Alcanna Announces the Closing of the Previously Announced Acquisition of 28 Solo Liquor Stores, All Trademarks and Brand
EDMONTON, Alberta, June 25, 2019 (GLOBE NEWSWIRE) — Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) today announced the closing of the previously announced acquisition by the Canadian Liquor Retailers Alliance Limited Partnership (the “Alliance”) of certain assets of “Solo Liquor”. Alcanna owns approximately 71% of the Alliance, who acquired the underlying assets of twenty-eight (28) stores operating as Solo Liquor, two (2) additional leased locations that have not yet been opened, the “Solo Liquor” brand and related trademarks. The previously announced asset purchase agreement (the “Purchase Agreement”) is with FTI Consulting Canada Inc. in its capacity as court-appointed receiver and manager of the assets, properties and undertakings of Solo Liquor Stores Ltd. and Solo Liquor Holdings Ltd.
On June 18, 2019, the Court granted an approval and vesting order transferring the assets that are the subject of the Purchase Agreement. The transaction is now closed, with all conditions and requirements for approvals waived by the Alliance or satisfied.
ABOUT ALCANNA INC.
Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores – operating 260 locations under the brand names Wine & Beyond, Liquor Depot, Ace Liquor, Solo Liquor and Brown Jug in Alberta, British Columbia and Alaska. The Company also operates nine (9) cannabis retail stores under the “Nova Cannabis” brand, with eight (8) locations in the Province of Alberta and one in the Province of Ontario. With revenues in excess of $700 million per year, Alcanna processes over 20 million individual retail transactions of beverage alcohol and cannabis.
Alcanna’s common shares and convertible subordinated debentures trade on the Toronto Stock Exchange under the symbols “CLIQ” and “CLIQ.DB”, respectively.
Souce Globe NewsWire West