Tickers: XTSX:CEA, XCNQ:CIG
Tags: #Oil&Gas
TheNewswire - March 10th, 2020 - Camarico Investment Group Ltd. (CSE:CIG) (CNSX:CIG.CN) ("Company") has reviewed its business plan, and given the current market conditions of the cannabis industry, capitalization restraints and commodity diversification, the Company has initiated operational restructuring.
The Company is poised to refocus its efforts within the cannabis industry to a core group of projects that are currently underway and have strategic value to the Camarico portfolio.
In alignment with our revised business plan and required restructuring, the following changes will be made to the Camarico portfolio effective immediately:
Camarico Land & Development Ltd. | Georgetown | CLDC is committed to Georgetown Phase I and will seek permit reactivation or repurposing post legal review. |
Aggro Manufacturing Ltd. | El Rollo | Testing and development activities have been discontinued. |
. | Containerized Grow Pod | Aggro will continue the development and test the stand alone and linked containerized grow pod design. |
Camarico FamliFarms Ltd. | One Eleven Sask. | Pending legal review action will be taken accordingly. |
Hemp License | FamliFarms will announce 2020 focus at a later date. | |
Camarico Construction Ltd. | Discontinue | Operational interests within Camarico Construction will be transferred to Camarico Land & Development or subcontracted to qualified third parties by competitive bid or fair market value. The Company will wind up operations and cease operations until a qualified investment opportunity is identified. The shell will be repurposed accordingly. |
Canadian Botanical Distributors Ltd. | Discontinue | The Company will wind up operations and cease operations until a qualified investment opportunity is identified. The shell will be repurposed accordingly. |
Camarico Agriculture Ltd. | Discontinue | The Company will wind up operations and cease operations until a qualified investment opportunity is identified. The shell will be repurposed accordingly. |
CanMan Canada Ltd. | Discontinue | The Company will wind up operations and cease operations until a qualified investment opportunity is identified. The shell will be repurposed accordingly. |
The Company will provide periodic updates regarding the operational restructuring process and opportunities as they present themselves.
Contact Information
Mr. Anthony Chan
Email: achan@camarico.ca
Camarico Investment Group Ltd.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information contained in this news release.
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