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VANCOUVER, BC, April 16, 2021 /CNW/ - Freshlocal Solutions Inc.
(TSXV: RHV.P) ("Freshlocal Solutions" or the
"Company") (formerly "Rainy Hollow Ventures Inc.") is
pleased to announce that it completed today its qualifying
transaction (the "Transaction") pursuant to Policy 2.4
- Capital Pool Companies of the TSX Venture Exchange (the
"TSXV"), which consisted of a reverse take-over of the
Company by Sustainable Produce Urban Delivery Inc. ("SPUD")
by way of a statutory plan of arrangement in accordance with the
previously announced arrangement agreement dated
December 21, 2020, as amended on March 9, 2021,
between the Company and SPUD.
Freshlocal Solutions will continue the business of SPUD, which
is the provision of end-to-end grocery e-commerce solutions.
Following completion of the Transaction, there are now 43,787,883
common shares of Freshlocal Solutions issued and outstanding as of
the date hereof. As previously announced, Freshlocal Solutions has
received conditional approval from the Toronto Stock Exchange (the
"TSX") for the listing and posting for trading of its common
shares on the TSX and Freshlocal Solutions' common shares are
expected to commence trading on the TSX on or about April 21, 2021 under the symbol "LOCL".
"We are excited to complete this transaction, and with it we can
now fully adopt our new name - Freshlocal Solutions," noted
Peter van Stolk, Chief Executive
Officer of the Company. "We look forward to the up-coming listing
of our common shares on the TSX and to earning our place as a
preferred investment option in the global eGrocery business."
Further Information
For additional information about Freshlocal Solutions and the
Transaction, please refer to the filing statement dated
April 9, 2021 which has been filed under the Company's profile
on SEDAR at www.sedar.com.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
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 may not be offered or sold within
the United States or to U.S.
persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Freshlocal Solutions
Freshlocal Solutions is a Vancouver-based company that is building a
leadership position in the provision of end-to-end grocery
e-commerce solutions. The Company operates two primary businesses,
FoodX and eGrocery, both of which support its corporate mission to
leverage innovation and technology to create a sustainable and
profitable food system for all. FoodX Technologies ("FoodX") is
Freshlocal Solutions' scalable end-to-end SaaS-based eGrocery
Management Solution (eGMS) which is designed to meet the needs of
large and small grocery retailers while providing profitable unit
economics. The FoodX eGMS is the culmination of over 20 years of
experience in online grocery and the company's proven track record
of delivering efficiently, sustainably and profitably. The
Company's consumer eGrocery business has expanded into one of
Canada's largest online grocery
companies, with a focus on delivering fresh, local, organic produce
and groceries, along with exceptional customer experiences.
Freshlocal Solutions serves the main urban markets in Alberta and British
Columbia through its brick and mortar store locations
operating under the Blush Lane and Be Fresh banners, as well as
through SPUD.ca which is the Company's award-winning online
eGrocery platform. For more information, please visit
http://freshlocalsolutions.com.
Notice on Forward Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to the listing of the Company on the TSX.
Often, but not always, forward-looking statements or information
can be identified by the use of words such as "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan",
"predict", "may" or "should" and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about general business
and economic conditions of the Company and the market in which it
operates. The foregoing list of assumptions is not
exhaustive.
Although management of the Company believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that forward-looking statements or information herein will prove to
be accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. These factors include, but are not
limited to: final approval of the Company's listing application by
the TSX; risks associated with the business of the Company;
business and economic conditions in the eGrocery industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to unanticipated
operational difficulties (including failure of technology or
processes to operate in accordance with specifications or
expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); changes in general economic conditions or conditions in
the financial markets; changes in laws; risks related to the direct
and indirect impact of COVID-19 including, but not limited to, its
impact on general economic conditions; the ability to obtain
financing as required; and other risk factors as detailed from time
to time. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
SOURCE Freshlocal Solutions Inc.
