Flowr will release first quarter earnings after the close on Thursday, June 25th, 2020 and will host a conference call to review results on Thursday, June 25th, 2020 at 5:30pm ET.
TORONTO, June 17, 2020 (GLOBE NEWSWIRE) -- The Flowr Corporation (tsx.v:FLWR) /zigman2/quotes/205237089/composite FLWPF -0.44% ("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 [th] , 2020, which will be followed by a conference call and webcast to review these results on Thursday, June 25 [th] 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 [th] , 2020.
Financial Covenant Waiver Obtained from Lenders
As disclosed in a press release dated May 29 [th] , 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.
On behalf of The Flowr Corporation:
CEO and Director
INVESTORS & MEDIA:
Head of Capital Markets
(877) 356-9726 ext. 1528
Forward-Looking Information and Statements
This press release contains "forward-looking information" within the meaning of Canadian Securities laws, which may include but is not limited to: the release date for the Company's first quarter 2020 results, and related conference call and webcast; Flowr servicing the global medical cannabis market and operating GMP-designed manufacturing facilities in Portugal and Australia; Flowr supporting improving outcomes through responsible cannabis use and striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; and Flowr's business, production and products. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such information and statements are based on the current expectations of Flowr's management and are based on assumptions and subject to risks and uncertainties. Although Flowr's management believes that the assumptions underlying such information and statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks relating to: Flowr being unable to release its first quarter 2020 on the anticipated date, or at all; Flowr being unable to host the related conference call and webcast on the anticipated date, or at all; Flowr being unable to service the global medical cannabis market and/or operate GMP-designed manufacturing facilities in Portugal and Australia; Flowr being unable to support improving outcomes through responsible cannabis use and/or striving to be the brand of choice for consumers and patients seeking highest-quality craftsmanship and product consistency; the construction and development of the Company's cultivation and production facilities; general economic and stock market conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada and elsewhere; the cannabis industry in Canada generally; the ability of Flowr to implement its business strategies; Flowr's inability to produce or sell premium quality cannabis, risks and uncertainties detailed from time to time in Flowr's filings with the Canadian Securities Administrators; the Company's inability to raise capital or have the liquidity to operate or advance its strategic initiatives and many other factors beyond the control of Flowr.
Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information or statement can be guaranteed. Except as required by applicable securities laws, forward-looking information and statements speak only as of the date on which they are made and Flowr undertakes no obligation to publicly update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise. When considering such forward-looking information and statements, readers should keep in mind the risk factors and other cautionary statements in Flowr's Annual Information Form dated April 29, 2020 (the "AIF") and filed with the applicable securities regulatory authorities in Canada. The risk factors and other factors noted in the AIF could cause actual events or results to differ materially from those described in any forward-looking information or statements.
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.
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