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TORONTO, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Quinsam Capital Corporation (CSE:QCA) ("Quinsam" or the "Company") today updates its investors on matters relating to Canada House Wellness Group Inc (CSE:CHV).
Quinsam Congratulates Canada House Wellness Group Inc (CHV) on Receipt of Cultivation License
Quinsam wishes to congratulate the management of CHV as a result of CHV’s announcement on September 1, 2017 that a subsidiary has received a license from Health Canada to commence cultivation of cannabis pursuant to the ACMPR regulations.
“This is a major milestone for CHV and we wish to congratulate management on this important achievement,” said Roger Dent, CEO of Quinsam.
Gerry Goldberg, Interim Chief Executive Officer of CHV, stated that “We are pleased that Quinsam was able to join us as a strategic investor and help CHV reach this important milestone.”
Update on CHV Investment
Concurrent with the release of Q2 earnings, Quinsam announced that it had made an investment in CHV. As a result of the rapid increase in the CHV share price last week, Quinsam wanted to provide additional details of its investment so that Quinsam investors can understand its impact on the Company.
On August 11, 2017, Quinsam invested $150,000 in securities of CHV. At the time, CHV traded at $0.15 per share. The investment was negotiated directly with CHV by Quinsam and included several features that have allowed Quinsam to secure a strong return as the CHV share price has climbed. The stock closed on Friday at $0.235 after trading as high as $0.305.
The Quinsam investment included a convertible debenture, warrants and shares. As at the close on Friday, our package of CHV securities had an aggregate intrinsic value that was approximately $215,000 in excess of our cost base.
About Quinsam Capital Corporation
Quinsam is a merchant bank based in Canada. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
For further information please contact:
John Lewis, Business Development
(416) 523-7086
john@quinsamcapital.com
Eric Szustak, President
(905) 330-7948
eric@quinsamcapital.com
Roger Dent, CEO
(647) 993-5475
roger@quinsamcapital.com
This press release may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events, which are inherently uncertain. Forward-looking statements can often, but not always, be identified by forward-looking words such as “anticipate”, “believe”, “continue”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may”, “project”, “predict”, “potential”, “target”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
By their nature, forward-looking statements require us to make assumptions which include, among other things, that (i) Quinsam will have sufficient capital under management to effect its business strategies, (ii) the business strategies will produce the results intended by Quinsam, and (iii) the markets will react and perform in a manner consistent with the business strategies.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors that could cause actual results to differ materially from those expressed in forward-looking information expressed in this press release include, but are not limited to: market and general economic conditions, interest rates, regulatory and statutory developments, the nature of the Company’s investments, the available opportunities and competition for investments, the concentration of the Company’s investments in certain industries and sectors, reliance on key personnel, risks affecting the Company’s investments, management of the growth of the Company, and exchange rate fluctuations. Readers are cautioned that the foregoing list of risks and factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual events or results to differ materially from those described in forward-looking information, there may be other factors that cause events or results to differ from those intended, anticipated or estimated.
The forward-looking information contained herein is provided as at the date of the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. The Company does not undertake and specifically disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information contained in this press release.