Entourage Health Provides Company Update
01 November 2024 - 10:00PM
Entourage Health Corp.
(TSX-V: ENTG) (OTCQX: ETRGF)
(FSE:4WE) ("Entourage" or the "Company"), a Canadian
producer and distributor of award-winning cannabis products,
announced earlier it was in breach of certain financial covenants
and other obligations under each of its Senior Credit Agreement and
Subordinated Credit agreements with an affiliate of the LiUNA
Pension Fund of Central and Eastern Canada
(“
LPF”). The Company is working collaboratively
with LPF to agree on amended debt terms. As a positive step
forward, the Company received a renewed forbearance letter dated
October 31, 2024, waiving the Company’s breaches until November 29,
2024, subject to the satisfaction or waiver of certain conditions.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent Company of Entourage Brands Corp., a licence holder
producing and distributing cannabis products for the medical and
adult-use markets. The Company owns and operates a fully licensed
26,000F sq. ft. Aylmer, ON processing facility. With its Starseed
Medicinal medical-centric brand, Entourage has expanded its
multi-channelled distribution strategy. Starseed's industry-first,
exclusive partnership with LiUNA, the largest construction union in
Canada, along with employers and union groups, complements
Entourage's direct sales to medical patients. Entourage's elite
adult-use product portfolio includes Color Cannabis, Saturday
Cannabis – and now Dime Bag and Syndicate – sold across eight
provincial distribution agencies. Exclusive Canadian producer and
distributor of award-winning U.S.-based wellness brand Mary's
Medicinals, sold in both medical and adult-use channels.
Follow Entourage and its brands on:
LinkedIn
Instagram: Color Cannabis, Saturday Cannabis,
Dimebag
For additional information or investor or media
inquiries:Catherine FlamanSenior Director, Communications
& Corporate
Affairs416-910-0279catherine.flaman@entouragecorp.com
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation which are based upon Entourage's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events. Forward-looking information can be
identified using forward-looking terminology such as "expect",
"likely", "may", "will", "should", "intend", "anticipate",
"potential", "proposed", "estimate" and other similar words,
including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information in this news
release is based upon the expectations, estimates, projections,
assumptions, and views of future events which management believes
to be reasonable in the circumstances. Forward-looking information
includes estimates, plans, expectations, opinions, forecasts,
projections, targets, guidance, or other statements that are not
statements of fact. Forward-looking information necessarily involve
known and unknown risks, including, without limitation, risks
associated with the Company’s ability to pay amounts owing under
the Senior Credit Agreement and Subordinated Credit agreements; the
Company being unable to satisfy the conditions in the forbearance
letter; the future actions and co-operation of the Company’s
lenders; general economic conditions; adverse industry events; loss
of markets; future legislative and regulatory developments;
inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on
favourable terms; the cannabis industry in Canada generally; the
ability of Entourage to implement its business strategies; the
COVID-19 pandemic; competition; crop failure; and other risks.
Any forward-looking information speaks only as
of the date on which it is made, and, except as required by law,
Entourage does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for Entourage to predict all
such factors. When considering this forward-looking information,
readers should keep in mind the risk factors and other cautionary
statements in Entourage’s disclosure documents filed with the
applicable Canadian securities' regulatory authorities on SEDAR+ at
www.sedarplus.ca. The risk factors and other factors noted in
the disclosure documents could cause actual events or results to
differ materially from those described in any forward-looking
information.
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