Launces Little West Canadian E-Commerce and Expands Wholesale Distribution into Canada
VANCOUVER, BC, Aug. 3, 2022 /CNW/ - PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company") the digital face of the plant-based community, operating a one-stop shop for plant-based products, today announced the international expansion of its Little West cold-pressed juice brand and e-commerce platform to Canada. As part of the expansion, Little West has launched a Canadian version of its e-commerce website (littlewestjuice.ca) and plans to expand its wholesale business into physical retail outlets across the country.
Acquired by PlantX in May 2021, Little West is a California-based cold-pressed juice company that offers a wide range of beverages and products that emphasize health and wellness with a focus on locally sourced, high-quality, and fresh ingredients. Little West is the realized vision of Cassandra Troy and Andrew Walker, who launched the business in 2013 with the aim of inspiring healthier lifestyles for all and making the world a greener place. Since being acquired by PlantX, Little West has added new products and consumer-friendly bundles.
"We have seen amazing success with our littlewest.com website, and since the founders of Little West are Canadian and so is PlantX, it was only natural for us to bring these amazing juices to Canada," said PlantX CEO, Lorne Rapkin. "We expect to work with local influencers to bring increased awareness and we will leverage the success we achieved in the United States to build the brand throughout North America."
The Little West Canadian e-commerce website features merchandise and different flavors of juice, available in kits and cleanses. Consumers can create one-time boxes of different quantities of juices or arrange regular deliveries to facilitate a healthy, delicious lifestyle.
In addition to the Canadian e-commerce website, Little West Juices are available in retail locations in the United States, including Whole Foods and Pavilions.
PlantX announces that further to its news release dated July 11, 2022 (the "Default Announcement"), the Company's principal regulator, the British Columbia Securities Commission, has granted a management cease trade order (the "MCTO"), pursuant to the Company's application made under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"). The MCTO as issued is in connection with the delay by the Company in filing its audited annual financial statements, management's discussion and analysis and related certifications for the fiscal year ended March 31, 2022 (collectively, the "Required Filings") before the prescribed deadline of July 29, 2022.
The Company requested and received an extension relating to the Required Filings due to additional time needed to complete the Company's previously announced restatement of its annual audited comparative financial statements for the fiscal year ended March 31, 2021 and to implement internal control procedures as a result of the restatement process.
The Company is working diligently with its auditors expects to have the audit of the Required Filings completed, and the Required Filings filed within 30 days, and in any event, no later than September 27, 2022.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer or the Chief Financial Officer until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. Furthermore, the Company will not be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of July 29, 2022.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
The Company is providing this status update in accordance with NP 12-203. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default of the Required Filings. The Company confirms as of the date of this news release that there has been no material change in the information contained in the Default Announcement issued on July 11, 2022 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX's platform is a one-stop shop for plant-based products. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering delivery service for meals and indoor plants, the Company currently has plans underway to expand its product lines to include a juice and coffee company. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs, and brands. The Company's digital presence works to eliminate the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may," "will," "expect," "likely", "should," "would," "plan," "anticipate," "intend," "potential," "proposed," "estimate," "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, statements regarding the expansion of Little West in Canada, the MCTO, the filing of the Required Filings, the Company issuing bi-weekly status updates and the business and strategic plans of the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: receiving sufficient demand for the Offering; the Company's ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; the conflict in eastern Europe; having a limited operating history; the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents, which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.