CALGARY, Alberta, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Aldershot Resources Ltd. d.b.a. Solo Growth Corp.™ (the “Company” or “Solo Growth”) (TSX-V: ALZ) is pleased to provide an update in respect of operations in Alberta and Ontario.  Solo Growth intends to leverage our operational experience in controlled substance retail as well as our real estate expertise to become a premier retailer and the trusted destination for retail cannabis in Canada.

Operational Highlights

Alberta

  • Final phase of construction on first three YSS by Solo (“YSS”) stores in Lloydminster, Vermilion and Vegreville;
  • Construction commencing on eleven additional stores over the next month, including our first YSS stores in Calgary and Edmonton;
  • 18 development permits received in 15 communities; and
  • 60 retail locations secured across 38 communities.

Ontario

  • 32 locations secured under executed offers to lease across 20 communities including Toronto, Hamilton, Kingston, London, Waterloo and Windsor; and
  • Various stages of negotiations with landlords on an additional 125 locations including storefronts within high traffic, urban areas.

Operations Update

Alberta

Solo Growth has expanded our overall potential retail footprint to 60 locations in 38 communities across Alberta and has received 18 municipal development permits from 15 of those communities.  The Company has applied for Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) licenses for every location where development permits have been received.  The first three YSS locations are in the final phase of construction and we are targeting opening at the end of October dependent upon receipt of AGLC licenses and delivery of first inventory.

Solo Growth is finalizing construction plans and anticipates commencing construction on eleven new stores over the next month, including our first YSS stores in Calgary and Edmonton. The remaining four development permits relate to new builds where tenant improvements will commence once the developer provides access. The Company reiterates our target to open five stores in Alberta by year-end 2018, subject to AGLC licensing.

Ontario

As previously announced, Solo Growth has entered into an exclusive agreement with Avison Young (“AY”), a commercial real estate services firm, to identify premier, high-traffic storefront locations across the province.  To date, Solo Growth has secured 32 locations under executed offers to lease across 20 communities including Toronto, Barrie, Brampton, Hamilton, Kingston London, Waterloo and Windsor.  In addition, Solo Growth continues to advance negotiations on an additional 125 locations across Ontario.

Ontario represents Canada’s largest provincial market and Solo Growth is excited at the prospect of bringing our experience and expertise to communities in Ontario.  The Company is looking forward to the roll out of provincial and municipal regulations over the coming months and will work diligently with stakeholders to become the trusted cannabis retail destination.

“We are pleased by the progress made in identifying, negotiating and securing retail locations in Ontario” said Pali Bedi, President and CEO of Solo Growth.  “In Alberta, we look forward to opening our first YSS by Solo locations and welcoming our first customers. It’s an exciting time for Solo Growth and the cannabis industry on the eve of legalization.”

Updated Presentation Posted on Website

Solo Growth has also posted an updated corporate presentation on our website (www.aldershotresources.com) in concert with this operational update.

About Solo Growth Corp.TM

The Company is executing on a retail-focused cannabis business strategy as “Solo Growth Corp.”™ with retail locations branded as YSS by Solo.  With its proven operational expertise, unique knowledge of the controlled substance retail market and strong balance sheet, Solo Growth intends to open more than 60 retail stores across Alberta and Ontario by the end of 2020.

Investor or Media Contacts: 

Pali Bedi
President, Chief Executive Officer and Director
Phone: (403) 455-7656

Aldershot Resources Ltd.
Suite 1100, 634 – 6th Avenue S.W.
Calgary, AB T2P 0S4
investor@sologrowth.ca

OR

Cindy Gray
5 Quarters Investor Relations, Inc.
(403) 231-4372 or info@5qir.com 
Stephanie Bunch
Vice President, Finance and
Chief Financial Officer
Phone: (403) 455-7656
   

Forward-Looking and Cautionary Statements

This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning Solo Growth’s proposed business plan and retail cannabis operations in Canada, including: its ability to secure retail locations in Alberta and Ontario; its ability build, own and operate retail cannabis stores; the receipt of necessary permits and licenses to open stores; and the engagement of AY to identify opportunities in Ontario. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timing of the receipt of the required regulatory and third-party approvals, including the receipt of development permits and retail cannabis licenses in Alberta, and the future operations the Company. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, permits, licences and regulatory and third party approvals not being obtained in the manner or timing anticipated by the Company, construction delays, changes to cannabis laws, the timing of the legalization of recreational cannabis, the availability of cannabis-retail products from licensed producers, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

Neither the 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 news release.