Vancouver, British Columbia (FSCwire) - Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) today announced that it has terminated its letter of intent (“LOI”) dated December 20, 2017 to acquire Body & Mind Inc. (“BAM”) in an all-stock transaction.
After careful review of the BAM transaction and current market conditions, Friday Night and Body and Mind Inc. have mutually determined the acquisition of BAM under the terms of the LOI would not be in the best interests of shareholders, and as a result, the LOI has been terminated by both parties.
Body and Mind Inc. CEO Leonard Clough commented, “Market conditions and the revised consideration proposal to our shareholders played a role in the decision to mutually terminate the proposed amalgamation plan.”
Friday Night Inc. CEO Brayden Sutton commented, “Recent market events out of our control turned the BAM acquisition into a moving target. To keep renegotiating terms and delaying the closing date is not fair to shareholders on either side, all the while both companies may be missing other opportunities.”
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp-based assets in Las Vegas Nevada. The company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.
To view the associated document to this release, please click on the following link:
Source: Friday Night Inc (CSE:TGIF, OTCQB:TGIFF, FWB:1QF)
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