Harrys Announces Return to Treasury of Escrowed Shares
Vancouver, British Columbia - TheNewswire - October 15, 2019 - Harrys Manufacturing Inc. (CNSX:HARY.CN) (OTC:WSRRF) ("Harrys" or the "Company") is pleased to announce that certain members of management of the Company have agreed to return to treasury for cancellation a total of 8,000,000 common shares in the capital of Harrys (the "Shares") that are currently held in escrow for no consideration in compliance with applicable laws.
Kevin Kohanik, a director and CEO of the Company, returned 2,000,000 Shares, Harinder Dhesi, a director and employee of the Company, returned 3,000,000 Shares and Ashley Harry, a shareholder and employee of the Company returned 3,000,000 Shares. After the return to treasury of the Shares the Company will have a total of 69,916,358 Shares issued and outstanding.
The final cancellation and return to treasury of the Shares is subject to acceptance by the Canadian Securities Exchange and any other applicable conditions.
Harrys continues its discussions with several licensed cannabis companies regarding pursuing potential joint ventures or strategic partnerships for utilizing its high throughput proprietary hemp and cannabis pre-roll manufacturing process.
Kevin Kohanik, CEO stated, "management is committed to finding the right partner and strategy for using its proprietary process for the purpose of manufacturing pre-roll hemp and cannabis cigarettes. The return of escrowed shares to treasury will help offset any further dilution, should the Company have future capital requirements to facilitate or entertain any potential opportunities for this business objective."
Harrys is a distributor and manufacturer of affordable, high quality, organically grown tobacco cigarettes to international customers. Harrys utilizes various types of tobacco and blend components from Canadian growers to satisfy customer demands sand preferences for products that meet Health Canada standards. Harrys management team brings over 50 years of combined experience in the domestic and international tobacco industry.
For more information, please visit: www.harrysmfg.com
ON BEHALF OF THE BOARD
Director and CEO
For further information, please contact:
Glenn Little, Corporate Communications
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the Canadian Securities Exchange approval for the return to treasury and entering into joint ventures or strategic agreements with cannabis licensed companies are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company's will be successful in returning to treasury and cancelling the 8,000,000 shares. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the approval of the CSE and the release of 8,000,000 shares from escrow for cancellation or a change in the laws and regulations surrounding the use of cannabis, hemp and related products. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.