ALMONTE, Ontario, May 01, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) has initiated a strategic review process with a view to enhancing shareholder value.
The review will be conducted by a special committee (the "Special Committee") comprised solely of independent directors of the Board, consisting of Mr. Ariel Mashiyev (Chair), Mr. David Beck and Mr. Nitin Kaushal.
The Special Committee has been authorized to identify, evaluate and consider a broad range of alternatives available to the Company, focused on providing the necessary capital to execute on the Company's strategic plan.
"As executives, major shareholders and members of the Board of Directors of 3 Sixty, I strongly support the formation of the independent Special Committee, and respect its mandate," said Chairman, a.i., Founder and CEO, Thomas Gerstenecker. "We are looking forward to exploring options that are brought forward by the Special Committee, to support the company's continued growth and enhance shareholder value," he added.
The review has not been initiated in response to any proposal received by the Company. The Company, with the assistance of the Special Committee and its advisors, intends to complete the review process in a timely fashion, however, there is no assurance that these efforts will be successful or that the review process will result in pursuing or completing any transaction and no timetable has been set for the completion of the review process. The Corporation will update the market when it determines that further disclosure on the review process is appropriate or required.
The Company is also announcing the departure of Neil Weaver. “On behalf of 3 Sixty, we wish Neil the very best in all his future endeavours,” said Thomas Gerstenecker.
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada's leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3 Sixty provides cannabis security consulting, guarding and secure transport security services to more than 600 customers and more than 100 licensed cannabis producers, including some of the world's largest, such as licensed producers owned by Canopy Growth Corporation. 3 Sixty has a staff of over 650 employees and employs a fleet of over 150 vehicles, which management believes provides a combined security footprint to approximately 35 million square feet of patrolled area.
Further Information.
For further information regarding the Company, please contact:
Investor Relations
1 (866) 360-3360
IR@3sixtysecure.com
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.