lucrum Enterprises, Inc. d/b/a LUX. In addition, Lineage and FLRish, Inc. have entered into a binding letter agreement pursuant to which Lineage will acquiring all the issued and outstanding securities of Harborside in a reverse takeover transaction.
For updates on the Company's activities and highlights of the Company's press releases, investor deck and other media coverage, please visit Lineage's web site (under construction) at www.lineagegrow.com
For further information, please contact:
Peter Bilodeau, Director & CEO
Lineage Grow Company Ltd.
Phone: (519) 919-6500
Email: info@pbilodeau.ca
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statement in this press release includes the company's intention to reschedule the special meeting of shareholders, and management's intention on assembling licensed operators with good growth potential and superior management with an aim towards building a dominant vertically-integrated cannabis business that leverages best-in-class cultivation, brands, distribution, and retail assets. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.