Namaste receives approval of Normal Course Issuer Bid to repurchase and cancel up to 25,308,136 shares and announces attendance at GritCAMP cannabis & crypto conference July 25th-27th
VANCOUVER, July 16, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N) (FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce that the Company has received approval from the TSX Venture Exchange (the "Exchange") for a Normal Course Issuer Bid ("NCIB") to repurchase for cancellation up to 25,308,136 common shares of its own capital through the facilities of the Exchange. The NCIB will be in place for a 12-month duration, commencing on July 18th, 2018 and ending July 17th, 2019. Additionally, Namaste is also pleased to announce that the Company will attend and present at Grit Capital Advisory's upcoming July 25-27th 2018 conference, GritCAMP.
Pursuant to the notice of intention filed with the Exchange, the Corporation intends to purchase for cancellation, through the facilities of the Exchange and at the market price of the Corporation's common shares ("Common Shares") at the time of purchase, up to 25,308,136 Common Shares, representing approximately 8.9% of the Company's issued and outstanding common shares and 10% of the Company's "public float" (as such term is defined in the TSX-V Corporation Finance Manual).
The NCIB will be conducted on behalf of the Company by Canaccord Genuity Inc. ("Cannacord"). The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by the Corporation and will be made in accordance with the requirements of the Exchange.
The Corporation will enter into a pre-defined plan with Cannacord to allow for the purchase of Common Shares by the Corporation at times when it ordinarily would not be active in the market due to internal trading blackout periods.
Namaste is pleased to announce that CEO Sean Dollinger will be presenting at GritCAMP's upcoming cannabis and crypto conference on July 25th-27th, 2018. Grit Capital Advisory firm is well-known for its aggressive "out of the box" thinking. The conference will feature 20 of the most exciting crypto, cannabis, gaming & health-tech companies in North America and will feature +50 international wealth managers, 1x1 company circuit, immersive games and competitions, unique skill building in personal cyber-security, presenting with flair, tricks of the trade tax planning, live pyrotechnics entertainment and much more.
Genevieve Roch-Decter, CEO of Grit Capital comments: - "Cannabis and crypto are two of the most booming growth sectors in North America. Billions of dollars of capital are being invested into these industries with increasing institutional backing. Grit Capital prides itself on showcasing the right companies to the right people, in immersive settings where "fun" and "informative" intersect, driving strong investor engagement."
To sign-up for GritCAMP, the crypto & cannabis markets and investments conference, visit www.gritcamp.ca
Management Commentary
Sean Dollinger, President and CEO of Namaste comments: - "We believe that the present trading price of the Common Shares of the Namaste is at a significant discount to a what we believe is reflective of the Corporation's value as a whole. Subsequently, management is of the view that it is in the best interests of all shareholders of the Corporation that, from time to time, Common Shares be acquired by the Corporation and returned to the treasury, thus increasing the Corporation's value per Common Share for remaining shareholders.
We're also very proud to have joined Grit Capital's GritCAMP conference and I'm very much looking forward to presenting and participating in the event. Grit Captial's management team have demonstrated themselves to be forward-thinking and innovative with respect to their platform and initiatives in the cannabis industry."
About Grit Capital Inc.
Grit Capital is a capital markets advisory firm based in Toronto, Canada. In a nutshell: We "Tell the Right Story to the Right People" and "Incessantly Chase ROI". We showcase our clients to investors through targeted 1x1 meetings, events, conferences, cross-north America roadshows and on social media. We pride ourselves on "out of the box" thinking to captivate mindshare. The intersection of "fun" and "informative" is where we and our clients thrive. We control our own messaging through our media platform, GritMedia, featuring a weekly newsletter that goes out to ~2k curated finance professionals. For further information about Grit Capital, please visit our corporate website at;
About Namaste Technologies Inc.
Namaste Technologies is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis in the Canadian market, subject to approval by Health Canada.
Namaste has developed and acquired innovative technology platforms including NamasteMD.com, Canada's first Health Canada compliant telemedicine application, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
On behalf of the Board of Directors
"Sean Dollinger"
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: [email protected]
Further information on the Company and its products can be accessed through the links below:
NamasteTechnologies.com
NamasteMD.com
NamasteVapes.ca
Everyonedoesit.ca
FORWARD-LOOKING INFORMATION This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Neither the TSX Venture Exchange nor its market regulator has reviewed or approved the contents of this press release.
SOURCE Namaste Technologies Inc.
Sean Dollinger, Chief Executive Officer, Direct: +1 (786) 389 9771, Email: [email protected]
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