Forbidden Spirits Provides Update on Foreclosure of Leased Property
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Kelowna, BC – TheNewswire - February 21, 2025 — Forbidden Spirits Distilling Corp. (NEX: VDKA) (the "Company" or “Forbidden Spirits”) announces that on February 19, 2025, the Supreme Court of British Columbia (the “Court”) approved an offer (the “Offer”) from a purchaser to acquire the property located at 4380 Wallace Hill Road, Kelowna BC (the “Property”) upon which the Company operates its business. The Court’s approval of the Offer was subject to, among other things, the purchaser entering into negotiations with the Company on the terms of a new lease agreement for the Property. If, after 7 days, the parties cannot reach agreement on the terms of a new lease, the sale of the Property will proceed.
As previously announced by the Company on February 11, 2025, if the sale proceeds and the Company is required provide vacant possession of the Property, the Company will need to source an alternative location from which to operate its business. Such disruption in the Company’s operations would have a material and adverse effect on the Company. Moreover, the Company would need to acquire new assets to replace the Company’s fixtures located on the Property. The Company does not have the financial resources to acquire such assets and the Company can provide no assurance that it will be able to raise sufficient funding to do so in the future.
The Company continues to be subject to a failure to file cease trade order (the “FFCTO”) that was issued by the British Columbia Securities Commission (the “BCSC”) against the Company on May 8, 2023 for failing to file certain outstanding continuous disclosure documents in a timely manner. On July 9, 2024, the BCSC granted the Company a partial revocation order which permitted the Company to raise a limited amount of funds, the amounts raised were not sufficient to enable the Company to complete all rectification matters required to seek a full revocation order of the FFCTO. The Company can provide no assurance that it will be able to raise additional funding in the future and, at this time, does not anticipate being in a position to rectify its continuous disclosure record, seek a full revocation of the FFCTO and apply to the TSX Venture Exchange to return to trading.
ON BEHALF OF THE BOARD OF DIRECTORS:
Blair Wilson
Chairman and CEO
Email: blair@forbiddenspirits.ca
Phone: (250) 317-0996
Forward-Looking Information
This press release contains forward-looking statements and information based on the beliefs of management and reflects the Company’s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Forward-looking statements and information in this press release include information relating to the completion of the sale of the Property, the requirement for the Company to vacate the Property and the expected consequences thereof, the Company’s ability to raise financing and to seek a revocation order, and all other statements that are not historical in nature. There can be no assurance that such statements will prove to be accurate or the terms and conditions upon which a transaction will occur or if a transaction will occur at all. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
