Aldershot Resources Ltd. Unveils New Retail Brand “YSS by Solo”, Provides Operational Update and AGM Voting Results
CALGARY, Alberta, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Aldershot Resources Ltd. d.b.a. Solo Growth Corp.™ (the “Company” or “Solo Growth”) (TSX-V: ALZ) is pleased to share our newly launched retail brand, YSS by Solo (“YSS”), featuring an iconic symbol that conveys that YSS is the trusted destination for adult-use retail cannabis. In addition, Solo Growth is pleased to provide an operational and corporate update and report on the results of voting following our annual general and special meeting (“AGM”) of shareholders held yesterday.
Solo Growth intends to leverage our extensive real estate expertise and operational acumen to become a premiere retailer and the trusted destination for adult-use cannabis. We are fully funded for the planned opening of over 60 retail cannabis locations across Alberta by the end of 2020, complemented by a calculated expansion into Ontario in 2019. We have continued to advance our business strategy and are pleased to provide an update on our achievements to date.
Highlights:
- Construction is underway on our first three retail stores, expected to open on or about October 17, 2018.
- An additional six development permits have been granted to Solo Growth, bringing our total number of development permits received to nine.
- New retail branding unveiled, YSS by Solo, along with new corporate branding for Solo Growth.
- An updated Solo Growth corporate presentation has been posted to the Company’s website at www.aldershotresources.com.
- All resolutions were approved by shareholders at the AGM.
In conjunction with a leading national branding and design firm, we created the YSS brand to help break down stigmas in the cannabis space. The colours, packaging and identity are meant to tap into an existing relationship with type treatment that draws inspiration from directional signage and design usually associated with travel, guiding the consumer to feel at ease in the industry.
The brand is being applied across numerous retail locations in Alberta with Ontario to follow in 2019 and will act as a beacon in the cannabis industry, balancing the freshness of a new brand with the proven retail credentials and trust of the Solo Growth and Solo Liquor brand names.
“We are very excited to launch our YSS by Solo retail brand and move forward with our plans to provide an adult-use cannabis retail destination that offers customers the experience, commitment and trust they expect from the Solo team,” said Pali Bedi, President and CEO of Solo Growth. “With a total of nine development permits now granted, and construction already underway on three stores, we are proud of our team’s accomplishments in a short timeframe and look forward to continuing this momentum.”
Additional Alberta Development Permits Granted
Solo Growth has secured more than 50 retail locations in over 30 communities across Alberta. The Company has applied for Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) licenses for all secured locations. To date, nine development permits have been granted in eight communities (Calgary, Edmonton, Fairview, Lloydminster, Spruce Grove, Stony Plain, Vegreville and Vermillion) and construction has commenced on three retail outlets (Lloydminster, Vegreville and Vermillion). The first three retail locations are targeted to open upon implementation of Bill C-45 on or about October 17, 2018, subject to final licensing approvals. The Company will work diligently with AGLC during the build out process to ensure full compliance with all policies and regulations. After the delivery of first inventory, the stores will open for business.
Solo Growth has well established relationships with contractors and trades in Alberta and is expected to be in a position to open two additional stores by year end with building plans underway on the remaining development permitted locations. Building on the 2018 and 2019 capital program and the progress made securing retail locations, the Company believes it is on track to meet its fully funded growth target of 25-30 locations by the end of 2019.
Report of Voting Results at Annual General and Special Meeting of Shareholders
The meeting of shareholders of the Company was held in Calgary on September 5, 2018, where shareholders approved all resolutions listed in the management information circular dated August 6, 2018, including the election of each of the six nominees proposed as directors. The following nominees were elected as directors of the Company to hold office until the next annual general meeting of the shareholders: Pali Bedi, Richard McHardy, Ron Hozjan, Shahin (Sonny) Mottahed, Michael Stark and James Miller. All other resolutions provided for in the information circular were duly passed. Details regarding the resolutions are set out in the information circular which is available on SEDAR at www.sedar.com.
About Solo Growth Corp.TM
The Company is executing on a new retail-focused cannabis business strategy as “Solo Growth Corp.”™. With its proven operational expertise and unique knowledge of the controlled substance retail market, Solo Growth intends to become a premiere retailer and the trusted destination for adult-use cannabis in Canada. The Company’s fully funded plans to open over 60 retail cannabis locations across Alberta over the next three years will be complemented by its expansion into Ontario in 2019.
Investor or Media Contacts:
| Pali Bedi | Stephanie Bunch |
| President, Chief Executive Officer and Director | Vice President, Finance and |
| Phone: (403) 455-7656 | Chief Financial Officer |
| | Phone: (403) 455-7656 |
| Aldershot Resources Ltd. | |
| Suite 1100, 634 – 6th Avenue S.W. | |
| Calgary, AB T2P 0S4 | |
| investor@sologrowth.ca | |
| | |
| OR | |
| | |
| Cindy Gray | |
| 5 Quarters Investor Relations, Inc. | |
| (403) 231-4372 or info@5qir.com | |
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning Solo Growth’s proposed business plan and retail cannabis operations in Canada, including: its ability to secure retail locations in Alberta and Ontario; its ability build, own and operate retail cannabis stores; the receipt of necessary permits and licenses to open stores and the timing thereof; and the change of name of the Company. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timing of the receipt of the required regulatory and third-party approvals, including the receipt of retail cannabis licenses in Alberta and approval of the TSX Venture Exchange of the Company’s change of business, and the future operations the Company. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, permits, licences and regulatory and third party approvals not being obtained in the manner or timing anticipated by the Company, construction delays, changes to cannabis laws, the timing of the legalization of recreational cannabis, the availability of cannabis-retail products from licensed producers, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3962145d-8992-4071-addf-e5d4a0a7d760
