Provides Notice of Third Quarter 2019 Results Release and Conference Call Details

TORONTO, Nov. 19, 2019 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSXV: FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce that it has closed its previously announced credit facility from a syndicate of lenders led by ATB Financial (“ATB”) and including Farm Credit Canada. The $25 million facilities consist of a $24.5 million recapitalization term facility and a $500,000 revolving operating credit facility (together the “ATB Credit Facilities”). Pursuant to conditions of the ATB Credit Facilities, Flowr will receive a first tranche of funding of approximately $20.05 million on closing with the remaining of the recapitalization term facility available subject to certain conditions.

“We are extremely pleased to strengthen our financial position through non-dilutive financing at attractive pricing,” commented Vinay Tolia, Flowr’s Chief Executive Officer.  “The reduced size of the ATB Credit Facilities compared to the initial commitment reflects our reduced capital needs as we focused on those investments with the greatest potential to generate cash flow in the near term.  With our third quarter earnings release on November 26, 2019, we will provide our shareholders with a comprehensive business update.”

The ATB Credit Facilities have a maturity date of three (3) years. The applicable margins for the ATB Credit Facilities are subject to certain performance-pricing grids, as well as certain standby fees. The Company will be subject to customary financial and restrictive covenants under the terms of the ATB Credit Facilities.

Additional details on the ATB Credit Facilities can be found in the Company’s documents filed on www.SEDAR.com.

THIRD QUARTER 2019 RESULTS RELEASE AND CONFERENCE CALL

The Company will release its third quarter 2019 results after the close of the financial markets on Tuesday, November 26, 2019, which will be followed by a conference call and webcast to review these results at 5:30 p.m. Eastern Time.

Conference call and webcast details are as follows:

Toll Free: 1-833-227-5845
Toll/International: 1-647-689-4072
Webcast: flowr.ca/investors
Conference call replay details are as follows:

Toll Free: 1-800-585-8367
Toll/International: 1-416-621-4642
Passcode: 8052839
Webcast: flowr.ca/investors

The replay of the conference call will be available through midnight on Tuesday, December 3, 2019.

About The Flowr Corporation

The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia.  Its Canadian operating campus, located in Kelowna, BC, includes a purpose-built, GMP-designed indoor cultivation facility; an outdoor and greenhouse cultivation site; and a state-of-the-art R&D facility that is currently under construction.  From this campus, Flowr produces recreational and medicinal products.  Internationally, Flowr intends to service the global medical cannabis market through its subsidiary Holigen, which has a license for cannabis cultivation in Portugal and will operate GMP-designed manufacturing facilities in Portugal and Australia.

Flowr aims to support improving outcomes through responsible cannabis use and, as an established expert in cannabis cultivation, strives to be the brand of choice for consumers and patients seeking the highest-quality craftsmanship and product consistency across a portfolio of differentiated cannabis products.

For more information, please visit flowr.ca or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:
Vinay Tolia
CEO and Director

CONTACT INFORMATION:

MEDIA:
Sean Griffin
Vice President, Communications & Public Relations
(877) 356-9726 ext. 1526
sean.griffin@flowr.ca

INVESTORS:
Thierry Elmaleh
Head of Capital Markets
(877) 356-9726 ext. 1528
thierry@flowr.ca

Forward-Looking Information

This press release includes forward-looking information within the meaning of Canadian securities laws regarding Flowr and its business, which may include, but is not limited to: statements relating to the ATB Credit Facilities, including the size, terms and use of proceeds thereof; the Company’s expectations regarding the timing and amount of funding under the ATB Credit Facilities; the Company’s focus on investments with the greatest potential to generate cash flow in the near term; the Company providing shareholders with updates; Flowr’s intent to release its financial results for the third quarter of 2019 on November 26, 2019; Flowr servicing the global medical cannabis market and operating GMP-designed manufacturing facilities in Portugal and Australia; Flowr supporting improving outcomes through responsible cannabis use and striving to be the brand of choice for consumers and patients seeking highest-quality craftmanship and product consistency; and Flowr’s business, production and products. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of Flowr’s management and are based on assumptions and subject to risks and uncertainties. Although Flowr’s management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks relating to Flowr defaulting under the terms of the ATB Credit Facilities, Flowr not receiving funding under the ATB Credit Facilities in the expected amounts or within the anticipated timeframe, the investments Flowr is focused on not having the greatest potential to generate cash flow in the near term, Flowr being delayed or unable to release its financial results for the third quarter of 2019 on November 26, 2019, Flowr being unable to service the global medical cannabis market and operate GMP-designed manufacturing facilities, Flowr being unable to become the brand of choice for consumers and patients seeking highest-quality craftmanship and product consistency, Flowr not being able to provide premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market, Flowr’s inability to excel at cultivating premium cannabis, Flowr’s inability to construct its facilities, or in the time anticipated, which could materially adversely impact its growing capacity and sales, demand for cannabis products decreasing, including with respect to Flowr’s products, the inability of Flowr to provide what it perceives to be much-needed, high quality product to the market, the inability of Flowr to control the growing environment in its facilities, which could result in loss of products or the need to irradiate products, thus impacting the supply and demand for and/or quality of the products, Flowr failing to be a dependable source of premium quality cannabis, Flowr failing to provide as many consumers as possible with access to its products, which could materially impact sales, Flowr’s customers not differentiating Flowr’s products or cultivation expertise, Flowr requiring additional financing from time to time in order to continue its operations and such financing may not be available when needed or on terms and conditions acceptable to the Company, new laws or regulations adversely affecting the Company’s business and results of operations, results of operation activities and development of projects, project cost overruns or unanticipated costs and expenses, the inability of Flowr’s products to be high quality, the inability of Flowr to produce and distribute premium, high quality products, the inability to complete construction of Flowr’s cultivation facility or any delay in the construction thereof, the inability to supply the products described herein or any delay in such supply, Flowr’s securities, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically, risks associated with the geographic markets in which Flowr operates and/or distributes its products, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), risks associated with the use of Flowr’s products to treat certain conditions, the cannabis industry and the regulation thereof, the failure to comply with applicable laws, risks relating to partnership arrangements, possible failure to realize the anticipated benefits of partnership arrangements, product launches (including, without limitation, unsuccessful product launches), the inability to launch products, the failure to obtain regulatory approvals, economic factors, market conditions, risks associated with the acquisition and/or launch of products, the equity and debt markets generally, risks associated with growth and competition (including, without limitation, with respect to Flowr’s products), general economic and stock market conditions, risks and uncertainties detailed from time to time in Flowr’s filings with the Canadian Securities Administrators and many other factors beyond the control of Flowr.  Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which it is made and Flowr undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.  

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 press release.