World Class Extractions Announces AGM Results

Rhea-AI Summary

World-Class Extractions Inc. held its Annual General and Special Meeting (AGM) on April 29, 2022, with shareholders representing 13.51% of the outstanding common shares. All resolutions were approved, including setting the Board size to four and the appointment of Carr-Hilton Labonte LLP as auditor. A significant resolution was the change of business focus from cannabis to an investment issuer. Additionally, the Company completed the sale of its subsidiary, Soma Labs, to CannaWorld Ventures, acquiring 15 million shares in return, marking a strategic move towards investment opportunities in cannabis cultivation.

Positive

• Shareholders approved all resolutions at the AGM, reflecting strong support.
• Change of business focus to an investment issuer may open new avenues for growth.
• Sale of Soma Labs bolstered the Company's position in CannaWorld, acquiring a significant equity stake.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 9, 2022 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the "Company" or "World-Class") is pleased to announce the results from its Annual General and Special Meeting of its shareholders held on Friday, April 29, 2022 (the "AGM") at the Company's offices in Burnaby, British Columbia.

Shareholders approved all of the resolutions detailed in the information circular of the Company dated March 21, 2022 (the "Circular"), namely:

1. Setting the size of the Board to four directors;
2. Electing all of the management nominees to the Board of Directors of the Company until the next annual shareholder meeting of the Company;
3. Appointing Carr-Hilton Labonte LLP, Chartered Professional Accountants, as the Company's auditor for the ensuing year; and
4. Approving the special resolution to change the business of the Company from that of a cannabis-focused company to that of an investment issuer (the "Change of Business").

Shareholders holding a total of 84,484,464 common shares were represented in person or by proxy at the AGM, representing 13.51% of the votes attached to all outstanding common shares of the Company as at the record date, with the following results:

RESOLUTION	VOTES FOR	VOTES AGAINST	VOTES WITHHELD
To set the number of directors at four	99.60%	0.40%	0.00%
To elect:
Anthony Durkacz as a director;	99.24%	0.00%	0.76%
Michael Galloro as a director;	99.85%	0.00%	0.15%
Chand Jagpal as a director; and	99.60%	0.00%	0.40%
Rosy Mondin as a director	99.20%	0.00%	0.80%
Appointment of Auditor	99.79%	0.00%	0.21%
Approval of Change of Business	99.69%	0.31%	0.00%

Subsequent to the AGM, the Board appointed Anthony Durkacz as Chair of the Board and Chand Jagpal, Michael Galloro and Rosy Mondin as members of the Audit Committee.

The Company is also pleased to announce the closing of the sale of its wholly-owned subsidiary, Soma Labs Scientific Inc. ("Soma Labs") to CannaWorld Ventures Inc. ("CannaWorld") effective April 29, 2022, pursuant to a share purchase agreement (the "Agreement") dated effective as at the same date. Pursuant to the Agreement, the Company sold 100% of the issued and outstanding common shares of Soma Labs in exchange for 15,000,000 common shares in the capital of CannaWorld.

Soma Labs was the extraction and processing arm of World-Class and was divested in exchange for a 24.48% interest in CannaWorld - which is an early-stage company engaged in the development of cannabis growing facilities dedicated to providing self-contained Cultivation MicroPods to independent micro-cultivators. CannaWorld is currently building a "CannaPark" in Pitt Meadows in the lower Fraser Valley in British Columbia. The CannaPark is expected to have a central licensed nursery operated by the park and a community of micro-growers, each in their own, self-contained, stand alone, MicroPod. The nursery will house specialist staff to help micro-cultivators, design, successfully grow and harvest unique cultivar, and ensure it remains healthy to harvest. The Pitt Meadows CannaPark is located on 22 acres of prime agricultural land and will feature 60 state of the art MicroPods, and an on-site full-service cannabis nursery.

Contact

World-Class Extractions Inc.
1 (604) 473-9569 | ir@worldclassextractions.com
www.worldclassextractions.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include, but are not limited to, statements in respect of the Company's ability to obtain approval from the Canadian Securities Exchange for the Change of Business of the Company or to complete such change of business..

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements, including with respect to business and operational plans of CannaWorld. Forward-looking statements are subject to and involve a number of known and unknown variables, risks and uncertainties, many of which are beyond the control of the Company. Such factors, among other things, include regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; impact of the COVID-19 pandemic and political and social uncertainties.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. 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. Additional information regarding risks and uncertainties relating to the Company's business are contained in the Company's management discussion and analysis filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

SOURCE: World-Class Extractions Inc.

View source version on accesswire.com:
https://www.accesswire.com/700578/World-Class-Extractions-Announces-AGM-Results

FAQ

What were the results of World-Class Extractions' AGM on April 29, 2022?

All resolutions were approved, including a change of business focus and Board appointments.

What is the significance of World-Class Extractions' change of business announced in the AGM?

The change from a cannabis focus to an investment issuer may enhance growth opportunities and strategic flexibility.

How did World-Class Extractions' shareholder voting turnout at the AGM?

84,484,464 common shares were represented, totaling 13.51% of all outstanding shares.

What was the outcome of the sale of Soma Labs by World-Class Extractions?

Soma Labs was sold to CannaWorld Ventures for 15 million shares in CannaWorld, providing a 24.48% ownership stake.