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BLVD Centers Changing Name to “Ventura Cannabis and Wellness Corp.” and Undertaking Share Consolidation
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ALL FIGURES IN CANADIAN DOLLARS UNLESS OTHERWISE SPECIFIED.
LOS ANGELES, Feb. 04, 2019 (GLOBE NEWSWIRE) -- BLVD Centers Corp. (the “Company”) (CSE:BLVD), today announced that it is in the process of changing its name to “Ventura Cannabis and Wellness Corp.”, and undertaking a share consolidation on the basis of 1 post-consolidation common share for every 7.34 pre-consolidation shares. Concurrent with the name change and consolidation, the Company plans to change its stock ticker symbol to “VCAN.”
Under the Company’s articles, both the name change and the consolidation may be effected by a resolution of the Company’s board of directors.
The Company will issue a further press release shortly announcing the effective date of the name change, consolidation, and change to its ticker symbol (the “Effective Date”), which will take place concurrently in early February 2019.
The Company is changing its name to Ventura Cannabis and Wellness Corp. as a reflection of its new board leadership, new management team and its expanded strategy focused on generating medically-oriented cannabis revenues in addition to revenues generated by offering inpatient and detox treatment services in the U.S.
“This rebranding reflects our transformation into a cutting edge, growth-oriented company with a focus on generating revenues through cannabis products,” said Jacob Gamble, the Company’s CEO. “Ventura Cannabis and Wellness” encapsulates our improved business model. In the coming weeks, I look forward to sharing our full vision and plan as well as meeting with shareholders and market participants in Canada. I ask our shareholders to be patient as we work to finalize our new investor web site. We have a strong balance sheet, solid revenues and a deep pipeline of acquisition targets and I am looking forward to the coming quarters to prove to our shareholders that we can execute our plan.”
The Company’s new website will be launched shortly and will be found at www.venturacanna.com
The Company is also undertaking a consolidation of its common shares on the basis of each 7.34 pre-consolidation shares becoming 1 post-consolidation common share. As a result of the consolidation, the approximate 250,065,621 common shares of the Company currently issued and outstanding will be reduced to approximately 34,068,885 common shares on a post-consolidation basis.
The consolidation will affect all security holders of the Company, including holders of outstanding incentive stock options, warrants and other securities convertible into or exercisable for common shares. The exercise price, number and exchange basis of these securities will be adjusted on the Effective Date to reflect the consolidation.
The directors of the Company believe that establishing a higher market price for the Company’s common shares will increase investment interest by the equity capital markets by broadening the pool of investors that may consider investing in the Company, including investors whose internal investment policies prohibit or discourage them from purchasing stocks trading below a certain minimum price.
Concurrent with the consolidation, the Company plans to change its stock ticker symbol to “VCAN.”
The Company will issue a further news release shortly providing an update and confirming the Effective Date
For more information contact:
BLVD Centers Corporation
CEO and Executive Director
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars unless otherwise indicated.