VANCOUVER, British Columbia, September 14, 2020 (GLOBE NEWSWIRE) – Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) (Nabis or the Company) announced today that James Tworeks has resigned from the Companys board of directors. Mr. Tworeks’ resignation has been accepted and is effective September 11, 2020.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash assets across multiple industries, including real estate and all aspects of the US and international cannabis industry. The company is focused on investing in all vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth. For more information, please visit https://www.nabisholdings.com/.
The company has incurred losses and recorded negative operating cash flows since its inception which have been primarily funded by financing activities. The Company will need to raise additional capital over the next twelve months and beyond to support current operations and planned development. As of June 30, 2020, the company had a working capital deficit of $ 14,811,051 and an accumulated deficit of $ 38,859,180. Of the total mortgages outstanding as of June 30, 2020, $ 4,609,011 was due as of August 31, 2020. The Company has not made principal payment as of August 31, 2020 and default proceedings are expected to begin. On June 30, 2020, the Company did not make the payment of quarterly interest accrued on the convertible debentures due to a force majeure event as set out in the indenture relating to the convertible debentures. These factors indicate the existence of significant uncertainty which may cast significant doubt as to the ability of the Company to continue as a going concern. Management intends to fund operating costs over the next twelve months with cash on hand, through private placements of common shares, loan issuance and convertible loans.
All statements, other than statements of historical fact, included in this document are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are not limited: whether the acquisitions are carried out by the company or carried out according to the conditions disclosed; the price of cannabis and related products will remain constant and consumer demand will remain strong; availability of financing for the company to develop the retail locations; retention of key employees and management; changes in state and / or municipal regulations for retail operations and changes in government regulations in general. Important factors which could cause actual results to differ materially from the Company’s expectations are disclosed in company documents filed from time to time with the Canadian Securities Exchange, the British Securities Commission. Columbia, the Ontario Securities Commission and the Alberta Securities Commission.
The Canadian Stock Exchange has neither reviewed nor approved the contents of this press release and accepts no responsibility for the adequacy or accuracy of this press release.
For inquiries, please contact: Mark Krytiuk, COO, Interim CEO PH: 416-223-2248
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