Stockwatch

Pontus Protein Ltd
Symbol	HULK
Shares Issued	97,287,211
Close 2023-06-01	C$ 0.005
Market Cap	C$ 486,436
Recent Sedar Documents

Pontus Protein closes sale of aquaponics business

2023-10-12 15:00 ET - News Release

Subject: FW: TSXV006100665 Pontus Protein Ltd. Word Document File: '\\swfile\EmailIn\20231012 114820 Attachment Pontus Press Release - Closing of Transaction for Sale of Assets and Transfer to NEX (October 2023)(58377963.1).docx' PONTUS PROTEIN ANNOUNCES CLOSING OF TRANSACTION FOR THE SALE OF ASSETS AND TRANSFER TO NEX VANCOUVER, B.C., October [12], 2023. Pontus Protein Ltd. (TSXV: HULK, OTCQB: HLKKF, FSE: 8YC) ("Pontus" or the "Company"), is pleased to announce that further to its news releases of November 3, 2022, December 3, 2022, and January 3, it has closed the sale of substantially all of the Company's assets, more particularly all of those assets used in its aquaponics farming business (the "Aquaponics Segment") to CEVAS Technology Inc. ("CEVAS"), pursuant to the asset purchase agreement (the "Purchase Agreement") dated November 3, 2022 between the Company and CEVAS (the "Sale Transaction"). Pursuant to the terms of the Purchase Agreement, the Company has sold the Aquaponics Segment to CEVAS for consideration consisting of (i) $200,000 payable in cash, and (ii) the assumption of up to $3,500,000 in liabilities and obligations of the Aquaponics Segment, including accounts payable, liabilities and obligations under any contract or lease related to the Aquaponics Segment. The Sale Transaction will provide the Company the opportunity to reduce its overall liabilities and to focus on its other business segment that provides catering and product consultation services to its customers (the "Catering Business"). Accordingly, the management and board of directors of the Company determined that this was a unique opportunity to restructure itself, focus on the Catering Business and consider strategic opportunities. The Sale Transaction received the approval of its shareholders at its annual and special meeting of shareholders on December 23, 2022 (the "Meeting") in which more than 98% of the shares represented at the Meeting voted in favour of the sale of the Aquaponics Segment to CEVAS. The Sale Transaction has also received applicable regulatory and stock exchange approvals (including approval of the TSX Venture Exchange (the "TSX-V")). The Company has received "conditional acceptance" of the terms of the disposition but is subject to TSX-V "final acceptance". Transfer of Listing to NEX Following the completion of the Sale Transaction, the Company will no longer meet the continued listing requirements for the TSX-V and anticipates the listing of the Company's shares to be transferred to the NEX, a separate board of the TSX-V following the closing of the Sale Transaction. Trading in the common shares of the Company is currently suspended and will remain suspended until the failure-to-file cease trade order has been revoked. About Pontus Protein Ltd. This is our future - the future of farming; Pontus Protein Ltd. is a Vancouver-based agricultural food and technology company focused on creating and acquiring the best technology. Highly sophisticated, AI-engineered robots, combined with our proprietary vertical farming and a commitment to sustainability. Our intellectual property optimizes efficiency for a shorter growing time and high productivity. We deliver healthy, affordable foods and nutrients into every diet in a closed, controlled environment avoiding all pesticides and GMOs. Pontus Protein is publicly traded in Canada (TSXV:HULK), the United States (OTCQB: HLKKF) and Germany (FSE: 8YC) and you can find out more on our SEDAR profile. Learn more about Pontus: Website | Investor Page | LinkedIn | YouTube | Twitter On behalf of the Board of Directors "Avtar Dhaliwal" Avtar Dhaliwal, CEO avtardcapital@gmail.com (778) 214-6514 Pontus Protein Ltd. For further information: Investor Relations or Media enquiries: invest@pontuswaterlentils.com. Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect which reflect management's expectations regarding the Company. Forward-looking information consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including, but not limited to, statements relating to Pontus' ability to reduce overall liabilities and focus on the Catering Business, the management's ability to consider strategic opportunities, the Company's ability to meet the continued listing requirements of the TSX-V, the Company's listed shares being transferred to the NEX board, the revocation of the cease trade order, and those related to the Company's restructuring. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. These risks include, but are not limited to, the following: expected outcomes of the restructuring, strategic opportunities available to the Company and the ability to consider and take advantage of such opportunities, the unknown magnitude and duration of the effects of the COVID-19 pandemic, the failure of Pontus to receive the necessary approvals from the Canadian Food Inspection Agency for its products and facilities, as well as other general business, economic, or market related risks beyond the direct control of the Company and which may affect the Company's business, operations, or products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except in accordance with applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.