VANCOUVER, British Columbia, April 14, 2021 (GLOBE NEWSWIRE) — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“PRIMO” or the “Company”) is announcing that the cease trade order issued by the British Columbia Securities Commission on December 4, 2020 was a result of the Company not filing its 2020 financial statements on time. During the audit process the Company’s auditor had embarked on an in-depth review of transactions that were the subject of previous audits and some extra time had been taken to accommodate the unexpected requests.
The Company’s management is currently working to complete the audit as soon as possible. The Company’s management is continuing to work with its accountants and auditor and is taking every available measure necessary in order to expedite the completion of the audit.
UPDATE: MARIANNA NATURALS CORP.
Primo is currently a 25% stakeholder in Marianna Naturals Corp. (“Marianna”) with the Company holding 11,595,137 shares of Marianna’s 46,390,576 outstanding Class ‘A’ common shares (“Marianna Common Shares”). The Company through its transfer agent will issue out 10,000,000 Marianna Common Shares to the Company’s shareholders as a dividend.
For every 2.6 Common Shares of Primo Nutraceuticals Inc. held by Primo shareholders on April 7, 2021 they will receive 1 (one) Class ‘A’ common share of Marianna Naturals Corp.
Primo is extremely pleased with the transaction where the Company’s shareholders will get to see the value of the equity stake in Marianna Naturals Corp. Marianna has reached several milestones successfully in recent months, with Marianna’s products currently listed in Walmart.ca in the marketplace seen here: https://www.walmart.ca/en/marianna-naturals/N-51279164
For more updates on Marianna Naturals Corp. visit here:
For further information and for any questions regarding the CTO, please contact Zoltan Sarkozy, IR Representative at: 604-722-0305.
About Primo Nutraceuticals Inc.
Primo Nutraceuticals Inc. (“Primo” or the “Company”) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo’s management is in the process of building a corporate road map to further vertically integrate the Company; specifically, by way of the “Primo” & “Thrive,” brands and a selection of curated partner brands. Most recently Primo announced that it had received its Natural Product Number (“NPN”) and it has been issued a Medical Device Establishment License (“MDEL”) from Health Canada.
On behalf of the Board of Directors
PRIMO NUTRACEUTICALS INC.
Richard Cindric CEO and Director
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as-a-result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.