RIV Capital Schedules Special Meeting of Shareholders in Response to Shareholder Requisition
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) has scheduled a Special Meeting of shareholders on June 6, 2023, at 10:00 a.m. EDT, in response to a requisition from JW Asset Management for the election of five new directors. The record date for voting eligibility is set for May 3, 2023. Shareholders are not required to take any action now, and a management proxy circular will be provided as per legal requirements. RIV Capital aims to strengthen its brand portfolio in key U.S. markets.
- Scheduled Special Meeting aims to refresh the board with five new directors, potentially bringing new strategic insights.
- Focus on building a strong brand portfolio in key U.S. cannabis markets could enhance market share.
- Shareholder requisition suggests dissatisfaction with current board, which may indicate internal governance issues.
TORONTO, Jan. 9, 2023 /PRNewswire/ - RIV Capital Inc. ("RIV Capital" or the "Company") (CSE: RIV) (OTC: CNPOF), a cannabis packaged goods company with a focus on establishing one of the strongest portfolios of brands in key strategic U.S. markets, today announced that it has scheduled a special meeting of its shareholders for June 6, 2023 at 10:00 a.m. EDT (the "Special Meeting"), in response to the previously announced shareholder requisition from funds that are controlled or directed by JW Asset Management, LLC ("JWAM"). As previously announced, JWAM has requisitioned the Special Meeting to, among other things, elect five new directors to the board of directors of the Company.
RIV Capital also announced that it has set May 3, 2023 as the record date for determining shareholders of the Company who are entitled to receive notice of, and to vote at, the Special Meeting.
Shareholders are not required to take any action at this time. RIV Capital will prepare and deliver to shareholders a management proxy circular in respect of the Special Meeting in accordance with applicable law.
MATTIO Communications is acting as communications advisor to RIV Capital. Blake, Cassels & Graydon LLP is acting as legal counsel to RIV Capital's board of directors.
RIV Capital is an acquisition and investment firm with a focus on building a leading multistate platform with one of the strongest portfolios of brands in key strategic U.S. markets. Backed by in-house expertise and cannabis domain knowledge, RIV Capital aims to grow its own brands and partner with established U.S. cannabis operators and brands to bring them to new markets and build market share. RIV Capital established the foundational building blocks of its active U.S. strategy with its previously announced transaction involving Etain, LLC and Etain IP LLC. Through its strategic relationship with The Hawthorne Collective, Inc. ("The Hawthorne Collective"), a subsidiary of ScottsMiracle-Gro, RIV Capital is The Hawthorne Collective's preferred vehicle for cannabis-related investments not under the purview of other ScottsMiracle-Gro subsidiaries.
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of RIV Capital with respect to the Special Meeting and future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding the Company's strategies, objectives, goals, opportunities and plans.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although RIV Capital believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of RIV Capital or its portfolio companies.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the timing of any changes to federal laws in the U.S. to allow for the general cultivation, distribution, and possession of cannabis; regulatory and licensing risks; changes in cannabis industry growth and trends; changes in general economic, business and political conditions, including changes in the financial markets; litigation risks; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation, including RIV Capital's interpretation of such regulation; public opinion and perception of the cannabis industry; divestiture risks; and the risk factors set out in RIV Capital's MD&A and AIF filed with the Canadian securities regulators and available on RIV Capital's profile on SEDAR at www.sedar.com.
The Company has invested in and acquired, and intends to in the future invest in and/or acquire, companies that are involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where such operations occur permit such activities, however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although RIV Capital has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. RIV Capital does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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SOURCE RIV Capital Inc.
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