TORONTO--(BUSINESS WIRE)--Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that upon closing of the previously announced acquisition of Bophelo Bioscience & Wellness (Pty) Ltd. ("Bophelo") (the "Transaction"), the Company intends to appoint Ms. Louisa Mojela, currently the Chairman of Bophelo, as Chairman of Halo’s board of directors. Ms. Mojela’s addition will be valuable for the Company as it continues to expand.
Ms. Mojela successfully founded and listed Women Investment Portfolio Holding Limited on the Johannesburg Stock Exchange that has grown to be worth over USD $250M today. She has led capital raises and held directorships at companies such as Sasol Mining (NYSE: SSL), Ixia Coal, South African Airways, Ericsson SA, Adcorp (SJ: ADR), and Sun International (SJ: SUI) amongst others.
Upon appointment, Ms. Mojela is expected to be the first African woman to lead a publicly traded cannabis company. Ms. Mojela commented, "Halo was a natural fit given its strong professional management team, global vision and success in the United States which has established the company as one of the market leaders in the cultivation and extraction of cannabis oils and concentrates."
Ms. Mojela also applauds the platform that the cannabis industry and Halo affords her social development mission, "As an early stage growing industry, cannabis has the potential to provide much-needed jobs and contribute to the economic development of Lesotho, as well as uplift the citizens through the non-profit development trust that I established for underprivileged women and children. Since 2010 the trust has built schools, libraries, and a learning center as well as an agricultural project. Halo shares our values and after the transaction Bophelo will continue to provide 10% of its pretax earnings to the trust for the people of Lesotho."
G. Scott Paterson will remain a valued strategic advisor to the Company as Ms. Mojela transitions into her new role at Halo. Mr. Paterson commented, "It was an honor to serve as Chairman of Halo, but this represents a historical step in our industry as the Company appoints the first African woman to chair a publicly traded cannabis company. I look forward to working with Halo in an advisory position as the Company continues to expand.”
Completion of the Transaction is subject to, among other things, the negotiation and execution of a mutually agreeable definitive acquisition agreement and related documents and the satisfaction or waiver of any conditions precedent to the consummation of the Transaction (including the receipt of any requisite regulatory and third-party approvals).
Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Halo is a global leader in cannabis oil and concentrates and has expertise across as major cannabis manufacturing processes, leveraging proprietary processes and products, and has produced over 4.0M grams of oils and concentrates since inception. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in California and Oregon as well as Nevada with our partner Just Quality, LLC and in Lesotho with the Bophelo strategic partnership. With a consumer-centric focus, Halo will continue to market innovative branded and private label products across multiple product categories.
ABOUT BOPHELO BIOSCIENCE
Bophelo Bioscience is based in the Kingdom of Lesotho, Southern Africa and is the holder of one of a limited number of licenses issued in Lesotho for the production of medicinal cannabis products. Situated in proximity 70 kilometers to the capital city of Maseru, the Company’s operating site is an ideal location with ample labor, free water, flat land area, and low crime rates. The favorable high altitude, low humidity climate provides clean and organic growing conditions within the pristine mountainous region. With the motto "Sechaba se tlisa lerou" (community brings wealth), Bophelo highlights the value of community and empowerment of the Basotho people with a focus on the development of women and youth.
Lesotho is the first African country to legalize the cultivation and manufacturing of medicinal cannabis, becoming one of the most sought-after locations for cannabis operations in the world. The country has issued a limited number of licenses since legalization in 2016 and has been exporting cannabis since early 2018.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but is not limited to, the appointment of Ms. Mojela to the board of directors of the Company, the appointment of Ms. Mojela as Chairman of the board of directors, the closing of the Transaction, the value to be realized by the Company from the appointment of Ms. Mojela, the continued expansion of the Company in the global market, that Ms. Mojela will become the first African woman to lead a publicly traded cannabis company, that Bophelo will continue to provide 10% of its pretax earnings to a trust, that Mr. Paterson will not stand for election at the upcoming annual and special meeting of shareholders, the effect of Ms. Mojela's appointment on women in the cannabis industry and the appointment of Fred Leigh as interim Chairman of the Company's board of directors.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.