TORONTO, May 17, 2022
/CNW/ - The Well Told Company Inc. ("Well Told" or the
"Company") (TSXV: WLCO) (FSE: 7HO), the female-founded
wellness company that offers plant-based supplements, remedies,
and other functional wellness products, announces a correction to
the hold period disclosure in its News Release from earlier today.
All of the securities issuable pursuant to the debt conversion
transaction will be subject to a Canadian four-month hold period
and 4,000,000 of the shares will be subject to a contractual hold
(800,000 for four months, 800,000 for six months, 800,000 for eight
months, 800,000 for ten months and 800,000 for twelve months).
The Company announced the execution of an agreement with an
arm's length service provider to convert $1,441,783.57 of debt
into 4,520,000 common shares of the Company (equal to $180,800 based on the current market price of
the common shares). The shares are being issued at a deemed price
of thirty five and a half cents ($0.355) for 4,000,000 of the
shares and four cents ($0.04) for 520,000 of the shares.
The Company, with the service provider's consent, determined to
satisfy the indebtedness of these one-time go-public related fees
with shares in order to preserve the Company's cash for working
capital.
Monica Ruffo, founder and CEO of
Well Told, stated, "We are pleased to have come to an
agreement that will serve to lighten our balance sheet and preserve
our cash and enable us to move on from these one-time go-public
fees without putting pressure on our cash flow".
About The Well Told Company Inc.
Well Told is a female-founded, emerging plant-based wellness
company that formulates, develops, distributes and sells a variety
of supplements, remedies and other functional wellness products.
Founded by serial entrepreneur and award- winning leader
Monica Ruffo, it was after
undergoing treatment for breast cancer, and deciding to take her
health into her own hands that she discovered the lack of
transparency and availability of clean, plant-based formulations in
the wellness industry. With the mission "Clean wellness for all",
Well Told's products are currently available in over 2,000 stores
across Canada including several
well-known retailers and recently launched in over 850 pharmacies
in the US in addition to being available at well.com and on
Amazon.
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.
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions as they relate to the Company are intended to identify
forward-looking information, including, closing of the debt
conversion transaction noted herein. All statements other than
statements of historical fact may be forward-looking information.
Such statements reflect the Company's current views and intentions
with respect to future events, and current information available to
the Company, and are subject to certain risks, uncertainties and
assumptions, including, without limitation, receipt of director and
TSX Venture Exchange approval for the debt conversion transaction.
Many factors could cause the actual results, performance or
achievements that may be expressed or implied by such
forward-looking information to vary from those described herein
should one or more of these risks or uncertainties materialize.
Examples of such risk factors include, without limitation: credit;
market (including equity, commodity, foreign exchange and interest
rate); liquidity; operational; reputational; insurance; strategic;
regulatory; legal; environmental; the general business and economic
conditions in the regions in which the Company operates; the
ability of the Company to execute on key priorities; the Company's
results of operations may be difficult to forecast; the Company is
a holding company with its only asset being direct ownership of
Well Told Inc.; the Company's success depends upon the continued
strength of its reputation and brands; disruptions in manufacturing
facilities or losses of site licenses and other qualifications
could adversely affect sales and customer relationships; the
Company's success depends on its ability to continue to enhance
products and develop new products; the Company's suppliers and
sources for materials and inputs may fail to support demand and
increasing raw material costs could adversely affect margins; the
Company is reliant on third parties for shipping and payment
processing; the Company's ability to compete could be negatively
impacted if it is unable to protect its intellectual property
rights; the ability to implement business strategies and pursue
business opportunities; disruptions in or attacks (including
cyber-attacks) on the Company's information technology, internet,
network access or other voice or data communications systems or
services; the evolution of various types of fraud or other criminal
behavior to which the Company is exposed; the failure of third
parties to comply with their obligations to the Company or its
affiliates; the impact of new and changes to, or application of,
current laws and regulations; granting of permits and licenses in a
highly regulated business; the overall difficult litigation
environment; increased competition; changes in foreign currency
rates; increased funding costs and market volatility due to market
illiquidity and competition for funding; the availability of funds
and resources to pursue operations; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Company; the occurrence of natural and unnatural catastrophic
events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration of
general economic conditions including a possible national or global
recession; as well as those risk factors discussed or referred to
in the Company's disclosure documents filed with the securities
regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should
any factor affect the Company in an unexpected manner, or should
assumptions underlying the forward-looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward- looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
SOURCE The Well Told Company Inc.