Sunniva Inc. Provides Update On Current Liquidity Position And Announces The Resignation Of A Board Member

VANCOUVER, British Columbia, Feb. 20, 2020 /PRNewswire/ -- Sunniva Inc. ("Sunniva", the "Company", "we", "our" or "us") (CSE:SNN) (OTCQB:SNNVF), announces that its wholly owned subsidiary, CP Logistics LLC, has secured a short term loan (the "Loan") in California for net proceeds of approximately USD$477,803 with a non-bank private lender as part of its ongoing efforts to manage current liquidity issues.  The Loan has a term of 12 months, bears an interest rate of 12%, and is secured against Sunniva's warehouse located in Long Beach, California.

"Similar to other companies in the cannabis industry, we are struggling to find capital raising opportunities to fund our ongoing expenses and debt obligations.  This loan is one of the cash generating initiatives that we have been pursuing; however, our stakeholders should understand that as previously disclosed Sunniva continues to face significant business and financial challenges," said Dr. Anthony Holler, Chairman and CEO of Sunniva Inc. "In California, we are involved in a dispute related to the Cathedral City Glasshouse where the owner and landlord is seeking to terminate our lease.  While we are pursuing our legal rights under the lease and investigating options to deal with our significant liquidity issues, there can be no certainty of our ability to generate or raise the funds that we require or of our ultimate success in resolving our difficult challenges."

In addition, Luke Stanton, a board director, has resigned from the Sunniva Board of Directors effective February 19, 2020.  Mr. Stanton will continue to work with Sunniva in a legal advisory capacity.

"On behalf of our board of directors, I thank Luke for his service and contributions to Sunniva and wish him well in all his future endeavors," stated Dr. Holler.

For more information about the Company please visit: www.sunniva.com.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, statements regarding Sunniva's operations, Sunniva's efforts to manage liquidity issues, the pursuit of Sunniva's legal rights under the lease for the Cathedral City Glasshouse and the investigations of options to deal with significant liquidity issues 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. 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.

Company Contacts:

SOURCE Sunniva Inc.

Related Links

http://www.sunniva.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED