Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a cannabis and hemp branded products company in the U.S., announces that the Supreme Court of British Columbia (the “Court”) has, among other things, extended the stay period in the Company’s Companies’ Creditors Arrangement Act(Canada) (the “CCAA”) proceeding, to October 22, 2021 (the “Stay Extension”). The Company also announces that it has obtained an order (the “Claims Process Order”) establishing a claims process (the “Claims Process“) to identify and determine claims against the Company.
The Stay Extension and the Claims Process will allow the Company to develop and implement a restructuring plan in connection with the negotiation of a transaction, as well as facilitate distributions to creditors having proven claims as contemplated by such a plan.
Pursuant to the Claims Process Order, the Company will send a claims notice (the “Claims Notice”) to each known creditor of the Company, which will set out the claim such creditor has against the Company. If a creditor agrees with its claim as set out in the Claims Notice, no further action is required. Any creditor that (i) disputes the claim set forth in the Claims Notice; (ii) wishes to assert a claim against any director or officer of the Company; (iii) wishes to assert a restructuring claim; or (iv) does not receive a Claims Notice but wishes to assert a claim against the Company or any director or officer, must submit a proof of claim with the Monitor (defined below) in accordance with the terms of the Claims Process Order. A copy of the Claims Process Order, along with all schedules attached thereto, can be found at the Monitor’s website listed below.
“These are important steps in the Company’s restructuring process we initiated only nine days ago,” said PLUS CEO, Jake Heimark. “Each day we are closer to finalizing our restructuring plan which will enable us to emerge from the CCAA proceedings and carry on with growing our business and delivering the best value for our customers, debtholders and shareholders.”
As previously reported, PricewaterhouseCoopers Inc. (the “Monitor”) has been appointed to act as the Company’s monitor under the CCAA. Further information regarding the Claims Process and copies of the documents and forms employed therein are available at the Monitor’s website at https://www.pwc.com/ca/plusproducts. Further information regarding the CCAA proceedings can be obtained by reaching the Monitor via email at firstname.lastname@example.org.
The Company is not bankrupt and remains in possession and control of its business, while continuing to receive support in the form of advances from entities within its corporate group. Business operations will not be interrupted by the CCAA proceedings.
Trading in PLUS common shares and all other of the Company’s securities has been halted across all exchanges, and the Company has applied for delisting from the CSE.