TORONTO, June 23,
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 it has further established its U.S. operations by
increasing its points of distribution with its largest U.S.
customer, and by signing on with GO Ventures, LLC ("GO
Ventures") which will act as Well Told's U.S. agent for retail
partnerships.
The expanded distribution in the U.S. comes as a result of 6 new
SKUs being listed on one of the top U.S. nationwide pharmacy
websites. Well Told began its relationship with the pharmacy chain
in December 2021 when 2 SKUs were
listed in over 850 of its brick-and-mortar stores. The Company has
since expanded its product to a total of 9 products in store, over
1,000 stores, and now a total of 8 products online.
Commenting on this achievement, founder and CEO of Well Told
Monica Ruffo stated, "We are so proud to continue to deepen our
relationship with our first and largest U.S. customer; it is a very
promising sign of the potential for our brand in the U.S.
market".
The Company is also pleased to announce it has entered into a
representation agreement dated June 22,
2022 (the "Representation Agreement") with GO
Ventures which will act as Well Told's U.S. agent for retail
partnerships. GO Ventures works with pioneering companies, brands
and founders to help them win in the future of retail.
Oliver Bogner, founder and CEO of
GO Ventures stated "We are very particular about who we choose to
represent with a focus on strong founder-led brands with highly
differentiated products and authentic stories, so we were very
excited when we discovered Well Told. We feel confident that we
will be key contributors to Well Told's growth in the U.S. moving
forward and can't wait to get started."
Monica Ruffo, founder and CEO of
Well Told added "We are very excited to start working with the GO
Ventures team; they have seen incredibly impressive results and the
U.S. represents a key pillar of our strategic growth plan."
The Representation Agreement with GO Ventures, an arm's length
service provider, includes a monthly retainer of US$10,000 (the "Retainer") until such time
that five percent (5%) of the Company's monthly net sales
generated from the sale of products to the particular customers Go
Ventures will be selling to ("Sales Commission") equals at
least $5,000 in which case the Sales
Commission will replace the Retainer. Pursuant to the
Representation Agreement the Retainer shall be payable within 10
business days following the month the Retainer is earned and shall
be payable, at the sole discretion of the Company, in cash or
common shares (the "Common Shares") in the capital of Well
Told. In the event the Company elects to pay the Retainer in Common
Shares, the deemed price per share shall be based on the closing
price of the Common Shares on the TSX Venture Exchange (the
"TSXV") on the last trading day of the month the Retainer
is earned based on the Bank of Canada foreign exchange rate as of such
date.
The initial term of the Representation Agreement is for one year
and shall automatically renew for additional one-year periods
unless terminated by either party 120 days prior to the end of the
then current term. Notwithstanding the foregoing, the
Representation Agreement may be terminated by either party at any
time for any reason with or without cause upon 120 days' written
notice to the other party. In such a case, only the Sales
Commission need be paid during the 120-day period.
The foregoing transaction remains subject to the approval of the
directors of the Company and regulatory approval from the Exchange.
The foregoing common shares have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and will be issued as "restricted securities" (as defined in
Rule 144 under the U.S. Securities Act), in reliance on exemptions
from U.S. federal and state registration requirements. In addition,
the securities issuable pursuant to the transactions noted herein
will be subject to a Canadian four-month hold period.
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 U.S.
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 the Company issuing Common
Shares pursuant to the Representation Agreement and the Company
closing the debt conversion transaction. 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
Exchange approval for the debt conversion transactions; negotiation
and execution of a definitive debt conversion agreement with the
arm's length service provider; and satisfaction or waiver of
conditions to closing. 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 ability to
continue to source ingredients and packaging for its products on
favourable terms; the Company's ability to capitalize on growth
opportunities and implement its growth strategy; the Company's
ability to build its market share; the Company's ability to
maintain brand development; the Company's ability to maintain
existing customer relationships and to continue to expand its
customers' use of its products; the Company's ability to obtain
financing on acceptable terms or at all; the impact of competition;
the Company's ability to negotiate favorable terms with retailers
and distributors; the company's ability to scale its ecommerce
business;; the changes and trends in the Company's industry or the
global economy; 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 Well Told Inc.