Not for Dissemination in the US or through US Newswire Services
TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- RAMM Pharma Corp. (including its wholly owned subsidiaries, the "Company" or "RAMM") (CSE: RAMM), is providing an update on its dispute with Sergio Martines and NATURALE SCIENCE INC. (together the plaintiffs), the former Chief Executive Officer of Canapar Corp. ("Canapar") and a former director of the Company as reported in its audited financial statements for the year ended October 31, 2023. The trial in respect of the dispute, as further described below, occurred from April 29th, 2024, to May 16th, 2024. The judge has reserved his decision.
In connection with the dispute, Mr. Martines and NATURALE SCIENCE INC., an entity controlled by Mr. Martines, have filed pleadings demanding payment from RAMM of an aggregate amount of approximately C$ 3 million comprised of damages: (i) for breach of contract at the time of Mr. Martines' termination for cause as a director of RAMM; (ii) specific performance of RAMM's obligation to purchase shares according to the plaintiff; and (iii) out-of-pocket expenses. RAMM has filed a counterclaim for payment from Mr. Martines of approximately C$14 million in damages for fraudulent misrepresentation in connection with RAMM's acquisition of Canapar in June 2021, among other matters. RAMM has accrued C$300,000 in its audited financial statements for the year ended October 31, 2023. The amount of the accrual may be increased or reduced in future financial statements.
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid formulation for certain cannabis-based pharmaceuticals and other botanical-based products. RAMM currently has multiple approved and registered products that have been authorized for sale, as well as other products in various stages of development. RAMM also operates a state-of-the-art GMP certified cannabis formulation facility in Uruguay and another GMP (food and cosmetic grade) facility in Poland. RAMM also operates a medical device business in Uruguay and a cosmetic and nutraceutical business in the European Union.
In Europe, RAMM's vertically integrated operations are based in Ragusa, Italy and Elblag, Poland (60 kilometres east of Gdansk), and include large extraction and processing facilities (in the final stages of commissioning in the case of Canapar Corp.). RAMM Pharma includes wholly owned subsidiaries Canapar Corp., HemPoland S.p.a. Z.o.o., Medic Plast SA, Yurelan SA, Glediser SA and RAMM Pharma Holdings Corp.
Additional information about the Company is available at www.wearerammpharma.com.
For further information, please contact:
Jimena Reyes
Executive Assistant
+598 2513 99 58
info@rammpharma.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, the Company's strategies and objectives, and future expansion plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the resolution of the litigation that Ramm is pursuing and defending; financial risk in connection with the litigation; the amount accrued in the Company's financial statements in respect of the litigation; future growth potential of the Company; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Uruguayan, Latin American, European and international medical and recreational cannabis markets and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Uruguay or internationally; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
