TORONTO, May 17, 2022
/CNW/ - The Well Told Company Inc. ("Well Told" or the
"Company") (TSXV: WLCO) (FSE: 7HO), the female-founded
wellness company that offers plant-based supplements, remedies,
and other functional wellness products, announces the execution of
an agreement with an arm's length service provider to convert
$1.44 Million of debt into 4,520,000
common shares of the Company ("Shares"), currently equal to
$180,800 based on the current market
price of the Shares. 4,000,000 Shares are being issued at a price
of $0.355 per Share and 520,000 Shares are being issued at a price
of $0.04 per Share. The Company, with
the service provider's consent, determined to satisfy the
indebtedness of these one-time go-public related fees with Shares
in order to preserve the Company's cash for working
capital.
Monica Ruffo, founder and CEO of
Well Told, stated, "We are pleased to have come to an
agreement that will serve to lighten our balance sheet and preserve
our cash and enable us to move on from these one-time go-public
fees without putting pressure on our cash flow".
The transaction is subject to approval of the directors of the
Company and regulatory approval from the TSX Venture Exchange (the
"Exchange"). In addition, all of the Shares issuable
pursuant to the transaction will be subject to a four-month hold
period following which 4,000,000 Shares will be released from
lock-up every four months for a one-year period.
About The Well Told Company Inc.
Well Told is a female-founded, emerging plant-based wellness
company that formulates, develops, distributes and sells a variety
of supplements, remedies and other functional wellness products.
Founded by serial entrepreneur and award- winning leader
Monica Ruffo, it was after
undergoing treatment for breast cancer, and deciding to take her
health into her own hands that she discovered the lack of
transparency and availability of clean, plant-based formulations in
the wellness industry. With the mission "Clean wellness for all",
Well Told's products are currently available in over 2,000 stores
across Canada including several
well-known retailers and recently launched in over 850 pharmacies
in the US in addition to being available at well.com and on
Amazon.
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.
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions as they relate to the Company are intended to identify
forward-looking information, including, closing of the debt
conversion transaction noted herein. All statements other than
statements of historical fact may be forward-looking information.
Such statements reflect the Company's current views and intentions
with respect to future events, and current information available to
the Company, and are subject to certain risks, uncertainties and
assumptions, including, without limitation, receipt of director and
Exchange approval for the debt conversion transaction. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Examples of such risk factors
include, without limitation: credit; market (including equity,
commodity, foreign exchange and interest rate); liquidity;
operational; reputational; insurance; strategic; regulatory; legal;
environmental; the general business and economic conditions in the
regions in which the Company operates; the ability of the Company
to execute on key priorities; the Company's results of operations
may be difficult to forecast; the Company is a holding company with
its only asset being direct ownership of Well Told Inc.; the
Company's success depends upon the continued strength of its
reputation and brands; disruptions in manufacturing facilities or
losses of site licenses and other qualifications could adversely
affect sales and customer relationships; the Company's success
depends on its ability to continue to enhance products and develop
new products; the Company's suppliers and sources for materials and
inputs may fail to support demand and increasing raw material costs
could adversely affect margins; the Company is reliant on third
parties for shipping and payment processing; the Company's ability
to compete could be negatively impacted if it is unable to protect
its intellectual property rights; the ability to implement business
strategies and pursue business opportunities; disruptions in or
attacks (including cyber-attacks) on the Company's information
technology, internet, network access or other voice or data
communications systems or services; the evolution of various types
of fraud or other criminal behavior to which the Company is
exposed; the failure of third parties to comply with their
obligations to the Company or its affiliates; the impact of new and
changes to, or application of, current laws and regulations;
granting of permits and licenses in a highly regulated business;
the overall difficult litigation environment; increased
competition; changes in foreign currency rates; increased funding
costs and market volatility due to market illiquidity and
competition for funding; the availability of funds and resources to
pursue operations; critical accounting estimates and changes to
accounting standards, policies, and methods used by the Company;
the occurrence of natural and unnatural catastrophic events and
claims resulting from such events; and risks related to COVID-19
including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration of
general economic conditions including a possible national or global
recession; as well as those risk factors discussed or referred to
in the Company's disclosure documents filed with the securities
regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should
any factor affect the Company in an unexpected manner, or should
assumptions underlying the forward-looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward- looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
SOURCE Well Told Inc.