CORRECTION AND UPDATE: Glance Technologies Co-Founder Penny Green Announces Intention to Proceed With Stock Dividend If Green Proxy Wins: Shareholders to Receive One Share in The Yield Growth Corp. for every 6.5 Shares Held in Glance
Jun. 05, 2018
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jun 5, 2018--NOTE: In reference to Ms. Green’s press release dated June 4, 2018, Q1 booked revenues for The Yield Growth Corp. should have been stated as $1,800,000.
Top line financial highlights of The Yield Growth Corp are as follows:
Comparatively, Q1 revenues for Glance Technologies Inc. were $1,174,000 as disclosed in Glance’s April 30, 2018 press release. Notably, $1,000,000 (or 85%) of Glance’s Q1, 2018 revenue was generated from a sub-license fee negotiated through The Yield Growth Corp.
The full text of the corrected release is below:
Penny Green, Co-founder, Director, and largest shareholder of Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET.CN) (CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT), controlling 11.17%, is proposing a financially rewarding stock dividend for all Glance shareholders, should her slate of director Nominees be elected at the Company’s upcoming annual general meeting on Tuesday, June 12, 2018. Under the proposal, Glance shareholders will be receiving 1 share of The Yield Growth Corp. (“Yield”) for every 6.5 shares owned of Glance Technologies.
Yield (formerly Cannapay Financial) — of which Ms. Green is co-founder, President and CEO—is building brands and companies in the cannabis space, including Loop Insights, which collects consumer insights for licensed cannabis operators; Juve Wellness, a cannabis lifestyle brand offering everyday wellness products; and Thrive, building a cannabis product delivery service.
In 2017, Yield signed an agreement with Glance, allowing it the right to sublicense the Glance Pay mobile payment technology for use in the cannabis industry. In exchange, Glance received 10,450,000 shares of Yield.
STOCK SPILT BENEFITS GLANCE SHAREHOLDERS: On June 4, 2018, Yield completed a two for one subdivision of its issued common shares which increases Glance’s shareholding to 20,900,000 shares out of a total of 78,091,134 shares outstanding. Ms. Green is proposing that all 20,900,000 shares be distributed to Glance shareholders as dividends on a return of capital basis.
In effect, each Glance shareholder will receive approximately 1 Yield share for every 6.5 Glance shares owned. As Yield is currently a private company, it will become a reporting issuer upon the distribution. The distribution can be made as a dividend declared by the board of directors of Glance, or can be done via Plan Of Arrangement to qualify the distribution in accordance with US and Canadian securities laws. There are approximately 22,000 shareholders of Glance internationally and all would benefit on a pro- rated basis.
Following completion of any and all corporate, legal and securities requirements, Ms. Green believes that this proposal to distribute Yield shares to Glance shareholders will create substantial future value for all Glance shareholders.
“Yield Growth is positioned to be a leader in the international Cannabis industry,” said Ms. Green. “I’m excited about the prospect of delivering huge value to the Glance Technology shareholders with a stock dividend of 20,900,000 Yield Growth shares. The result would be that shareholders of Glance would own shares in two exciting growth-oriented companies.”
VALUE IN YIELD The Cannabis industry is experiencing tremendous growth around the world and especially in Canada as it prepares for full recreational legal use this summer. The largest Canadian stocks that have grown with a strong international branding strategy are Canopy Growth Corporation (WEED, OTC: TWMJF) and Aurora Cannabis Inc. (ACB, OTC: ACBFF), with market capitalizations of $7.5 billion and $4.5 billion respectively.
Since leaving Glance as its President & COO, Ms. Green has been busy building the team and business of Yield.
Highlights of achievements for Yield include:
• Full branding and international expansion plan for over 85 products containing either hemp root oil or cannabis
• 24 Health Canada registrations for proprietary skin and body care products containing hemp root oil and botanical extracts
• Packaging sourced and final stability testing commencing in June on first 12 products
• 7 provisional patent applications filed with the US Patent office, including Yield’s proprietary process for hemp root oil application and its use in multiple products developed or acquired by Yield
• $4 million in licensing sales during past six months
• Booked revenues of $1,800,000 for the first quarter ended February 28, 2018
• Leading executive team with expertise in building international brands (including Coca Cola, Dasani)
VOTE FOR VALUE CREATION, NOT VALUE DESTRUCTION “While my board Nominees and I are already developing several scenarios to build value for all Glance shareholders, the current Board spends their time haphazardly burning through money on ill-conceived marketing plans and new hires, said Ms. Green. “Based on the last quarterly report, Glance has been spending money at the rate $1.7 million per month. With $13 million bank as of February 28, limited revenue streams, and no track record of raising money, Glance will have emptied its bank accounts before the end of the year. Ahead of next week’s AGM, shareholders have a simple choice: A new Board with a clear plan for value creation, or the status quo of value destruction.”
Ms. Green is proposing a new board of qualified, experienced and respected Nominees who bring the superior skill set required to increase value for all Glance shareholders.
Shareholders are encouraged to review the proxy materials at GlanceForward.com and vote the GREEN proxy form or GREEN voting instruction form FOR Ms. Green’s director Nominees.
Don’t wait, voting is fast and easy – please vote well in advance of the proxy voting deadline of Friday, June 8, 2018 at 10:00 a.m. (Pacific Time). If you have questions or need help voting, contact Kingsdale Advisors at 1-866-581-1513 or at firstname.lastname@example.org.
For more information about Ms. Green, her Nominees, and their plan please visit GlanceForward.com.
ADVISORS Kingsdale Advisors is acting as strategic shareholder and communications advisor and Koffman Kalef LLP is acting as legal advisor to Ms. Green.
Certain statements contained in this news release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The intentions of Penny Green (“Concerned Shareholder”), the impact of the Concerned Shareholder's Nominees, if elected, on the financial condition, operations, business and strategies of the Company, future management and other matters related to the Company, subdividing Yield shares and their distribution to Glance shareholders, are all forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Concerned Shareholder's current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions that were applied in providing forward-looking information, include, but are not limited to, the actual financial health of the Company, the support expressed by shareholders to the Concerned Shareholder and the current general regulatory environment and economic conditions, the proposed subdivision of Yield shares and their distribution to Glance shareholders, are all forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events anticipated. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Concerned Shareholder does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this news release is made as of the date of this news release and the Concerned Shareholder undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180605006335/en/
CONTACT: Kingsdale Advisors
Ian Robertson, 416-867-2333
Executive Vice President Communication Strategy
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT OTHER TECHNOLOGY MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE
SOURCE: Shareholder of Glance Technologies
Copyright Business Wire 2018.
PUB: 06/05/2018 12:00 PM/DISC: 06/05/2018 12:01 PM