Dr. Bin Huang reports
SPEAKEASY NAMED AS DEFENDANT IN ACTION COMMENCED BY TIETZ AND LOEWEN V. BRIDGEMARK FINANCIAL CORP. ET AL
Speakeasy Cannabis Club Ltd. and a number of its former directors have been named as defendants in an action commenced in the Supreme Court of British Columbia on July 11, 2019 (Tietz and Loewen v. Bridgemark Financial Corp. et al.). The action was brought under the B.C. Class Proceedings Act and claims damages for misrepresentation and damages, along with other claims arising from misrepresentation concerning, among other things, shares issued pursuant to the company's July 23, 2018, private placement. The time in question is between June 29, 2018, and Nov. 26, 2018.
The transactions, which are the subject of the action, are the same transactions currently being investigated by the B.C. Securities Commission, which have been described in previous Speakeasy press releases.
Dr. Bin Huang, chief executive officer, stated, "We believe that these claims have resulted from the same claims made against Bridgemark Financial Corp. et al. in previously filed BCSC investigation filings, and we will continue to work with the BCSC to resolve this matter."
Neither Speakeasy, nor the named directors, have as yet been served with any court documents, but they have obtained a copy of the action. Speakeasy intends to vigorously defend the action.
About Speakeasy Cannabis Club Ltd.
Speakeasy is a late-stage applicant under the Cannabis Regulations that is seeking to leverage three generations of farming experience in British Columbia to produce high-quality, small-batch cannabis products once it obtains a licence to do so. The company currently owns 290 acres of land in Rock Creek, B.C. The company's 10,000-square-foot indoor facility will allow for the growth, production and cultivation of small-batch cannabis if and when the company obtains a licence from Health Canada. Construction has also commenced on an 80,000-square-foot expansion facility with completion projected for second quarter/third quarter 2019, along with its 2,613,600 square feet of outdoor cultivation being developed in anticipation of the 2019 season.
We seek Safe Harbor.
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