TORONTO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Wayland Group Corp. (CSE:WAYL) (“Wayland” or the “Company”) today announced that the Company, Maricann Inc. and NanoLeaf Technologies Inc. (collectively, the “Wayland Group”) have received an order (the “Order”) from the Ontario Superior Court of Justice (Commercial List) (the “Court”) that approves the Wayland Group’s proposed sale and investment solicitation process in respect of their business and assets (“SISP”) in connection with the Wayland Group’s ongoing Companies’ Creditors Arrangement Act (“CCAA”) proceedings.
Under the SISP, the Wayland Group, together with PricewaterhouseCoopers Inc., in its capacity as court-appointed monitor of the Wayland Group (the “Monitor”), will solicit proposals from potential interested parties for the acquisition of, or investment in, the Wayland Group or their respective businesses and assets, all in accordance with the process and timelines provided for in the Order. It is anticipated that the deadline for initial qualified non-binding letters of interest will be February 21, 2020. Potential interested parties wishing to participate in the SISP should contact the Monitor for additional information using the contact information provided below.
The Order also approved the Wayland Group’s key employee retention plan (“KERP”), which permits the Wayland Group to make retention payments to a maximum of up to five members of the Wayland Group’s management team with a view to retaining employees deemed essential to ensuring the stability of the business, to enhancing the effectiveness of the SISP, and/or to facilitating an efficient restructuring. The maximum aggregate amount that may be paid pursuant to the KERP is $500,000.00.
In addition, the Order extended the stay of proceedings against the Wayland Group until March 31, 2020. The stay extension will allow the Wayland Group to continue operating as a going concern as they conduct the SISP and pursue various restructuring options.
Wayland further announced that David Miller has been appointed as Chief Financial Officer of the Company. Mr. Miller’s appointment as CFO was effective as of January 6, 2020. Mr. Miller will be replacing Scott Langille who resigned as CFO of the Company effective as of December 31, 2019. Mr. Langille remains actively involved in other roles within the Wayland Group.
About Wayland Group Corp.
Wayland is a vertically integrated cultivator and processor of cannabis. Wayland was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. Wayland also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland, and Allesandria, Piedmont, Italy.
Forward Looking Information
This news release includes forward-looking information and statements, which may generally be identified by the use of the words “will” and “anticipates” and variations or similar expressions which include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs including, without limitation, the SISP; the Company’s ability to solicit interested parties in connection with the SISP; the anticipated deadline for initial qualified non-binding letters of interest; the Company’s plans with respect to the identification and consideration of potential restructuring transactions under the SISP; the effect of the KERP and the Company’s ability to retain employees; and the effect of the CCAA protection and the stay of proceedings.
Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of Wayland to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such assumptions, risks, uncertainties and other factors include, but are not limited to, that Wayland will be able to solicit interested parties in connection with the SISP, that the terms of any potential letters of interest and/or binding offers received by Wayland pursuant to the SISP will be on timelines and terms satisfactory to Wayland and the Court or at all, that Wayland will be able to identify and consummate a reorganization transaction under the SISP on the timelines and terms anticipated by Wayland or at all; that the stay of proceedings will have the effect contemplated by Wayland in enabling it to continue operations as a going concern while it conducts the SISP and pursues various restructuring options; that the KERP will have the effect anticipated by Wayland and that Wayland will be able to retain key management employees deemed essential to the Company and/or the SISP; that changes in the CCAA proceedings, the SISP, the KERP, the restructuring process and Wayland’s ability to meet its obligations proceed on the basis anticipated by Wayland or at all. Although Wayland believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. In particular, Wayland can offer no assurance that it will be able to identify any interested parties in connection with the SISP and/or that it will receive any letters of interest and/or binding offers under the SISP, and/or that Wayland will be able to consummate any potential reorganization transaction under the SISP on terms satisfactory to Wayland and the Court or at all. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, Wayland assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, changes in the SISP, the KERP and/or the CCAA proceedings or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
For more information regarding the Company’s CCAA Proceedings
Additional information about the SISP, as well as a copy of the Order and additional information regarding the Wayland Group’s CCAA proceedings, is available on the Monitor’s website at www.pwc.com/ca/wayland
Additional enquiries for the Monitor may be directed to:
In its capacity as Court-appointed Monitor of Wayland Group Corp., Maricann Inc., and NanoLeaf Technologies Inc.
|Contact:||Tammy Muradova, PwC|
For additional information concerning the SISP
|Contact:||Wilson Kwan, PwC|