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Weekend Unlimited Updates Investments
VANCOUVER, BC, CANADA (30 January 2019) – Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE: YOLO – FSE: 0OS1) wishes to provide clarification on its investments in Jerome Baker and in Northern Lights Organics. As projects unfold, it sometimes becomes apparent that the original structure of the investment will not work as anticipated.
In respect to Jerome Baker, the Company owns 51% of the operating company, located in Nevada. Because of the inability of the Company to obtain reliable financial records, it was forced to write down its investment in this company in accordance with IFRS. Notwithstanding that write down, the Company is in negotiations with the other shareholder to convert its equity interest into an exclusive license agreement. The Company continues to feel that the Jerome Baker brand has value as one of the most recognized brands in glassware and associated products.
After reviewing the investment case for its northern BC organic hemp brand, the Company is in negotiations to convert its 100% equity ownership in the operating company into a minority interest and a royalty on production. With alternative near term revenue opportunities, the Company is looking to make the best use of its capital.
The Company also wishes to announce that it has granted 2 million options to its Chief Executive Officer under the terms of its incentive stock option plan. These options are exercisable at $0.15 for a period of 5 years.
For further information, please contact:
Mr. Paul Chu, President and CEO
Telephone: 1 (236) 317-2812 - Toll free 1(888) 556-YOLO (9656)
About Weekend Unlimited Inc.
Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life’s highest moments.
The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at www.weekendunlimited.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.