VANCOUVER, BC, Jan. 18, 2021 /CNW/ - Sunniva Inc. ("Sunniva", the "Company") (CSE: SNN) (OTC-Pink: SNNVF), announces today that it obtained a court order permitting the Company to present a Restructuring Plan ("Plan") to its creditors and subject to creditor approval, plans to seek a sanction order from the Court approving implementation of the Plan. The Court also extended the Stay of Proceedings under the Company Creditor Arrangement Act (Canada) ("CCAA") to February 12, 2021.
The Monitor, Alvarez & Marsal Canada Inc. has sent meeting materials to the creditors by email or regular mail. A virtual meeting will be held on February 5, 2021 to vote on the Plan and if approved, the Company will seek a sanction order from the court on or about February 12, 2021.
Additional information may be obtained from the Monitor's website at: https://www.alvarezandmarsal.com/sunniva
In accordance with the policies of the Canadian Securities Exchange (the "CSE"), in connection with the CCAA proceedings, the CSE will be reviewing the continued listing of the common shares of the Company. The common shares of the Company have been subject to a cease trade order since June 22, 2020 for failure to file certain financial documents (the "Cease Trade Order"). Trading of the shares will continue to be suspended until the CCAA process has been completed and the Cease Trade Order has been revoked. Completion of the Plan will remain conditional on the revocation of the Cease Trade Order.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information or Statements
This press release contains forward-looking information or statements. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking information or statements". Forward-looking information or statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions and that the trading of the Company's common shares will continue to be suspended until the CCAA process has completed and the cease trade order has been revoked. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva's continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
SOURCE Sunniva Inc.
Released January 18, 2021