Mr. Blair Jordan reports
ASCENT INDUSTRIES ENGAGES CLARUS SECURITIES
Ascent Industries Corp. has engaged Clarus Securities as financial adviser to explore and evaluate a broad range of strategic alternatives to strengthen its balance sheet and maximize the value of the company.
"While the company is focused first and foremost on remedying the situation with Health Canada, management believes that a review of strategic alternatives will allow it to make informed decisions about the company in the interests of all stakeholders," said Blair Jordan, interim chief executive officer.
There is no defined timeline for the company's strategic review. This review of strategic alternatives may result in a variety of outcomes or no outcome and there can be no assurance that the company will pursue or execute any specific action or transaction. The company does not intend to make any further announcements or comments regarding the review of strategic alternatives unless required by law.
About Ascent Industries Corp.
The company's operations currently include facilities in British Columbia, Canada; and in Oregon and Nevada in the United States. In Canada, Ascent (through its wholly owned subsidiary Agrima) is a licensed producer (currently suspended) under the Cannabis Act and Regulations, with licences to cultivate cannabis and produce cannabis extracts. In addition, the company is a licensed dealer (currently suspended) under the Cannabis Act and Cannabis Regulations, with the ability to produce, package, sell, send, transport and distribute medically focused cannabis products in Canada to other licensed entities and internationally in jurisdictions where medical cannabis is legal.
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