Subjects: LICENSING AGREEMENTS, MISCELLANEOUS
Eve & Co Announces Health Canada Approval of Additional Processing Area
STRATHROY, Ontario, May 04, 2020 (GLOBE NEWSWIRE) -- Eve & Co Incorporated ("Eve & Co" or the "Company") (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce that Health Canada has approved an amendment to the licence of its wholly-owned subsidiary, Natural MedCo Ltd., permitting the use of a 7,300 square foot area ("Processing Area 2") as eleven additional processing rooms. Processing Area 2 enables the Company to continue its production ramp-up to supply cannabis markets in Canada and abroad under its European Union Certificate of Good Manufacturing Practice from the Government of Upper Bavaria, Germany.
"We are very pleased to have received Health Canada's approval for our additional processing area. This is an integral step in supporting our 780,000 square foot flowering room expansion and production ramp-up. With this approval, we intend to ramp-up production over the next two quarters which will give us the ability to become a significant supplier to the Canadian and global cannabis markets(1)," said Melinda Rombouts, President and CEO of Eve & Co.
Processing Area 2 provides immediate licensed capacity to facilitate additional social distancing measures for the Company during the COVID-19 pandemic.
The Company anticipates production capacity will increase to approximately 50,000 kgs annually(1), allowing Eve & Co to introduce a number of value-added products to the Canadian market under its female-focused "Eve" brand while continuing to build and execute on its international program.
(1) This is forward-looking information and is based on a number of assumptions. See "Notice regarding forward looking statements".
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary, Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received EU GMP certification. Natural MedCo Ltd. was Canada's first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
The Company's website can be visited at www.evecannabis.ca.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding forward looking statements:
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's expected timeline for use of Processing Area 2, the size of the increase in production, licensing for and sales to global cannabis markets, the introduction of new products, opportunities for growth, future strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company's management's discussion and analysis for the year-ended December 31, 2019 which is available on the Company's SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
For further information, please contact:
Melinda Rombouts
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
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