Glance Technologies Co-Founder Penny Green Announces Major $1 Million Licensing Agreement for Glance Subsidiary The Yield Growth Corp.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jun 12, 2018--Ms. 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), is pleased to announce that The Yield Growth Corp. (“Yield”) — a partially-owned subsidiary of Glance — has entered into a licensing agreement with CROP Infrastructure Corp. (CSE: CROP) (OTCMKTS: CRXPF) (“CROP”).
Under the terms of the agreement, CROP will pay Yield $1 million in CROP shares in exchange for exclusive Italian distribution rights to Yield’s proprietary cosmetic and therapeutic products with the rights to infuse over 50 products with high Cannabidiol (CBD)/ low Tetrahydrocannabinol (THC) cannabis, for a period of three years. CROP is also acquiring the non-exclusive rights to distribute Yield subsidiary Juve’s product line of hemp root oil based products in the United States.
“I’m very excited about this opportunity to partner with CROP, a company at the forefront of the burgeoning Cannabis industry. This is a deal that will benefit both Yield and Glance shareholders for years to come, “said Penny Green, President and CEO of Yield. “Through Yield, I’m working hard to create value for Glance shareholders. Yield is building international alliances, developing innovative products, and penetrating new markets – and Glance shareholders are benefiting.”
A GREEN SLATE AT GLANCE MEANS SHAREHOLDERS WILL DIRECTLY BENEFIT FROM OWNERSHIP OF YIELD
On June 4, Ms. Green issued a press release announcing her proposal to distribute all of Glance’s 20,900,000 shares in Yield directly to Glance shareholders as dividends on a return of capital basis. In effect, should Ms. Green’s slate be elected at the Company’s Annual General Meeting, Ms. Green is proposing that each shareholder receive approximately 1 share of Yield for every 6.5 shares owned of Glance Technologies.
Yield (formerly Cannapay Financial) 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. Launched in mid-2017, Yield has over $6 million in assets, international expansion plans, and booked $1.8 million in revenue for the quarter ended February 28, 2018.
“The deal with CROP is a big deal for Yield, but we’re not done yet – there are so many opportunities on the horizon. Yield Growth is poised to be a leader in the international Cannabis industry. Together with CROP we intend to disrupt the wellness industry in Italy,” Ms. Green said, “I want to give Glance shareholders the opportunity to directly benefit from ownership in two great companies – Yield and Glance. The current board won’t give you that opportunity; only a GREEN slate will.”
The Company’s Annual General Meeting of shareholders will be held at Waterfront Centre, 200 Burrard Street, Suite 1200, Vancouver, British Columbia V7X 1T2, on Tuesday, June 12, 2018 at 2:00 p.m. (Pacific time).
If you are a registered shareholder you can revote your shares in person at the Annual General Meeting.
If you have questions or need help voting, contact Kingsdale Advisors at 1-866-581-1513 or at email@example.com.
For more information about Ms. Green, her Nominees, and their plan please visit GlanceForward.com.
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/20180612005690/en/
CONTACT: Kingsdale Advisors
Ian Robertson, 416-867-2333
Executive Vice President Communication Strategy
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: RETAIL COSMETICS SPECIALTY
SOURCE: Shareholder of Glance Technologies
Copyright Business Wire 2018.
PUB: 06/12/2018 05:56 AM/DISC: 06/12/2018 05:55 AM