- City View Green Holdings Inc. (CVGR) informs of settlement with Infusion Works Inc.
- The amended and restated asset purchase agreement between the parties dated April 20, 2020 is now terminated
- The company thanks Karl for his contributions to the Board during his term with the company
- Under the principal terms of the settlement, the parties agreed that Infusion will continue to provide its baking, product formulation and related expertise
- City View is a leading consumer packaged goods company focused on the development of cannabis-infused edibles
- City View Green Holdings Inc.(CVGR) is in the green, up 33.33 per cent, trading at C$0.04 at 12:57 pm EST
City View Green Holdings Inc.(CVGR) has negotiated a settlement with Infusion Works Inc.
The amended and restated asset purchase agreement between the parties dated April 20, 2020, is now terminated.
The profit-sharing agreement between the parties is also now terminated. In conjunction with these terminations, Karl Wirtz has resigned as a director of the company.
The company thanks Karl for his contributions to the Board during his term with the company.
Under the principal terms of the settlement, the parties agreed that Infusion will continue to provide its baking, product formulation and related expertise to the company and its subsidiaries.
The banking institution, Infusion will provide contract manufacturing services for Pawsperity and Therasnax pet snacks for the company’s wholly-owned subsidiary, Pawsperity Pet Snacks Inc.
Any profits associated with Pawsperity, Therasnax and Pawsperity Pet Snacks Inc. will be for the sole benefit of the company. Infusion will transfer the Panacea trademark and related IP to the Company.
Rob Fia, the CEO of City View, commented: “City View and Infusion arrived at a mutually agreed settlement that was in the best interest of both parties to advance City View’s business forward.”
“In addition, this settlement saves City View shareholders over 23,000,000 in share dilution that would have otherwise been issued if not for this settlement,” added Fia.
City View is a leading consumer packaged goods company focused on the development of cannabis-infused edibles.
In addition, City View owns a 27.5 per cent stake in Budd Hutt Inc., a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada.
City View Green Holdings Inc.(CVGR) is in the green, up 33.33 per cent, trading at C$0.04 at 12:57 pm EST.
