October 29, 2019 at 10:10 am
Published by NCV Newswire
TORONTO, OCTOBER 29, 2019–(Enterprise WIRE)– DionyMed Brands Inc. (“DionyMed” or the “Company“) (CSE: DYME OTCQB: DYMEF), a multi-state cannabis brands, direct-to-customer and distribution platform, previously announced that GLAS USA LLC (“GLAS USA”), as administrative agent, and GLAS America LLC (“GLAS America”), as collateral agent, below the Company’s credit agreement dated January 16, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) offered the Enterprise with notice of default below the Credit Agreement and demand for quick payment of the quantity of US$24,810,682.80 plus any added interest, costs and expenditures and that GLAS America served the Enterprise with a petition to the Supreme Court of British Columbia in search of the appointment of a receiver more than all of the Company’s home and assets (the “Receivership Petition”). The Receivership Petition is scheduled to be heard on October 29, 2019 at 9:45 a.m. P.T. at the Vancouver Supreme Court of British Columbia at 800 Smithe Street, Vancouver.
Regardless of the most effective efforts of the Enterprise, its management group and Board of Directors, operating cooperatively with GLAS USA, the Enterprise has been unable to attract a viable transaction to restructure its debts and/or seek a sale of the Enterprise of its assets outdoors of a court course of action. GLAS America has for that reason advised the Enterprise that it intends to proceed with the Receivership Application and the Enterprise does not intend to oppose the appointment of a receiver. The Enterprise anticipates that FTI Consulting Canada Inc. will be appointed as receiver at the hearing of the Receivership Petition or shortly thereafter.
In light of the foregoing, the Company’s 4 directors, getting Susan Watt, David Kerr, Brett Moyer and Stephen Dineley, each and every independent directors, have advised the Enterprise that they intend to resign productive upon the appointment of the receiver.
Founded in 2017, DionyMed is a multi-state cannabis brands platform, supporting cultivators, makers and award-winning brands in the health-related and adult-use cannabis markets. DionyMed sells branded goods in each category from flower to concentrates and edibles. DionyMed serves cannabis customers via direct-to-customer fulfillment and retail dispensary distribution with its developing portfolio of award-winning brands. Understand additional at dyme.com and comply with @DYME_Inc on Twitter and LinkedIn.
Original press release
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