TORONTO, June 17, Jun 17, 2020 (GLOBE NEWSWIRE via COMTEX) -- The Flowr Corporation (tsx.v:FLWR) /zigman2/quotes/205237089/delayed FLWPF -8.32% ("Flowr" or the "Company") announces that the Company will release its first quarter 2020 results after the close of the financial markets on Thursday, June 25, 2020, which will be followed by a conference call and webcast to review these results on Thursday, June 25 at 5:30pm Eastern Time.
Conference call and webcast details are as follows:
Toll Free: 1-833-227-5845
Conference call replay details are as follows:
Toll Free: 1-800-585-8367
The replay of the conference call will be available through midnight on Thursday, July 9, 2020.
Financial Covenant Waiver Obtained from Lenders
As disclosed in a press release dated May 29, 2020, the Company became aware in late May that for the fiscal quarter ending March 31, 2020 it was in breach of a current ratio financial covenant and positive covenant requiring the Company to have a certain percentage of total assets held by loan parties under the Credit Agreement dated November 18, 2019, as amended to the date hereof, with a syndicate of lenders, including ATB Financial (the "Credit Agreement"). The Company, as at today's date, is in compliance with the current ratio testing under the Credit Agreement and has received a formal waiver from its lenders with respect to the aforementioned breach of covenants.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility. From this campus, Flowr produces recreational and medicinal products. Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a license for cannabis cultivation in Portugal and operates GMP licensed facilities in both Portugal and Australia.
Flowr aims to support improving outcomes through responsible cannabis use and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients seeking the highest-quality craftsmanship and product consistency across a portfolio of differentiated cannabis products.
For more information, please visit flowrcorp.com or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.