Kiaro Announces DTC Eligibility Approval
VANCOUVER, BC, April 29, 2022 /CNW/ - Kiaro Holdings Corp. ("Kiaro" or the "Company") (TSXV: KO) (OTC: KIARF), a national omni-channel cannabis retailer and wholesale distributor, is pleased to announce that it's common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States (USA).
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled though DTC are considered "DTC eligible". With an accelerated settlement period and reduced costs for investors and brokers, DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's shares in the United States.
Kiaro Holding Corp's common shares have been made eligible for book-entry delivery and depository services of the Depository trust Company to facilitate electronic settlement of transfers of its common shares in the United States. DTC eligibility will simplify the process of trading and is expected to enhance the liquidity of the Company's common shares on the OTC Markets where Kiaro Holdings Corp. trades under the symbol "KIARF".
The company's shares will continue to trade on the Toronto Stock Exchange Venture (TSXV) under the symbol "KO".
CEO, Daniel Petrov states, "We are pleased to have obtained our DTC eligibility. This eligibility will simplify the process of trading shares in the USA, which will be beneficial to Kiaro and our shareholders. With DTC eligibility, the increased accessibility and visibility is expected to attract greater investment and trading liquidity from American investors as our shares will be available to a broader range of investors as we continue to expand our business."
Additionally, Kiaro announces today that Mr. Daniel Petrov, Chief Executive Officer of the Company, has advised the board of directors of the Company (the "Board") that he is taking a medical leave of absence, effective immediately. The Board and Mr. Petrov have agreed that during his absence the Company's current Chief Operating Officer, Ms. Eleanor Lynch, possesses the necessary skills and experience to act as the Company's interim Chief Executive Officer and Ms. Lynch has agreed to assume this interim role.
The Board has the utmost confidence in Ms. Lynch and fully intends to provide her any support she requires during this interim period and wishes Daniel a speedy recovery.
Based in Vancouver, British Columbia, Kiaro is an omni-channel cannabis retailer and distributor, with operations in Canada, Australia, and the United States. Kiaro has retail stores in operation across British Columbia, Saskatchewan, and Ontario; a wholesale distribution division servicing Saskatchewan, and ecommerce sites in Canada, the US and Australia. With more than 70 years of collective retail and wholesale focused experience, Kiaro's leadership team has a proven track record of executing on acquisitions and financings, and moreover growing brands across North America. The Company plans to continue its growth trajectory through its consumer-centric retail, ecommerce, and wholesale distribution segments over the coming years.
Eleanor Lynch
Interim Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Kiaro, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the use of proceeds of the Offering, overall growth of the Canadian cannabis market and retail opportunities, the award of new operating permits and licenses in various jurisdictions, the future trading price of the Common Shares, and the timing and amount of any dispositions of the Common Shares. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Kiaro's control. These risks, uncertainties and assumptions include, but are not limited to, those described in filing statement of the Company dated September 29, 2020, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Furthermore, any forward looking information with respect to future expansion plans is subject to the qualification that management of Kiaro may decide, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Kiaro does not intend, nor undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
SOURCE Kiaro Holdings Corp.
Investor Related Inquiries: Investor Relations, [email protected], 1-888-623-2420
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