CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- YSS Corp.™ (TSXV: SOLO) (WKN:A2PBMC) (formerly Solo Growth Corp.), a cannabis retailer operating as YSSTM with the vision to become a premier retailer and the trusted destination for cannabis in Canada, is pleased to update shareholders on several key developments including the announcement by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) that the moratorium on issuing new retail licenses has been lifted, a name change to “YSS Corp.” (or the “Company”), updated 2019 store construction plans and approval of all resolutions at its Annual General and Special Meeting of shareholders (the “Meeting”) held on May 29, 2019. An updated corporate presentation is also available on the Company’s new corporate website at www.ysscorp.ca.
AGLC to Resume Issuing Retail Licenses
Yesterday, due to a steady increase in cannabis supply, AGLC announced that the moratorium on issuing new retail licenses and accepting new retail license applications was lifted. To support an orderly process, AGLC plans to issue five licenses per week, designed to ensure Alberta’s existing and new retailers are able to receive adequate inventory on an ongoing basis.
Alberta Portfolio and 2019 Construction Update
YSS Corp. currently has one licensed-operational store in Red Deer, six retail locations that have passed AGLC inspection and are awaiting licensing, and one additional store anticipated to be complete and ready for AGLC inspection in June.
In light of the AGLC announcement, YSS Corp. has accelerated capital plans and will immediately proceed with construction on five additional locations in Calgary, Edmonton and Grand Prairie. All locations selected for near-term capital align with YSS Corp.’s retail strategy to focus resources on locations with characteristics that support long-term profitability.
The Company has a further six secured locations with DPs and numerous prospective locations that will be prioritized for future construction capital in the second half of 2019 and into 2020. The Company will continue to provide updates on license grants and construction progress as developments occur.
Change of Name
Shareholders approved the change of the Company’s name to “YSS Corp.” (the “Name Change”) and a certificate of amendment, effecting the Name Change, was filed on May 29, 2019. The Company expects its common shares to commence trading on the TSX Venture Exchange (“TSXV”) under the name “YSS Corp.” and the stock symbol “YSS” in early June 2019, subject to the approval of the TSXV. The Name Change is integral to improve alignment with the Company’s retail brand which has also evolved to YSSTM.
All Resolutions Approved by Shareholders
In addition to the Name Change, shareholders approved a special resolution at the Meeting authorizing up to a six (6) to one (1) consolidation of the Company’s common shares issued and outstanding, or such other ratio the Board in its sole discretion may determine is appropriate. The Company will provide details on timing for such consolidation as determined by the Board.
In addition, an ordinary resolution was passed at the Meeting to ratify and approve the Company’s stock option plan for the ensuing year, as detailed in the Management Information Circular dated May 2, 2019.
Updated Corporate Presentation
The Company is also pleased to announce that it has posted an updated corporate presentation on its newly launched website at www.ysscorp.ca.
Additional Information
For additional information regarding YSS Corp. please see the Company’s website at www.ysscorp.ca and filings available under the Company’s profile on SEDAR at www.sedar.com.
About YSS Corp.
Operating as YSSTM, the Company is a cannabis retailer with the vision to become a premier retailer and trusted destination for cannabis in Canada. Since its launch in June of 2018, the Company has built a strategic portfolio of locations while managing financial commitments. YSS Corp. has a licensing agreement on one operating store in Red Deer, Alberta, has built and received AGLC inspections on six additional Alberta stores, and has another location in Edmonton, Alberta nearing completion of construction. The Company has an additional 11 locations under lease in Alberta, one location under lease in Ontario and numerous prospective locations that represent a strong portfolio for future organic growth. YSS management brings excellence across capital markets, financial management and a strong commitment to deliver shareholder value by leveraging high-quality opportunities within this exciting new industry. The YSS retail experience is built on our five fundamental pillars: convenience, value, selection, team, and above all else, trust.
Investor or Media Contacts:
| Theo Zunich President, Chief Executive Officer and Director Phone: (403) 455-7656 YSS Corp. Suite 1000, 350-7th Ave SW Calgary, AB T2P 3N9 investor@ysscorp.ca OR Cindy Gray 5 Quarters Investor Relations, Inc. (403) 231-4372 or info@5qir.com | Stephanie Bunch, CA 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: the Company’s retail cannabis business strategy, including organic growth and strategic activities; expectations relating to the approval by the TSXV of the Name Change and timing thereto; the ability to build, own and operate retail cannabis stores; the receipt of necessary permits and licenses to open stores; the ability to capitalize on potential opportunities that may arise and the ability to exercise thereon; expectations regarding investments in technology and staff training; the annual meeting of shareholders; and enhancing value for shareholders. 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. 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: regulatory and third party approvals not being obtained in the manner or timing anticipated, including AGLC inspections and licenses; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the recreational cannabis market; changing customer habits; the availability of cannabis-retail products from licensed producers; government regulations, including future legislative and regulatory developments involving recreational cannabis; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2018 and MD&A for additional risk factors relating to the Company, which can be accessed under the Company’s profile on www.sedar.com.
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.