Withdrawal, Receivership, Resignation of Adviser

Yooma Wellness Inc.

15 December 2023

 

 Yooma Wellness Inc.

('Yooma' or the 'Company' or the 'Group')

Withdraw from AQUIS

Trustee Appointed by Official Receiver for Company Bankruptcy

Resignation of Corporate Adviser

Yooma Wellness Inc. ("Yooma" or the "Company") (CSE: YOOM) (AQUIS: YOOM) announces that its common shares will be withdrawn from the Aquis Growth Market with effect from the close of business today, 15 December 2023.

The Company's common shares were halted and suspended from trading on the Canadian Securities Exchange and the Aquis Growth Market on 9 May 2023. Under the Canadian Securities Exchange an issuer that has been suspended for 90 calendar days will be delisted without any prior notice. The halt continues to be effective.

The Company reported on 9 May 2023 that it expected to complete its annual accounts on or about 15 July 2023. This deadline was not met, and the audited accounts will not be published.

The Board of Directors of Yooma has decided to put the Company into voluntary liquidation. Accordingly, Richter Inc., was appointed as trustee ("Trustee") of the Company's bankrupt estate by the Canadian Official Receiver on 5 December 2023. The Trustee has assumed control of the Company and will work with the Board of Directors during the administration period to maximise the outcome for all stakeholders of the Company.

There will be no alternative exchange or platform to trade the Company's common shares once withdrawal has taken place.

In light of the above, Peterhouse Capital Limited has informed the Company of its intention to resign as Aquis Corporate Adviser to Yooma with immediate effect.

The directors of the company accept responsibility for the contents of this announcement.

For further information, please contact:
Yooma Wellness Inc. Jordan Greenberg	Tel: + 1 512 823 1678 [e-mail]
AQUIS Corporate Adviser: Peterhouse Capital Limited Guy Miller / Mark Anwyl	Tel: [phone] Tel: [phone]

Notice regarding Forward Looking Statements

All information included in this press release, including any information as to future financial or operating performance and other statements of Yooma that express management's expectations or estimates of future performance or activities, other than statements of historical fact, constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management's current expectations and plans relating to the future. Wherever possible, words such as "will", "intend", "future", "plan", or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action, including statements about the Company's ability to file its annual filings on the timelines described above, and the subsequent revocation of the cease trade order.

There are many risks and uncertainties that may affect forward-looking statements including, among others, regulatory risk in each jurisdiction in which Yooma does or intends to operate; the uncertainties, effects of and responses to the COVID-19 pandemic; reliance on licenses; competition; dependence on senior management and key personnel; general business risk and liability; regulation of the CBD industry; changes in laws, regulations and guidelines; compliance with laws; limited operating history; unfavourable publicity or consumer perception; product liability, risks related to intellectual property; product recalls; difficulties with forecasts; management of growth; litigation; Yooma's ability to effectively integrate existing and future acquisition targets into its platform; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; trends in customer growth; the availability of financing to support future growth and working capital requirements, transactional activity and operations; sufficiency of current working capital to support future operating and working capital requirements; Yooma's ability to prepare and file its annual filings before the date specified herein and other matters which are beyond the control of Yooma. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Yooma cannot be certain that actual results will be consistent with such forward-looking information. Yooma cautions you not to place undue reliance upon any such forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of Yooma.

 

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