MJardin Group, Inc. Provides a Special Committee Update
DENVER and TORONTO — MJardin Group, Inc. (“MJardin” or the “Company”) (CSE: MJAR) (OTCQX: MJARF) is providing an update on the status of the Special Committee of the Board of Directors (the “Special Committee”) originally announced on April 30, 2021. The Special Committee is now comprised of Anthony Dutton (Chair), Blair Jordan and James Lowe, with Mr. Dutton and Mr. Jordan joining the Special Committee upon being appointed as Directors of the Company on May 26, 2021. Adrian Montgomery will not be standing for re-election to the board of directors at the annual general meeting of shareholders to be held on June 30, 2021 and, accordingly, has stepped down from the Special Committee.
Further, the Special Committee has engaged Restructur Advisors (“RA”) as its strategic advisor to provide the Special Committee with general restructuring advice. RA will advise the Special Committee in its consideration of a variety of potential business transactions following the appointment of PricewaterhouseCoopers Inc. as receiver and manager over the affairs of Bridging Finance Inc., which is a significant secured lender to the Company, with approximately $155.8 million outstanding in indebtedness as at May 2021. RA is currently conducting a review of the Company’s operations with management. Canaccord Genuity Corp. has resigned as financial advisor to the Special Committee.
“The Company is focused on addressing the level of its indebtedness and management believes that a review of strategic alternatives will allow it to make informed decisions in the interests of all stakeholders,” said Pat Witcher, Chief Executive Officer.
There is no defined timeline for the Company’s strategic review. This review of strategic alternatives may result in a variety of outcomes or no outcome and there can be no assurance that the Company will pursue or execute any specific action or transaction. The Company does not intend to make any further announcements or comments regarding the review of strategic alternatives unless required by law.
About MJardin Group
MJardin Group’s mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state of the art facilities. Today, MJardin Group owns multiple operations in Canada, supplying the market with premium products. We are committed to our Canadian First Nation joint ventures and all our strategic partnerships across the cannabis supply chain. MJardin Group is publicly listed on the CSE (MJAR) and headquartered in Toronto, Ontario and Denver, Colorado.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
Chief Executive Officer