The Amended and Restated Initial Order authorizes the
The DIP Facility is intended to address the Wayland Group’s near term liquidity issues and, together with the protection under the CCAA, including a stay of proceedings in favour of the
Wayland further announced that its auditor, NVS Chartered Accountants (“NVS”), resigned as auditors of the Company effective as of
Wayland has also determined that it will not consummate its previously announced transaction involving
About
Wayland is a vertically integrated cultivator and processor of cannabis. Wayland was founded in 2013 and is based in
Forward Looking Information
This news release includes forward-looking information and statements, which may generally be identified by the use of the words “will”, “continues”, “anticipates”, “expects” and “intends” 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 provision of the DIP Facility; availability of further advances under the DIP Facility; the effect of the CCAA protection and the DIP Financing; and the Company’s plans with respect to seeking the Comeback Order and with respect to the identification and consideration of potential restructuring transactions.
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 additional borrowings will be made available to Wayland under the DIP Facility on a timeline and terms acceptable to Wayland or at all, that the terms of any such financial arrangement will be approved by the court, that the stay will have the effect contemplated by Wayland in providing it with additional time to consider potential restructuring transactions; that changes in the CCAA proceedings, the restructuring process and Wayland’s ability to meet its obligations proceed on the basis anticipated by Wayland or at all; and that Wayland will be able to identify and consummate a reorganization transaction on the timelines and terms 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 any additional borrowings will be made available to the Company under the DIP Facility on terms acceptable by the Company and by the court or at all or that it will be able to identify and/or consummate any potential reorganization transaction 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 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
A copy of the Amended and Restated Initial Order and other information will be 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
Telephone: 416-687-8534
Email: cmt_processing@ca.pwc.com
Contact:
Source:
2019 GlobeNewswire, Inc., source