TORONTO, Nov. 26, 2024 /CNW/ - SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) ("SLANG" or the "Company") today announced that the Company has filed an assignment into bankruptcy pursuant to Canada's Bankruptcy and Insolvency Act (the "Bankruptcy Proceedings"). B. Riley Farber Inc. has been named as trustee under the Bankruptcy Proceedings.
Trading of the Company's shares on the Canadian Securities Exchange (the "CSE") has been halted effective today, and the Company anticipates that its shares will ultimately be delisted by the CSE in due course.
SLANG's four directors resigned effective immediately prior to the Bankruptcy Proceedings.
B. Riley Farber will provide any updates on the Bankruptcy Proceedings in due course. Further information on SLANG's Bankruptcy Proceedings will be posted on B. Riley Farber's website at https://brileyfarber.com/engagements/slang-worldwide-inc/.
About SLANG Worldwide Inc.
SLANG Worldwide Inc. is an industry leader in branded cannabis consumer packaged goods, with a diversified portfolio of five distinct brands and products distributed across the U.S. Operating in 13 legal cannabis markets nationwide. Learn more at slangww.com.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements." Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, but are not limited to, further updates related to the Company's Bankruptcy Proceedings and the ultimate delisting of the Company's shares from the CSE.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant regulatory, business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to risks related to the Company's inability to pay amounts owing under the Credit Agreement, the extension of the Support Agreement, the Company being unable to complete some or all aspects of its previously announced wind-down plan in a manner acceptable to the Lenders, the future actions and cooperation of the Lenders, the ability of the Company to maintain relationships with suppliers, customers, employees, shareholders and other third parties, regulatory risks, changes in laws, regulations and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings "Risk Factors" in SLANG's management's discussion and analysis for the year ended December 31, 2023 and other disclosure documents available on SEDAR+ at www.sedarplus.ca. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Reader Advisory
Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.
SOURCE SLANG Worldwide Inc.
Company Contact: B. Riley Farber Inc., Trustee of SLANG, 1600-150 York Street, Toronto ON M5H 3S5, Attn: Emily Klein, [email protected], 437-294-4663
