TORONTO, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Eve & Co. Incorporated (TSXV: EVE) (OTCQX: EEVVF) (the “Company” or “Eve & Co”) announces that it has filed articles of amendment to consolidate the Company’s issued and outstanding common shares on the basis of one (1) new common share for every ten (10) existing common shares (the “Consolidation”).

As a result of the Consolidation, the 287,867,172 common shares issued and outstanding prior to the Consolidation have been reduced to approximately 28,786,717 common shares (disregarding the treatment of any resulting fractional common shares). Each shareholder’s percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional common shares.

The Company will not be issuing fractional post-Consolidation common shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional common share, the number of post-Consolidation common shares issued to such shareholder shall be rounded down to the nearest whole number of common shares.

Shareholder approval of the Consolidation was obtained at the Company’s annual and special meeting of shareholders held on June 25, 2020. In connection with the Consolidation, the Company has sent letters of transmittal to holders of its common shares for use in transmitting their existing share certificates (“Existing Certificates”) to the Company’s registrar and transfer agent, TSX Trust Company, in exchange for new certificates (“New Certificates”) representing the number of post-Consolidation common shares to which such shareholder is entitled as a result of the Consolidation. No delivery of a New Certificate to a shareholder will be made until the shareholder has surrendered its Existing Certificates. Until surrendered, each Existing Certificate shall be deemed for all purposes to represent the number of post-Consolidation common shares to which the holder is entitled as a result of the Consolidation. The common shares of the Company reflecting the Consolidation will commence trading on the TSX Venture Exchange effective as of December 31, 2020.

ABOUT EVE & CO INCORPORATED

Eve & Co, through its wholly-owned subsidiary NMC, holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extracts and has received its European Union certificate of Good Manufacturing Practice which allows Eve & Co to distribute its products to the European Union. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario. The Company’s website can be visited at www.evecannabis.ca.

For further information please contact:

Melinda Rombouts
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur, including the effective date of trading of the post-Consolidation common shares. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

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.