BELGRAVIA CAPITAL INTERNATIONAL INC. (CSE:BLGV) (OTCQB:BLGVF)
(“Belgravia” or the “Company”) is providing a corporate update on
its acquisition targets and investment holdings.
In the second half of 2019, Belgravia will be
moving away from an investment portfolio model to a more
concentrated asset management of select holdings.
Acquisition: Belgravia is
pleased to announce a non-binding letter-of-intent (“LOI”) with
Cali Care Group Ltd. (“Cali Care”), a leading cannabis home
delivery service in the Inland Empire of California, a region that
sits between Orange County and Palm Springs and is home to over 4
million people. Under the LOI, Belgravia would issue $2,500,000 CAD
in securities in exchange for 62.5% of Cali Care, and commits to
financing the capital needs for Cali Care to help scale growth.
This capital injection purchases a license, land, building, and
vehicles which will significantly capitalize on the growing sector.
Belgravia has 60 days of due diligence to execute the definitive
agreement.
Cali Care has been delivering quality medical
cannabis since 2011 with positive cash flows without any capital
funding. Cali Care has become the Inland Empire's preeminent home
delivery service with a focus on personalized customer service,
responsible, informed advice and high quality, locally sourced
product.
Mehdi Azodi, Belgravia’s President and CEO,
states “the growth in this sector in California is still in its
early stages, and we believe the Cali Care team has established the
network and credibility to develop immediate positive cash
flow.”
Further details regarding this transaction will
be made available upon completion of due diligence.
Belgravia continues to actively seek other
opportunities in non-competing sectors. Due to non-disclosure
agreements in place, the details of other transactions cannot be
disclosed until signing LOIs.
Investment Holdings:
Blackrock Gold Corp
(BRC-TSX.V)Belgravia is the largest shareholder of
Blackrock Gold with 8,280,000 shares which represent approx. 16% of
the shares outstanding. In the last quarter, Blackrock Gold changed
its board and management to the delight of Belgravia. Mr. Andrew
Pollard is now the President & CEO. The Company will continue
to support and work with Blackrock Gold to assist in executing its
business plan.
Tartisan Nickel (TN-CSE)On July
9, 2019, Belgravia asked the Ontario Superior Court of Justice for
an order compelling Mark Appleby, the President of Tartisan to,
among other things, answer questions he had refused to answer
during his initial examination for discovery. The court not only
granted an order compelling Appleby to answer the specific and
general questions he had refused to answer earlier but it directed
Appleby to make himself available to attend at a further
examination to answer all of Belgravia's questions under oath no
later than August 30, 2019 and in addition awarded costs to
Belgravia against Tartisan and Appleby which are to be paid by
August 8, 2019.
Belgravia continues to own 6,624,000 shares of
Tartisan including outstanding debt of $100,000 and is seeking
$750,000 in the legal claim.
Zonetail Inc. (ZONE-TSX.V)On
June 20, 2019, Belgravia filed an Application for a Bankruptcy
Order against Zonetail Inc. in the Ontario Superior Court of
Justice (Bankruptcy and Insolvency Division) on the basis that
Zonetail has ceased to have met its liabilities as they become due
including Belgravia's unsecured promissory note which represents
almost 50% of Zonetail's liabilities. Belgravia is concerned that
given Zonetail's historical burn rate, its historical inability to
generate revenues of any significant amount, and the fact that
since at least December of 2017 its auditors have qualified
Zonetail's financial statements with a "going concern" note that
its investment in Zonetail is at imminent risk. Belgravia will
retain BDO Canada Limited as Trustee if the court grants its
application. At the moment, Belgravia is waiting for Zonetail to
respond and to raise funds by private placement or otherwise and/or
to generate sufficient revenues from its product to be able to
satisfy Belgravia that it is in a position to pay liabilities as
they become due.
Belgravia also owns 3,562,499 common shares of Zonetail and
$325,000 of debt outstanding.
The Weekend Unlimited
(POT-CSE)Belgravia owns 5,619,416 common shares of The
Weekend and is owed $64,000 from the 2018 transaction of R&D
Pharma. The Company is seeking the full amount given the clear
contractual obligation by The Weekend when they acquired R&D
Pharma. Belgravia rejected a settlement offer and is confident it
will recoup its debt.
Other Investments:Belgravia
owns a significant portfolio of passive hands-off investments which
can be found on the Company’s financials statements. The next
updated financials are scheduled for release at the end of
August.
About BelgraviaBelgravia
Capital International Inc. is focused on three core business
divisions: Incubator, Investments, and Royalty & Management
Services. The three divisions of Belgravia are high risk business
ventures and expose shareholders to financial risks. The Incubator
division provides capital to support the development of early stage
companies in the Biotech/Healthcare, Technology, Resources and
Medical sectors. Belgravia Holdings, the Investments division,
invests in various private and public companies with a focus on
value. Belgravia Royalty & Management Services has a royalty
and fee income model. Further, the cash and investment asset base
provide capital to support expansion on a selective basis.
For more information, please visit
www.belgraviacapital.ca
Forward-Looking
Statements Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements include
statements that use forward-looking terminology such as “may”,
“will”, “expect”, “anticipate”, “believe”, “continue”, “potential”
or the negative thereof or other variations thereof or comparable
terminology. Such forward-looking statements include, without
limitation, statements regarding planned investment activities
& related returns, the timing for completion of research and
development activities, the potential value of royalties, and other
statements that are not historical facts. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of the Company, including, but not
limited to, changes in market trends, the completion, results and
timing of research undertaken by the Company, risks associated with
resource assets, the impact of general economic conditions,
commodity prices, industry conditions, dependence upon regulatory,
environmental, and governmental approvals, and the uncertainty of
obtaining additional financing. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
For More Information, Please
Contact:
Mehdi Azodi, President & CEOBelgravia
Capital International Inc.(416) 779-3268 mazodi@blgv.ca
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