MISSISAUGA, ON, Jan. 12, 2022 /CNW/ - Sol Cuisine Ltd. (TSXV: VEG) ("Sol Cuisine" or the "Company") is pleased to announce that today it obtained a final order of the Ontario Superior Court of Justice (Commercial List) ("Final Order") approving the previously announced proposed acquisition by PlantPlus Foods Canada Inc. by way of a plan of arrangement (the "Arrangement").
Receipt of the Final Order follows the Company's special meeting of shareholders held on January 7, 2022, where a special resolution approving the Arrangement was voted for by 100% of the votes cast by Sol Cuisine shareholders present in person or represented by proxy at the meeting.
Completion of the Arrangement remains subject to the satisfaction or waiver of certain conditions, including obtaining certain third-party consents and approvals. It is anticipated completion will occur later in January 2022.
Further details regarding the Arrangement are set out in the Company's notice of special meeting of shareholders and management information circular dated December 7, 2021, which is available on SEDAR at www.sedar.com.
For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com
Instagram: @solcuisine
Facebook: @solcuisine
Twitter: @solcuisine
LinkedIn: @solcuisine
About Sol Cuisine Ltd.
Sol Cuisine is the publicly traded parent company of Sol Cuisine Inc., following the completion of its "qualifying transaction" on May 19, 2021. Sol Cuisine is a fast-growing producer of branded and private label, consumer-preferred plant-based protein offerings across key center-of-plate and appetizer categories. The Company's products are offered through an established omni-channel distribution platform in Canada, the U.S. and Mexico, and are available in over 11,000 stores and more than 41,000 unique points of distribution across four primary channels: Canada Retail Sales & Club; U.S. Retail Sales & Club; Food Service & Industrial; and Private Label. Over a history of 20+ years, Sol Cuisine has consistently demonstrated an ability to innovate and delight consumers in Canada and the U.S., while remaining true to its commitment to producing great tasting, nutritionally superior products. This commitment has resulted in several Canadian product wins, including the #1 frozen plant-based burger in Canada, the #1 consumer-preferred chicken alternative and the #1 quality roast product as determined by Whole Foods Market. The Company's taste and nutritional superiority has also resulted in private label contracts with some of the most recognized natural brands in North America. These products are all produced at Sol Cuisine's two state of the art facilities, totaling 35,000 square foot facility in Mississauga, Ontario, capable of supporting up to 10 million kilograms of volume per annum.
Forward-Looking Statements.
This press release contains forward-looking statements within the meaning of Canadian securities laws regarding the Company and its business. These forward-looking statements contain statements of intent, belief or current expectations of Sol Cuisine. Forward-looking information is often, but not always identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook.
The forward-looking statements included in this press release are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.
Risks and uncertainties that may cause such differences include but are not limited to: the possibility that legal proceedings may be instituted against the Company and/or others relating to the Arrangement and the outcome of such proceedings; risks relating to the failure to obtain necessary regulatory and stock exchange approval; other risks inherent in the plant-based food industry. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements in this press release are made as of the date it was issued and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that outcomes implied by forward-looking statements will not be achieved. The Company cautions readers not to place undue reliance on these 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 press release.
John Flanagan
Chief Executive Officer
905-502-8500
For further information:
Jonathan Ross, Sol Cuisine Investor Relations
[email protected]
416-283-0178
Kieran Lawler, Sol Cuisine Public Relations
[email protected]
416-303-0799
SOURCE Sol Cuisine Ltd.
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