CALGARY, Alberta, June 04, 2019 (GLOBE NEWSWIRE) -- YSS Corp.™ (formerly Solo Growth Corp., the “Company” or “YSS”) (TSXV: SOLO) (WKN:A2PBMC) 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 announce that its common shares (“Common Shares”) will commence trading on the TSX Venture Exchange (“TSXV”) under the name “YSS Corp.” and the stock symbol “YSS” at market opening on June 4th, 2019 and that it will be consolidating all of the issued and outstanding Common Shares on the basis of one (1) post‐consolidation Common Share for each six (6) pre‐consolidation Common Shares (the “Share Consolidation”).
Share Consolidation Details
The Company’s board of directors set June 4, 2019 as the effective date of the Share Consolidation. Trading of the Common Shares on a post-Share Consolidation basis on the TSXV will commence on or about June 10, 2019. The Share Consolidation will not impact the Company’s stock symbol and YSS will continue trade under the stock symbol “YSS” post-Share Consolidation.
The 670,064,847 Common Shares currently issued and outstanding will be reduced to approximately 111,677,475 Common Shares on a post-Share Consolidation basis. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Share Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.
Outstanding share purchase warrants will also be adjusted by the Share Consolidation ratio and the exercise prices of outstanding share purchase warrants will be adjusted accordingly.
The potential benefits of the Share Consolidation include: (a) generating investor interest, in particular, a higher anticipated Common Share price may meet investing criteria for certain institutional investors and investment funds that may be prevented under their investing guidelines from otherwise investing in the Common Shares at current Common Share prices; (b) improving trading liquidity as an increased interest from investors may ultimately improve the trading liquidity of the Common Shares; and (c) reducing price volatility as an anticipated higher post-Share Consolidation Common Share price could result in less volatility in the price of the Common Shares.
The Share Consolidation was approved by holders of Common Shares (“Shareholders”) at the Company’s annual general and special meeting on May 29, 2019. The Share Consolidation is subject to approval of the TSXV.
Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate(s), together with the duly completed letter of transmittal, with Computershare Trust Company of Canada, the Company’s registrar and transfer agent. Non-registered Shareholders holding Common Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Share Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Common Shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
Additional Information
For additional information regarding YSS Corp. please see the Company’s website at www.ysscorp.ca, including a recently updated corporate presentation 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 Share Consolidation and timing thereto; the anticipated higher post-Share Consolidation Common Share price; the potential benefits of the Share Consolidation; 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; 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.