TORONTO, June 12, 2019 /CNW/ - Hope Well Capital Corp.
("Hope Well" or the
"Company") (TSX VENTURE: HOPE.P), a capital pool
company, announced today that further to its press release on
April 8, 2019, it entered into a
settlement agreement with full and final mutual releases (the
"Settlement Agreement") with Payfare Inc. ("Payfare")
in connection with claims made by the Company against Payfare and
counterclaims made by Payfare against the Company in a court action
regarding the disputes on Payfare's termination of the proposed
business combination between the Company and Payfare. The
parties have settled the disputes without admission of
liability. The terms of the settlement agreement are
confidential.
As Hope Well did not complete a
qualifying transaction within 24 months of its listing by
May 9, 2019, the trading of
Hope Well's common shares on the TSX
Venture Exchange (the "TSXV") was suspended on May 10, 2019. Trading will resume when
Hope Well completes a qualifying
transaction, or until trading is otherwise permitted by the rules
of the TSXV. Hope Well has
called a general and special shareholders meeting to be held on
August 6, 2019 to approve, among
other things, the transfer of the Company's trading from the TSXV
to the NEX board and to approve the cancellation of one-half of the
seed shares of the Company.
ABOUT HOPE WELL
Hope Well is a capital pool
company (CPC) formed under the TSXV's CPC program. Hope Well's common shares will resume trading on
the TSXV under the symbol "HOPE.P".
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable securities laws relating to the
expected dismissal of court action, expectation on resumption of
trading and Hope Well's plan to call
a shareholders meeting, timing for the meeting and items to be
approved at the meeting. Any such forward-looking statements may be
identified by words such as "expects", "anticipates", "believes",
"projects", "plans" and similar expressions. Readers are cautioned
not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those
contemplated by these statements depending on, among other things,
the risks disclosed in Hope Well's
prospectus dated March 24, 2017 and
Hope Well's management discussion
& analysis dated May 31, 2019 for
the year ended January 31, 2019. The
statements in this news release are made as of the date of this
release. Hope Well undertakes no
obligation to update any such forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on any such forward-looking
statements. Hope Well undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Hope
Well, or its financial or operating results or (as
applicable), its securities.
SOURCE Hope Well Capital Corp.