1933 Industries' Annual General Meeting and Extraordinary Meeting of Debentureholders to Reconvene June 16, 2022 and Recommends Debentureholders to Vote in Favor of the Proposed Amendments

Rhea-AI Summary

1933 Industries (CSE:TGIF)(OTCQB:TGIFF) announced that it did not meet quorum requirements during its Annual General Meeting and Extraordinary Meeting of Debentureholders, both reconvened for June 16, 2022. Voting has been extended, requiring proxies by June 14, 2022. Proposed amendments to the Debentures include lowering the conversion price from $0.10 to $0.075 per share, reducing interest payment prices, and extending the maturity date to September 14, 2023. The Board recommends that Debentureholders vote in favor of these amendments.

Positive

• Board's unanimous recommendation for Debentureholders to vote in favor of proposed amendments.
• Extension of voting period may allow for more participation.

Negative

• Failure to reach quorum indicates possible lack of shareholder engagement.
• Conversion price decrease may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / June 9, 2022 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF)(OTCQB:TGIFF), a Nevada-focused cannabis consumer packaged goods company, reports that the Company did not reach quorum requirements today during both its Annual General Meeting as well as its Extraordinary Meeting of holders of 10% Senior Unsecured Convertible Debentures Due September 14, 2021 ("Debentureholders"). Both meetings have been reconvened to June 16^th, 2022.

Extraordinary Meeting of Debentureholders

The voting period has been extended. Voting Proxies must be received by 8:00 am, PST, on June 14, 2022. The Extraordinary Meeting will be held virtually via Zoom on June 16, 2022.

The proposed Debenture Amendments are as follows:

1. To amend the conversion price applicable to the Debentures from $0.10 to $0.075 per share;
2. To reduce the price per share for interest payments on the Debentures from $0.10 to $0.075 per share;
3. To amend the price at which the Company may require a forced conversion of the Debentures from $0.15 to $0.10 per share, such conversion to be made at the amended Conversion Price of $0.075 per share;
4. To extend the maturity date for the Debentures from September 14, 2022 to September 14, 2023

The Board of Directors unanimously recommends that Debentureholders vote in favour of each of the Amendments.

A Management Information Circular ("Circular") containing a detailed description of the Debenture Amendments has been mailed to the Company's Debentureholders of record. The Circular has been filed under the Company's profile on SEDAR at www.sedar.com and is also posted on the Company's website at www.1933industries.com/investors/eom-materials

Annual General Meeting

The voting period has been extended. Voting Proxies must be received by 9:00 am, PST, on June 14, 2022. The Annual General Meeting will be held virtually via Zoom on June 16, 2022.

Shareholders will be asked to approve each of the following matters:

1. To receive the audited consolidated financial statements of the Company for the fiscal year ended July 31, 2021 (with comparative statements relating to the preceding fiscal period) together with the report of the auditor thereon.

2. To determine the number of directors to be elected to the board at five (5).

3. To elect each of the following directors:

• Paul Rosen
• Lisa Capparelli
• Brian Farrell
• D. Richard Skeith
• Ranson K. Shepherd

4. To Appoint MNP, Chartered Professional Accountants as Auditors of the Company for the ensuing year and authorizing the Directors to fix their remuneration.

5. To transact such further or other business as may properly come before the Meeting or any adjournment or adjournments thereof.

The details of all matters proposed to be put before the shareholders at the Meeting are set forth in the management information circular mailed to all shareholders of record as of April 25, 2022.

On behalf of its Board of Directors, the Company wishes to thank shareholders who have already voted for their ongoing support.

For more information, please refer to the Company's Management Proxy Circular that is available on SEDAR (www.sedar.com) or on the Company's website at https://1933industries.com/investors/agm-materials.

About 1933 Industries Inc.

1933 Industries is a Nevada-based, growth-orientated company, focusing on the cultivation and manufacturing of a large portfolio of cannabis consumer-packaged goods in a variety of formats for both the wholesale and retail markets. Its product offerings include: THC flower, pre-rolls, and extracted products under the AMA and Level X brands for the Nevada market; Canna Hemp™, national cannabidiol (CBD) brand of infused wellness products including CBD tinctures, gummies, topicals and sport recovery products. The Company owns 91% of Alternative Medicine Association, LC (AMA) and 100% of Infused MFG LLC (Infused).
www.1933industries.com

About Alternative Medicine Association

AMA is a licensed medical and adult-use cannabis cultivation and extraction subsidiary that produces its own branded line of unique cannabis products. AMA's extensive menu of cannabis products include: craft cannabis flower, pre-rolls, full spectrum oils, high quality distillates, proprietary blends of terpenes, vaporizer products and boutique concentrates such as shatter, crumble, batter, sugar wax, diamonds, and live resin. Ultra-craft brand Level X is an exclusive collection of exotic strains, selected specifically for their distinctive terpene profiles, high THC levels, and flavonoids. With state-of-the-art cultivation and extraction facilities based in Las Vegas, Nevada, AMA seeks to offer medical patients and recreational users alike a cannabis experience that's exceptional, potent, and consistent in quality.
www.amanev.com

AMA is also licensed in Nevada as an adult-use cannabis distributor.

About Canna Hemp™

With an extensive product line that includes CBD topicals, CBD creams, CBD gummies, CBD vaporizers, CBD tinctures, CBD capsules, CBD pre and post workout recovery sports products, and CBG and CBN tinctures, 1933 Industries' proprietary Canna Hemp™ brand utilizes the power of hemp-extracted cannabinoids to bring natural wellness.

For further information please contact:
Alexia Helgason, VP, IR, Marketing, Media
604-728-4407
alexia@1933industries.com

Paul Rosen, CEO
paul@1933industries.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice regarding Forward Looking Statements: This news release contains forward-looking statements relating to the settlement of transactions between the Company and Day One. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: 1933 Industries Inc.

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https://www.accesswire.com/704612/1933-Industries-Annual-General-Meeting-and-Extraordinary-Meeting-of-Debentureholders-to-Reconvene-June-16-2022-and-Recommends-Debentureholders-to-Vote-in-Favor-of-the-Proposed-Amendments

FAQ

What happened during the 1933 Industries AGM on June 9, 2022?

The AGM did not meet quorum requirements and has been reconvened for June 16, 2022.

What are the proposed amendments to the Debentures of 1933 Industries?

Amendments include lowering the conversion price, reducing interest payment prices, and extending the maturity date.

When must voting proxies be submitted for 1933 Industries meetings?

Proxies must be received by 8:00 am PST on June 14, 2022, for the Extraordinary Meeting and by 9:00 am PST for the AGM.

What recommendations did the Board of 1933 Industries make regarding the Debenture amendments?

The Board unanimously recommends that Debentureholders vote in favor of each of the proposed amendments.

Why is the conversion price of 1933 Industries' Debentures being amended?

The conversion price is being lowered to encourage participation and address market conditions.